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Silicon Carbide & More

What’s going on in silicon carbide, fused alumina & other minerals #39 March 2011

Export license policy NEWS


EUROPE
CUMI to break

forces prices higher


By Kormac Kennedy
ground in Russia
Carborundum Universal group
(CUMI) will break ground on 22
April at the Volzhsky (VAW) SiC
In late February the World Trade not ensure additional exports anyway. furnace plant where it plans to
Organization (WTO) issued a There is also the possibility that, “if add 12,000 tpy to the existing
preliminary report concluding that China abolishes the export license 55,000 tpy furnace capacity.
The expansion is expected to
China does not have a legal right to program for SiC it will just create
come on stream in Q112.
impose export restrictions on nine another mechanism for controlling the The expansion comes as
raw materials including silicon price,” a trader told SiC & More. CUMI faces the challenge of
carbide. Although the final WTO Export licenses purchased for having sufficient #1 grade SiC
report should be published in April, it US$35/mt occasionally sell for up to feedstock to supply its 12,000
mtpy SiC microgrit expansion in
is apparent that China lacks the legal US$350/mt and recently reached
Cochin, India, where it is
support to continue imposing export US$500/mt, inflating the SiC price. implementing the final three
controls such as export licenses. However, the margin on a license sale microgrits modules, the
China insists the restrictions are to does not go to a SiC producer but the company told SiC & More.
More
protect the environment. “The entity holding the license. The modules had been
postponed due to VAW
protection of the environment and China allocated 216,000 m/t of dedicating SiC to the Russian
nonrenewable resources,” says the SiC for export in 2011, the same market rather than export
China Institute Deputy Dean tonnage as in 2008-2010 and 14,000 material to Cochin.
Although the WTO allows export m/t less than in 2005. In 2001 the CUMI will increase SiC prices
in Q2, by about 10%, said
controls for environmental reasons, allocation was 270,000 m/t when
managing director, K.
the ruling implies that China uses the demand for SiC was much lower than Srinivasan, whose comments
measures strictly to increase prices on it is today. By the end of the first mirror those of other SiC
commodities where it controls the quarter 2011, 92,000 m/t of licenses producers. “SiC manufacturers
majority of world supply. These had been applied, although this figure are not benefiting by this price
increase; on the contrary their
include SiC, rare earths and zinc. does not represent how many tons margins are under pressure
What does this mean for the SiC have actually been shipped, it from fast increasing input
price? China is expected to appeal the represents about 43% of 2011’s prices; pet coke, energy,
ruling to prolong any short term export tonnage. A shortage of export inflation, etc”.
Although availability is not a
meaningful benefit. However, as licenses means an increase license
problem, Russian energy prices
China consumes more SiC than any cost for a thirsting SiC export market. have increased over 15% since
other country and its consumption is “With the dollar weakening the start of the year. The
increasing year on year, it is possible against the RMB and the cost of situation is worse in India,
that a change in export policy would export licenses reaching record price however, where prices have

