Ferroglobe Silicon Shipments Fall as European Plants Face Import Pressure

Ferroglobe

Ferroglobe silicon shipments fell in the first quarter after the company suspended production across its European silicon metal plants in October. The decline shows how weak demand and low-priced imports are reshaping Europe’s silicon metal market.

Ferroglobe silicon shipments dropped by 15.9% year on year to 30,533t in January-March. The company later restarted one of two furnaces at its Anglefort plant in France to maintain an EU operating presence.

Ferroglobe silicon shipments remain under pressure because European production costs are still struggling to compete against lower-cost third-country imports. The company warned that the current market structure is no longer viable during a prolonged period of depressed demand.

The issue is strategically important because silicon metal supports aluminium alloys, silicones, solar materials, semiconductors and industrial chemicals. If European smelting capacity continues to close, the region’s downstream industries will become more dependent on imported feedstock.

European Silicon Metal Faces Low-Cost Import Pressure

Ferroglobe said the European silicon metal market remains under pressure from China and Angola. Angola has emerged as a faster-growing supplier into the EU, increasing its market share during the first two months of 2026.

Angola supplied 993t of silicon metal to the EU in February, up by around two-thirds from a year earlier. Its EU market share more than doubled to 3.3% in January-February from 1.5% a year earlier.

This matters because even modest import share gains can influence pricing when demand is weak. European producers with higher energy and operating costs have limited room to absorb lower selling prices.

Ferroglobe has called for the EU to introduce anti-dumping duties on certain third-country suppliers selling at low prices into the bloc. The company made the request after the European Commission excluded silicon metal from last year’s safeguard investigation.

The policy question is now becoming more urgent. Europe wants strategic materials security, but it also needs trade tools that keep domestic production viable when imports undercut regional cost structures.

Without stronger protection or demand recovery, European silicon metal output could remain constrained. That would weaken the region’s ability to support aluminium, chemicals, solar and advanced manufacturing supply chains from local feedstock.

Ferro-Alloy Sales Offset Silicon Weakness

Ferroglobe’s broader first-quarter performance was supported by stronger silicon-based and manganese-based alloy shipments. This helped offset weaker silicon metal volumes.

Shipments of silicon-based alloys rose by 41.6% year on year to 60,674t. The increase was driven by stronger US demand for ferro-silicon.

However, average selling prices for silicon-based alloys fell by 4.9% to $2,016/t. Competitive conditions in the US and South Africa limited pricing power despite stronger volumes.

Manganese-based alloy sales also improved sharply. Shipments rose by 27.5% to 85,743t, supported by recently implemented safeguard measures.

The average selling price for manganese-based alloys increased by 12.8% to $1,250/t because of higher European prices. This shows how trade measures can directly support pricing when regional supply protection is in place.

Ferroglobe’s total sales rose by 13.2% year on year to $347.7mn. The increase came from higher silicon-based and manganese-based alloy volumes, along with stronger manganese alloy pricing.

Adjusted earnings before interest, taxes, depreciation and amortisation increased by 112.5% to $3.3mn. The improvement was meaningful, but margins remain thin for a company operating in volatile alloy and silicon markets.

The company is also considering reopening operations in Venezuela. Those assets are close to the US market and could benefit from low-cost energy, raw materials and favourable logistics.

That strategy reflects the changing economics of ferro-alloy and silicon production. Energy cost, trade access, import protection and proximity to customers are becoming more important than legacy European capacity alone.

The Metalnomist Commentary

Ferroglobe’s results show that Europe’s silicon metal problem is not only weak demand; it is structural cost exposure against lower-priced imports. If the EU wants domestic critical industrial material capacity, silicon metal may need the same policy seriousness now being applied to batteries, magnets and semiconductors.

EU ferro-alloy safeguards: Ferroglobe braces for trade decision amid market strain

Ferroglobe

EU ferro-alloy safeguards could reshape pricing in 2026

Ferroglobe signaled that EU ferro-alloy safeguards remain preliminary but pivotal. The firm expects EU ferro-alloy safeguards to curb import-driven price pressure in 2026. However, visibility is limited as Brussels prepares August prelims and a November final decision.

