The trade of ferroalloys and the impact of the latest tariffs
Date：2025/4/11 9:34:04
The Tariff Commission of the State Council announced yesterday that on April 8, 2025, the US government will increase the "equivalent tariff" rate on Chinese goods imported to the US from 34% to 84%. The US's escalation of tariffs on China is a mistake that adds to the mistake, seriously infringes on China's legitimate rights and interests, and seriously damages the rules based multilateral trading system.
According to the Customs Law of the People's Republic of China, the Customs Law of the People's Republic of China, the Foreign Trade Law of the People's Republic of China and other laws and regulations, as well as the basic principles of international law, and with the approval of the State Council, starting from 12:01 pm on April 10, 2025, the tariff measures on imported goods originating in the United States will be adjusted. The relevant matters are as follows: 1. Adjust the tariff rate stipulated in the "Announcement of the State Council Tariff Commission on Imposing Additional Tariffs on Imported Goods Originating in the United States" (Tariff Commission Announcement No. 4 of 2025) from 34% to 84%. 2、 Other matters shall be implemented in accordance with the Announcement No. 4 of 2025 of the Tax Commission.
The impact of ferroalloy trade is mainly reflected in the following aspects:
1.The impact of tariff policy: Changes in tariff policy will have a significant impact on the ferroalloy market. For example, the United States has imposed tariffs on imported goods originating from the United States, leading to intensified global trade disputes and increased expectations of economic weakness, which in turn affects the demand and prices of commodities. Specifically in the ferroalloy market, changes in tariff policies will lead to an increase in import costs, affecting the supply and prices in the domestic market
2.The application of basis trade: Basis trade is widely used in the ferroalloy industry to help enterprises cope with market fluctuations. Through basis trading, ferroalloy production enterprises can lock in sales prices in the futures market, avoiding the risks brought by market price fluctuations. For example, when the price of ferroalloy futures rises, companies can lock in profits by selling their products to risk management subsidiaries at a fixed price through basis trading.
3.Monthly bidding and basis price: The trading methods in the ferroalloy market include monthly bidding and basis price. Monthly bidding is a process in which steel production enterprises inquire about prices and quantities from major suppliers to determine the purchase price and quantity for the following month. The basis price is determined through the futures market and traded based on the price difference in the spot market. These trading methods make the ferroalloy market more flexible and able to cope with market fluctuations.
4.Industry pattern and participants: The ferroalloy industry is dominated by small and medium-sized enterprises, with low concentration. Among the national manganese silicon and ferrosilicon production enterprises, small and medium-sized enterprises account for 80% and 95% respectively. This "small and scattered" industry pattern has led to an overall surplus in the industry and fierce market competition. Traders play an important role in the industry, participating in market transactions through various modes such as monthly bidding, fixed price, and basis price.
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