Silicon Carbide & More #39 © 2011


Page 1
Spain’s Navarro
levels, the cost of SiC units will materials prices means that the
increases
increases prices
continue to increase and they are current SiC price structure does
Spanish SiC producer
already at record levels,” another not look totally out of line. Does Navarro will increase SiC
trader commented. this mean that China’s export prices in Q2 due to pet coke
This situation puts importers of license policy has become an price increases and with
lower grade SiC at a huge equalizer for the world’s SiC significant energy cost
increases on the horizon.
disadvantage to those buying furnace plants? One trader says
Navarro’s SiC furnace
higher grades like JIS 1200 green this is exactly what has happened plants in Vadillos and Mulas
that is used for cutting silicon and at the expense of Chinese SiC are operating at full capacity,
ingot. Not only can an importer producers. While middle men in and the company remains in
China gobble up the profits from a sold-out position with
better absorb license costs against
demand for its P-grits and
a higher added value product, but the sale of export licenses, green SiC products
Chinese exporters prefer to export China’s producers net less per ton exceeding supply.
the more expensive powders. now than before due to energy and Spain continues to struggle
License policy has played a raw material price increases. to escape its worst recession
in 50 years where 20%
major role in inflating SiC prices. The WTO ruling is not going to
unemployment levels remain
However, SiC producers have provide short-term relief to those amongst the highest in the
made it clear that there are many importing SiC from China. Even EU.
other price factors at work. “In our if China removes its license policy Capital remains hard to
it is likely that growing internal come by, which is restricting
case the energy price is 8.5¢ per
new growth. Despite such
kWh and it takes 7,300 kWh to consumption will continue to
factors, Navarro is
produce a ton of SiC. That is reduce the tonnage available for weathering the economic
US$620 m/t, and you can add export, in which case SiC storm due to its vision to
US$240 m/t for pet coke and producers will benefit from the grow outside its historic
marketplace.
US$72 m/t for sand. Those costs new global price structure.
SiC price increases show
exceed US$900 m/t, which still Prices are likely to increase in that Navarro faces the same
only represents 65-75% of the Q2 and Q3 and probably issues that confront all SiC
overall cost per ton depending on throughout 2011 and into Q1 of producers today: increasing
monthly yield,” a Western 2012. Although not nearly as energy, pet coke and
transportation costs.
Hemisphere producer said. dramatic a change as with rare
In addition, Navarro and
In other words, a worldwide earths, there is definitely a new other EU SiC producers face
increase in energy and raw global price structure for SiC. the possibility that
antidumping duties (ADD)
against Chinese SiC will
increased and availability is sector is improving, and so, plant,” Sriniasan said. expire this year, a trade
a serious issue. Besides “we are at near capacity in all With the support of the policy change that could
increasing energy costs, our plants,” he said. US$2.4 billion/y make things very difficult for
CUMI has also experienced CUMI continues with efforts conglomerate Murugappa EU producers while they try
significant pet coke price to continuously improve Group, CUMI has expanded to recover from the global
increases, and in addition, environmental management the production of SiC crude, economic recession.
supply reliability has been processes and standards at value added microgrits, Even with ADD’s in place
an ongoing issue. its operations. “This is the zirconia and end-use against China for nearly 20
Fortunately, Sriniasan golden jubilee year [50th abrasives, as it positions years, many EU furnace
remarked that the Indian anniversary] at VAW, and we itself to be one of the world’s operations have been forced
economy is strong and the will take this as an occasion premier suppliers of to close.
Russian manufacturing to showcase this, at the materials.

Silicon Carbide & More #39 © 2011


Page 2
Although Navarro has no
plans to increase SiC furnace

Microgrit update capacity, it continues to


expand its processing
capabilities within the
product lines that deliver
most value.
By Kormac Kennedy SiC microgrit capacity contained in
The SiC & More World SiC the chart. China’s growth is for WM signs long-
long-term
Microgrit Capacity chart has been photovoltaic applications, cutting Norway power deal
updated to include information silicon ingots into wafers. SiC producer Washington
received from several new reports. This is an astonishing number and Mills (WM) and energy
Washington Mills reported a one that will take some time to company Statkraft have
significant under-reporting in the entered into a long-term
verify. Nevertheless, SiC & More
power agreement that runs
chart as its plant in Norway. The was informed that Chinese SiC
through 2018 and comprises
company says it produces 25,000 microgrit capacity will grow a volume of more than 500
n/tpy and not 6,500 n/tpy as exponentially this year with two GWh. The agreement
previously stated. This change individual 40,000 tpy plants believed provides WM with stabile and
increases the global total from to be under construction. predicable energy prices
127,700 to 146,200 t. As a result we have adjusted the from 1 May 2011 until 31
However, the most alarming news table by 58,500 tons for Chinese December 2018 for the
comes from China where separate green capacity and it now shows production facility in Orkdal,
Norway.
discussions with a trader and ceramic 204,700 tons of capacity. This may
“This agreement
engineer indicated that Chinese green still be short of the true total due to
contributes to securing the
powders capacity alone will be the difficulty of obtaining precise jobs at the Orkdal plant. This
200,000 tons by the end of 2011, far information about operations in is a good, commercial
above the 60,000 tpy total Chinese China. Research efforts continue. agreement that ensures
predictable and competitive
2011 World SiC microgrit capacity estimate (net tons)
power prices for several
Company Country Product Capacity
years ahead,” says
Alcoa Brazil 500
Washington Mills managing
Various China Green (Misc) 58,500
Various China Black 4,000 director Ole Johan Svorkdal.
CUMI India 6,000
Electro Abrasives USA 1,200 ZAP sold out
ESK-SIC Germany 10,000 Ukranian SiC producer
Fujimi Japan 8,000
Zaporozhsky Abrasivny is
Micro Abrasivos Mexico 1,200
Nanko Japan 5,000 sold out of SiC and is
Navarro SA Spain 1,200 operating at full capacity.
St Gobain Brazil 2,000 The 30,000 tpy furnace
St Gobain India 1,000 plant in Zaporozhye is
St Gobain Norway 12,000 expected to supply at least
Pingdingshan China 6,000 some of feedstock to the
Washington Mills Norway 25,000
Shimano Electric Japan 7,000 Everfort expansion in Illinois.
Showa Denko Japan 1,200
Best Holding
TGA
Czech Rep
Czech Rep
1,000
500
AFRICA
Volzhsky Russia 500 Sublime hit by energy
Washington Mills UK 300
price increases
Weifang Liuhe China 5,000
Zaporozhabrasive Ukraine 600 South African SiC producer
Other China China 43,500 Sublime will be hit with
Other Japan Japan 2,000 energy price increases as
Total 204,
204,700 generator ESKOM will apply a
Source: SiC & More estimates, company information
Silicon Carbide & More #39 © 2011
Page 3
further 25% increase from 1
April, CEO Geordie Osler told