Mixed quarter highlights shifting product strategy

Quarterly results showed uneven momentum across products and regions. Ferroglobe’s silicon-based alloy shipments rose 13pc to 53,048t. The company switched two silicon metal furnaces to ferro-silicon to meet demand and cut costs. Meanwhile, silicon metal shipments fell 29pc to 44,610t.

European silicon prices weakened on cheaper Chinese imports, eroding producer share. EU silicon metal producer share slid from ~40pc to ~15pc. Curtailments hit Iceland and Germany as margins compressed. According to market logistics sources, MIPs may cover several ferro-alloys, but not silicon metal. Therefore, exposure to silicon metal remains a risk.

The US offered a firmer backdrop for trade defense. US AD/CVD actions on ferro-silicon supported prices and volumes. The firm awaits US rulings on silicon metal from five countries later this year. As a result, North America could offset some EU pressure if duties land.

Financials reflected the difficult macro and price environment. Sales slipped 14pc year on year to $386.9mn. Adjusted ebitda came in at $21.6mn, and first-half earnings posted a $5.2mn loss. Management withdrew full-year ebitda guidance, citing uncertainty and low visibility.

EU ferro-alloy safeguards will shape capital and production plans. Preliminary measures are due 18–19 August, with a final call on 20 November. Ferroglobe, led by CEO Marco Levi, still advocates safeguards across its full portfolio. Meanwhile, the firm rebalances output toward alloys with stronger pricing.

The Metalnomist Commentary

If MIPs exclude silicon metal, EU ferro-alloy safeguards may only partially stabilize Ferroglobe’s mix. Watch furnace allocations, cash costs, and US duty outcomes for margin relief. A broad EU remedy would tighten imports and lift realized prices into 2026.

Ferroglobe’s FY24 Earnings Plunge Over 50% Amid Silicon Alloy Price Decline

Ferroglobe's

Rising Manganese Sales Fail to Offset Silicon Alloy Slump

US-EU Trade Measures Offer Hope Against Import Pressure

Ferroglobe, the Spanish-based ferro-alloy and silicon producer, reported a 51.2% drop in adjusted EBITDA to $153.8 million for full-year 2024. The sharp earnings contraction was driven by falling silicon alloy prices and sluggish demand in key end-use sectors, particularly in Europe and the US.

Silicon Alloy Weakness Overshadows Shipment Gains

While silicon metal shipments rose 14.6% year-on-year to 222,762 tonnes, average sales prices dropped by 12.2% to $3,262/t. In the fourth quarter, shipments fell 12.5% quarter-on-quarter, with weak demand in EMEA markets cited as the primary cause.

Shipments of silicon-based alloys also declined by 4.4% year-on-year to 183,030 tonnes, while average prices fell 13.8% to $2,208/t. The segment’s adjusted EBITDA suffered the most, plunging 73.7%, largely due to slowed consumption from auto and construction industries.

Manganese Alloys Outperform, but Q4 Challenges Persist

Ferroglobe saw strong manganese-based alloy performance, with shipments up 21.5% to 275,991 tonnes and prices increasing 5.7% to $1,141/t. However, Q4 profitability collapsed due to higher ore costs and softer selling prices, with segment EBITDA down 74.5% quarter-on-quarter.

Rising raw material and energy costs further strained margins. These costs accounted for 62.5% of sales, up from 53.3% in 2023, driven by weaker prices and persistent energy inflation across operational regions.

Trade Protections May Stabilize Competitive Pressure

Despite near-term headwinds, Ferroglobe identified favorable trade developments. Measures by the US Department of Commerce and the European Commission — including anti-dumping duties on Russian imports and safeguard investigations into key alloys — may shield domestic producers from price suppression.

CEO Marco Levi emphasized that as a local producer in the US and Europe, Ferroglobe stands to benefit from these interventions. These actions may help rebalance the market by curbing artificially low-priced imports, ultimately improving earnings visibility for 2025.