US foundries face SiC & More.


More Sublime is
operating its 55,000 tpy
plant at full capacity

commodity issues including the third


transformer unit brought
online at the end of 2010.
To put the price increase
into perspective, if one
By George O’Malley assumes that it takes about
7,000 kWh to produce a ton
By George
The US has beenO’Malley
slowly recovering (now Feldman), by switching out of of SiC and that a SiC
from its worst recession in 50 years foundry products altogether and into producer has a world class
and the metals industry that saw more profitable commodities. This power rate of 3 to 4¢/kWh, a
25% increase will equate to a
capacity utilization drop as low as will cause a major supply problem
US$50 to 70 per net ton cost
30% at the nadir, has been on a slow for the US foundry industry as full
increase. In addition to
and tedious recovery since late 2009. production rates are being achieved. energy pricing, Sublime has
The iron foundry industry, which US foundries are busy again had to absorb continuous
lost tens of thousands of tons of putting upward pressure on steel raw material price increases.
annual capacity, now finds itself on scrap, pig iron and alloy prices, rising Such cost issues appear to
the brink of total recovery, but that to their highest levels since mid be common amongst the
recovery comes with a host of other 2008. Add in the falling US dollar world’s SiC producers,
issues including the supply of critical value and US foundries should including those in China.
While grappling with the
raw materials, an increasingly acute expect further increases and possible
prospect of higher costs,
concern given on-going M&A supply interruptions ahead. Osler and his team are
activity in the sector. The CCMA sale, along with investigating the costs and
CC Metals and Alloys (CCMA) of Globe changing its product mix to strategic advantages of
Calvert City, Kentucky has been supply more silicon metal, has installing a SiC macrogrit
acquired by the Optima Group and consumers concerned about supply. plant. Considering that
some of the owners of Optima are Any hint that supply will be affected Sublime’s new minority
involved in other metal sector by product mix changes at CCMA or partner is Mineracao
companies, specifically Feldman Curimbaba, this makes a lot
ELKEM will boost silicon prices the
of sense. As reported in SiC
Production, a silicomanganese same way that China supply
& More #37, the
producer at the old American Alloys disruption spiked prices in late 2010. participation of Curimbaba
plant in New Haven, West Virginia. Silicon carbide (SiC) prices have provides synergies for both
Also included in the ownership increased 50-75% since January companies and ensures a
structure is Feldman Trading that will 2010. The falling US dollar and long-term shareholding
distribute the 40 different foundry China’s export license policy see between Sublime and the
alloys produced by CCMA as the industry experts expect SiC price Pheiffer family, which
New-York based CCMA Trading increases to continue through 2011. remains the controlling
shareholder. In addition to a
Division was not included in the sale. Since SiC and brown fused
significant marketing
Some experts expect CCMA to aluminum oxide (another commodity
capability in the America’s,
cut the number of foundry products it whose price is rising) are popular Curimbaba (the holding
offers from the list of 40 to less than refractory inputs, foundries and steel company of US fused
10. They also believe that the mills are facing price increases with minerals producer Elfusa)
company will eventually become nearly every order. and Elfusa will contribute
more of a commodity alloy producer, Steel scrap prices, which held crushing and screening
following in the footsteps of Eramet, steady during late 2010 /early 2011, technology to Sublime.
Globe, Ashland and American Alloys have started to increase. No.2 steel Sublime continues to focus
on supplying local demand,

Silicon Carbide & More #38 © 2011


Page 4
bushlings are quoted at US$560/nt, and large stockpiles of chromium alloys. Low recovers 75% to 90% usable
other scrap grades are following this carbon FeCr prices are about US$2.50/lb SiC and 90% to 95%
upward trend. Iron ore prices have Cr but vary with carbon content, and the polyethylene glycol from used
slurries. The process corrects
jumped in anticipation of expected falling US dollar is increasing chromium
the adverse affects of the
increased demand for rebuilding Japan prices in dollar terms. High carbon sawing process to the grain
following its recent earthquake ferromanganese is selling for about size distribution.
devastation. This has pushed up pig iron US$1,300/gt and its future price again SiC Processing has
prices and they are expected to continue depends on the actions of the USDLA. production sites in Germany,
to rise throughout the rest of the year. Rare earth (RE) prices have risen China, Norway, Italy and US.
Ductile pig iron is now selling at over dramatically and MgFeSi and inoculants
US$600/gt and heading higher. Since the containing RE’s have risen accordingly. AMERICAS
start of the year, nickel and molybdenum There will be no new supplies of RE’s
Everfort continues
have also experienced significant price until probably late 2012 or 2013. In the
US expansion
increases, reversing their previous meantime there is a push to use RE free
Mineral processor Everfort
downward trend. MgFeSi and inoculants.
Ltd is to expand into the US
High carbon ferrochromium is In short, a recovering US metals in 2011 with a new operation
experiencing supply problems and is industry is struggling to rationalize the in Des Plaines, Illinois. The
currently quoted at US$1.30/lb Cr. The growing demand for its products and the expansion into the US is
US Defense Logistics Agency (DLA) is seemingly unstoppable price increases of expected to include
expected to release some alloy from its cost inputs. Also to add to this commodity processing for refractory
stockpile in the near future, which will price dilemma are the increasing cost of grade material and micro
slow price increases, at least for the near electricity, natural gas and transportation. grits for the abrasive industry
and technical ceramics.
future. The DLA, however, does not have Tough times indeed!
Everfort works with
Ukranian SiC producer
which has increased last twelve months, to a capacity of about 400,000 Zaporozhsky Abrasivny,
significantly since the global certain degree such tpy worldwide by Q1/Q2 which is expected to supply
recession, making the increases are totally justified 2012, increasing its global the new plant with some SiC
commissioning of Furnace by the higher cost market share to 40%. The feedstock. Everfort
Group 3 very timely. circumstances. new deals strengthen its processes and supplies
Like virtually every position as market leader for silicon carbide, brown fused
producer of SiC, Sublime will the recovery and recycling of
increase prices in Q211 in
ASIA used sawing suspension.
aluminum oxide and boron
carbide products.
order to at least keep pace SIC Processing to Through the use of
with raw materials, energy expand in China patented technologies for
and transportation price SiC Processing has signed recovering and conditioning GENERAL
increases. In addition, contracts with three Chinese SiC the company passes SIC plant rumors
Sublime will continue to wafer producers for an significant cost savings along Rumors about new SiC
optimize furnace plant additional five production to its customers, compared furnace plants or expansions
efficiency to keep costs lines with a total capacity of to using only new slurry tend to be more wishful
under control and increase 75,000 tpy for recovering products. SiC Processing thinking than reality. This
SiC yield per kWh. and recycling used sawing
“Long-term prices need to suspension (slurry) for PV FREIGHT RATES
align with costs and costs industries. This equates to a
have increased significantly,” total investment of Origin Lot size Rate/metric ton
says Osler. Again, a common approximately €45 million. Brazil 10,000 mt $45‐55 
refrain amongst the world’s Together with its existing China (North) Any bulk cargo $35‐39 
premier SiC furnace capacity and other plants China (South) Any bulk cargo $42-56 
operations. Although end-use under construction, these India 5,000‐10,000 mt $42‐48 
markets seemed stunned by agreements mean SiC Russia Small bulk 3,000 mt $70‐90 
the SiC price increases of the Processing will obtain a total Russia Large bulk 20,000 mt $42‐50 