Ferroglobe silicon metal shipments slide as trade defenses set stage for 2026 rebound

Ferroglobe

Ferroglobe silicon metal shipments dropped sharply in the third quarter, but Ferroglobe silicon metal shipments could stabilise as trade defenses strengthen. The company expects US and EU protectionist measures to support Ferroglobe silicon metal shipments and prices from 2025 into 2026. As a result, the producer is positioning for a cyclical rebound after a year of weak demand and heavy import pressure.

Silicon and FeSi under pressure from weak demand and low-priced imports

Ferroglobe’s silicon metal shipments fell 41pc year on year in the third quarter to 33,561t as chemicals demand weakened. Average silicon metal prices dropped 13.3pc to $2,950/t, pressured by low-priced imports from third countries into the EU market. This combination of lower volumes and softer prices hit revenue and margins across its silicon portfolio.

Meanwhile, silicon-based alloy shipments slipped 5.5pc to 42,968t, reflecting reduced activity in steel and foundry sectors. Average selling prices for silicon-based alloys declined 3.9pc to $2,149/t, again under pressure from Asian imports into Europe. However, manganese-based alloys proved more resilient, with shipments rising 7.8pc to 69,552t and partially offsetting weakness in other segments.

European shutdown and trade protection reshape market outlook

Ferroglobe suspended all silicon metal production in Europe in October, citing an “urgent need” for EU trade measures. The decision highlights the strain facing European smelters exposed to high power costs and cheap imports. It also tightens regional supply, which could improve pricing power if safeguard measures take effect.

In the US, preliminary anti-dumping margins on silicon metal imports already support domestic producers. In the EU, a final decision on safeguard measures is due by 19 November and will be pivotal for market balance. If approved, these tools should reduce unfairly priced inflows and support a recovery in Ferroglobe silicon metal shipments and alloy utilization rates.

Looking ahead to a 2026 recovery cycle

Management acknowledges that current market conditions remain challenging, but guidance points to a more constructive backdrop from 2026. Trade defenses in the US and EU should gradually restore a more level playing field for integrated silicon producers. That will matter for Ferroglobe silicon metal shipments, which remain highly sensitive to both industrial demand and import price competition.

At the same time, any cyclical rebound in chemicals, steel and foundry sectors would lift alloy volumes and support margins. The firm’s diversified exposure to manganese-based alloys also provides some buffer during the silicon downturn. However, the timing and strength of recovery will depend on how quickly EU and US measures bite and how energy prices evolve.

The Metalnomist Commentary

Ferroglobe’s strategy now rests on regulatory tailwinds as much as on market fundamentals. If EU safeguards and US anti-dumping actions materialise as expected, European silicon pricing could reset higher from 2026. For downstream consumers, that would mean structurally tighter silicon availability and greater incentive to lock in long-term, de-risked supply.

Ferroglobe Anticipates 2H Recovery Amid US and EU Trade Actions on Silicon

Ferroglobe

Trade protections poised to support Ferroglobe’s silicon recovery

Ferroglobe silicon trade action recovery is gaining traction as the company expects stronger second-half results supported by U.S. and EU protection measures. Despite lower Q1 volumes and revenues, management remains confident that market-bottom dynamics and trade enforcement will favor local producers.

Q1 results show steep declines in silicon shipments and pricing

In Q1 2024, Ferroglobe shipped 36,308 tonnes of silicon metal—down 31.7% year-over-year—due to weak demand from the secondary aluminum and chemical sectors. Average selling prices dropped 8.7% to $2,881 per tonne amid competitive pressure from third-country suppliers. Silicon-based alloy shipments also fell 16.2%, though U.S. demand offered a sequential lift of 8.7% over the prior quarter.

Policy shifts and market stabilization expected to restore earnings

The U.S. finalized anti-dumping and countervailing measures on ferro-silicon and launched a fresh probe into silicon metal imports. Meanwhile, the EU’s safeguard decision on silicon imports is expected by June. These actions, Ferroglobe believes, will help restore fair market conditions and improve margins. Manganese alloy shipments were a bright spot, rising 7.9% year-over-year to 67,229 tonnes.