Silicon Carbide & More #39 © 2011


Page 5
issues’ rumors follow, but Quebec’s comparative BFA prices began Q4 we expect that the only
please note that SiC & More advantage was believed to increasing in May 2010 price increases will come
has been unable to confirm be its long-term agreements when China’s National from currency exchange. The
their veracity: for hydro power pricing. Developmental and Reform question is whether or not
The most active current Rumors of potential new Commission, National Energy the US dollar will continue to
rumor is for a new plant in SiC projects must be viewed Administration and State weaken against the RMB.
Vietnam where many believe within the context of Electricity Regulatory Overall, we expect BFA
ground will be broken before production expansion at Commission announced that pricing to be stable for the
the end of 2011. existing facilities. Washington BFA fusion plants would no rest of the year,” a large BFA
Talk was heard of a furnace Mills expanded its Hennepin, longer receive preferential trader told SiC & More.
More
plant being planned in North Illinois plant by about 25% energy prices. Subsequent
Korea and Colombia. No while Sublime increased policies mandating energy
details about the North capacity in South Africa by saving and pollution
Korea possibility have been about one third. CUMI will reduction swept through
confirmed but it seems a break ground at Volzhsky in Henan province in the third
highly unlikely. In Colombia, the coming few weeks and quarter 2010 and prices took
conditions appear attractive new furnace plants are another jump higher.
– the amount of rain the sprouting up in China’s However, in February and
country is having means northwestern provinces. This March 2011, virtually all
most hydroelectric dams are new capacity is expected to fusion plants in Henan,
at full capacity - but it is bring SiC supply into balance Shanxi and Guizhou were
back at work and with extra
SiC & More
thought that it does not with demand as world
make the cut for a new economies return to pre- supply hitting the market
while demand was flat, BFA For the latest news
furnace plant. Also in South recession levels.
America Paraguay has been There are also many pricing looked like it might about silicon carbide and
mentioned, but no project is barriers to entry for soften. A weak US dollar and related minerals
likely to be developed during developing a greenfield SiC increased energy and
production, pricing and
2011. Several industry plant, which include transportation costs, meant
however that BFA pricing only end markets.
experts believe Paraguay environmental, energy, raw
represents an excellent materials availability and stabilized.
location for a new SiC logistics. Obtaining permits Prices for large BFA parcels To advertise in SiC &
furnace plant. and negotiating energy (1,500-6,000 net tons) More or to commission
Saudi Arabia and the contracts with low-enough delivered NOLA are priced
custom market research
Middle East continue to be energy pricing is easier said virtually the same for April
and May shipping as they reports please contact
talked about as potential than done.
sites but no plant were for January parcels Kormac Kennedy
construction is believed to be when material was short.
underway.
BFA Processors can still expect kormackennedy@aol.com
The Canadian venture BFA prices stabilize prices in the US$675-700/nt
remains dormant with no Brown fused aluminum oxide range delivered NOLA.
planning or engineering (BFA) pricing has stabilized “Demand is basically flat
having taken place since after increasing as much as and supply is currently
August 2008 due to pollution US$100-150/nt since mid running above traditional
control and financing issues. 2010. levels. For the US, in Q3 and

Silicon Carbide & More SiC Feedback & News line


Publisher: Kormack Kennedy Editor: Paul Harris. Copyright information: Copyright © 2011 by Our staff is dedicated to seeking out the information you need to stay on the leading edge of silicon
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Silicon Carbide & More #39 © 2011