The Metalnomist Commentary

Ferroglobe’s near-term struggle reflects global overcapacity and sluggish industrial demand. However, with trade barriers taking shape, North American and European producers may soon reclaim lost market share—provided demand recovers as forecasted.

US Releases Initial Antidumping Duty Rates on Ferro-Silicon Imports from Brazil, Malaysia, and Kazakhstan

FerroGlobe, Ferro-Silicon

The US Department of Commerce has announced the preliminary antidumping duty (AD) rates for ferro-silicon (FeSi) imports from Brazil, Malaysia, and Kazakhstan. The initial duty rates vary by country and producer, with most foreign entities falling below 10%, signaling a moderate level of protectionism against what is perceived as unfair pricing practices in the sector. These decisions come amid an ongoing investigation and could have significant implications for the US ferro-silicon industry.

Preliminary AD Rates for Brazilian, Malaysian, and Kazakh Ferro-Silicon Producers

The following initial AD rates have been determined:

1. Brazil:

• Minasligas: 1.18%
• Companhia de Ferro Ligas da Bahia (Ferbasa): 13.13%
• Ligas de Alumino: 21.78%
• "All others": 13.13%

2. Malaysia:

• OM Sarawak: 6.91%
• Pertama Ferralloys: 9.01%
• "All others": 7.84%

3. Kazakhstan:

• YDD, Asia Ferroalloys, and KazSilicon Metallurgical Combine: 4.22%
• TNC Kazchrome: 6.2%
• "All others": 4.67%

In addition to these AD rates, importers must pay cash deposit rates to the US Customs and Border Protection (CBP). For example, Brazilian importers will be required to pay rates ranging from 1.06% to 13.03% depending on the exporter. Notably, there are no cash deposit requirements for imports from Kazakhstan, further highlighting the complexity of the trade case.

Ongoing Investigation and Potential Impact on US Ferro-Silicon Industry

The Commerce Department’s final ruling is expected by May 17, with an injury determination scheduled from the US International Trade Commission (USITC) by April 29. This investigation is running concurrently with a countervailing duty (CVD) probe into the imports from these countries. The case initially arose from petitions filed by FerroGlobe's US subsidiary and CC Metals and Alloys, two key players in the US ferro-silicon industry, in response to perceived market distortions.

In 2023, shipments from Brazil, Malaysia, and Kazakhstan accounted for 77% (152,073 metric tonnes) of the total US ferro-silicon imports, making this investigation crucial for the local industry.

The outcome of this case will likely affect future imports and pricing dynamics in the US market, as well as the competitiveness of domestic ferro-silicon producers.

Ferroglobe Idles French Plants Amid Weak Silicon and Ferro-Alloy Demand

Ferroglobe

Ferroglobe, a major producer of silicon and ferro-alloys, has idled its French operations for the fourth quarter of 2024, citing weak demand from the steel and aluminum industries. The decision, announced earlier than initially planned, reflects a challenging environment for shipment volumes across all product segments.

Production Curtailment and Market Challenges

The idling of Ferroglobe’s French plants aligns with the company’s strategy to maximize rebates on its energy agreements. However, CEO Marco Levi cautioned that depressed prices in Europe have elevated the company’s absorption costs, compressing profit margins.

In the third quarter, Ferroglobe shipped 56,910 tons of silicon metal, relatively flat compared to 57,031 tons in the same period last year. However, shipments declined 9.5% quarter-on-quarter, primarily due to weaker volumes in Europe, the Middle East, Africa, and the U.S., stemming from subdued demand in the automotive and construction sectors.

The company reported an average selling price of $3,401/t (€3,161/t), buoyed by stronger U.S. market premiums. Still, the lag between index prices and realized prices in other regions impacted profitability.

Future Investments and Trade Developments

Ferroglobe is advancing plans for a new brownfield silicon metal plant in the U.S. The facility, which could achieve a minimum capacity of 60,000 tons, is expected to be operational by early 2028. The project is in its permitting phase, which will take approximately 18 months before construction begins.