Page 6
Fused mineral pricing
Western Europe SiC - Metric Tons Middle Europe Alox - Metric Tons
88-92% Metallurgical (EU Producers) €1,090-1,225  8-46 Grit Bonded Abrasive (Ukraine) €820 
88-92% Metallurgical (Russia) €1,050-1,200  54-220 Grit Bonded Abrasive (Ukraine) €890 
90% Refractory; Typical Sizes €1,155-1,260  WAO F12-F150 Bonded (Czech & Russia) €950 
94-97% Refractory; Typical Sizes €1,205-1,310  WAO F12-F150 Bonded (Hungary) €970 
97% Refractory; Typical Sizes €1320-1,404  WAO Refractory, Typical split (Hungary & Russia) €770-800 
97.5% Refractory: Typical Sizes €1,377-1,458 
98% FEPA F12-F90 €1,337-1,460  USA SiC & Al2O3 FOB New Orleans - Net Tons
98% FEPA F100-F220 €1,400-1,510  90% Metallurgical SiC (China) $1,375-1,425 
98% FEPA Black F600 €3,560  97% Crude SiC Refractory (Russia) $1,790-1,850 
97% Crude SiC (China - Pet Coke) N/A
98% FEPA Black F800 €3,580 
98% FEPA Black F1000 €4,145  97% Crude SiC (China - Anthracite) $1,600-1,675 
98% FEPA Black F1200 €4,355  Al2O3 Crude (China) bulk (1.5 silica) $710-730 
98% FEPA Green F8-F220 €1,900-2,175  Al2O3 Crude (China) bulk (1.1 silica) $720-780 
98% FEPA Green F600 €4,755  US Brown Al2O3 (PNAM) FOB SP - Net Tons
98% FEPA Green F800 €5,290  ANSI 16-70 $980-1,000 
98% FEPA Green F1000 €5,615 
ANSI 80 $1,030-1,150 
ANSI 90-100 $1,000-1,150 
Middle Europe SiC - Metric Tons
ANSI 120, 150, 180 $1,080-1,160 
88-92% Metallurgical (Russia) €1,050-1,150 
ANSI 220 $1,100-1,300 
88-92% Metallurgical (Romania) €1,025-1,150 
98% FEPA F12-F90 €1,300-1,360  China SiC & Brown Al2O3: FOB
FOB Regions – Metric Tons
98% FEPA F100-F220 €1,335-1,390  98% Black F16-100 $1,650-1,750 
97% Refractory, Typical Splits (Czech) €1,240-1,350  98% Green F36-120 $2,590-2,650 
98% Black 320 (Czech) €1,700  98% Green F280 & F320 $3,550 
98% Black 500 & 600 (Czech) €2,200-2,450  98% Green JIS 1,000 $4,400-4,500 
97% Black 800, 1,000 & 1,200 (Czech) €2,450-2,640  98% Green JIS 1,200 $5,150-5,250 
98% Green JIS 1,500 $5,150-5,250 
USA Other SiC - Net Tons
98% Green JIS 2,000 $4,750 
97% Refractory, Hi Fe (China) $1,900  98% Brown AO 36 Grit $800-840 
97% Refractory, Low Fe (China) $2,000 
97% ANSI 16-60 Grit (PNAM) (FOB SP) $2,000-2,200  Miscellaneous products
97% ANSI 80-220 Grit (PNAM) (FOB SP) $2,200-2,300  Ref Bauxite (China) (3.15) FOB China (m/t) $400-450
98% Black F500 & F600 $4,100-4,400  50% FeSi (USA) (Contained Si) FOB Ware (¢/lb) 
1.10-1.20
97% 16-70 (Russia) $1,425-1,500 N/A
WFA FOB China port (m/t) $910-920 
97% 70-150 (Russia) $1,800-1,900  Pig Iron, Steel Quality (g/t) $510-540 
97% 180 & 220 (Russia) $1,800-1,900  Pig Iron, Nodular (m/t) $610-700 
Hi carbon FeCr (lb Cr) FOB Ware (¢/lb) 1.35-1.40 NEW
Fused Magnesite FOB China Port – Metric Tons FeP, FOB Ware (¢/lb) 27-30 NEW
97.5% $990-1,010  FeMo, FOB Ware (¢/lb) 18-25 NEW
97.3% $910-920 
97.0% $870-890  Dead Burned Magnesite Briquette–
Briquette– Metric Tons
96.6% $830-840  97.5% $630-640 
96.0% $770-790  97.0% $590-620 

Prices ex-works, dry sieve per metric ton, except USA which are net tons. Chinese SiC 52.6% anti-dumping duty in EU. RoC = Run of Crusher.
PNAM = Processed North America, SP = Shipping Point. WAO = White Aluminum Oxide. N/A = Not available.
Price information has been obtained through contact with sources engaged in the trade of silicon carbide. Actual transaction prices will be determined
by a host of factors, including, but not exclusive to, quantity, grades, contract terms and various other factors. Price information sources are deemed to
be reliable but due to the possibility of error by Silicon Carbide & More, or others, Silicon Carbide & More does not guarantee the accuracy, adequacy or
results obtained from the use of such information. All price information © 2011 by Silicon Carbide & More Inc.

Silicon Carbide & More #39 © 2011


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