The company also sees a glimmer of hope in the U.S. ferro-silicon market. On November 1, the U.S. Department of Commerce implemented preliminary anti-dumping rates against imports from Brazil, Malaysia, and Kazakhstan. Ferroglobe is lobbying for similar trade defense measures in the EU to level the playing field against low-cost suppliers from Kazakhstan and Egypt.

Segment Highlights and Cost Efficiency

Silicon-based alloy shipments dropped 2% year-on-year to 45,489 tons, reflecting muted EU steel demand. Manganese alloy shipments rose 14.4% year-on-year to 64,495 tons but fell 21% quarter-on-quarter due to market slowdowns. Ferroglobe achieved a 3% reduction in raw material and energy consumption costs, driven by lower energy prices in France and Spain, and falling manganese ore costs. The company remains cautiously optimistic about a market recovery in the second half of 2025 as demand stabilizes across key industries.

US Ferro-Silicon Case Sparks Multiple Appeals

Ferro-Silicon

Domestic Producers and Malaysian Exporters Contest Trade Rulings

US ferro-silicon producers have formally appealed the US Commerce Department’s final determinations on imports from Malaysia, launching proceedings with the US Court of International Trade (USCIT). Attorneys for Ferroglobe’s US unit and CC Metals & Alloys filed a summons on 20 June, following Commerce’s March ruling that Malaysian ferro-silicon was sold at less-than-fair value. The US International Trade Commission (USITC) upheld the decision in May, supporting anti-dumping (AD) and countervailing duty (CVD) measures.

At the same time, Commerce and the USITC ruled that “critical circumstances” did not apply, meaning Malaysian shipments during the investigation were exempt from retroactive duties. Producers have 30 days from filing to detail grievances, potentially targeting either the duty rates or the negative finding on critical circumstances.

Malaysian Producers Challenge CVD Rates

Meanwhile, Malaysian producer OM Materials has also appealed, contesting the CVD rate set by Commerce. OM’s final AD and deposit rates were adjusted to 5.10pc and 4.66pc, with a CVD rate of 2.78pc. Pertama Ferroalloys, another Malaysian producer, faced significantly higher penalties of 42.88pc for AD and 42.60pc for deposits, along with a 3.48pc CVD rate.

From May-August 2024, Malaysia supplied 11,532 metric tonnes of ferro-silicon, about 17pc of total US imports. Since then, shipments from Malaysia have stopped, according to Commerce data through April.

The Metalnomist Commentary

These appeals highlight the growing tension in ferro-silicon trade, where both US producers and Malaysian exporters are contesting outcomes. While domestic firms seek stronger protection, exporters aim to reduce penalties. The USCIT’s eventual rulings could shape future ferroalloy trade flows and influence supply stability in the US market.

Ferroglobe Sees Boost in Q2 Silicon and Manganese Alloy Sales Following French Plant Restart

Ferroglobe, a leading Spanish producer of silicon and ferro-alloys, reported a significant rise in sales volumes and earnings for the second quarter of 2024, primarily driven by the resumption of operations at its French facilities in April. The restart bolstered production levels, resulting in a 124% increase in adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA), reaching $57.7 million for the quarter. However, this figure reflects a 44% decline compared to the same period last year.

Silicon metal shipments surged to 62,872 tons, marking a 24.1% year-on-year increase and an 18.2% rise from the first quarter of 2024. This growth was largely attributed to stronger sales in Europe, the Middle East, and Africa. The average sales price for silicon metal also saw a modest 2.8% increase from the previous quarter, reaching $3,244 per ton, though it remained 15.8% lower than in the previous year.

Despite a decrease in demand in the U.S., shipments of silicon-based alloys reached 46,953 tons, a decrease of 5.1% year-on-year and 8.2% from the first quarter. Nonetheless, the average selling price for these alloys rose by 2.4% to $2,241 per ton in the April-June period.

Manganese-based alloys experienced a significant boost, with shipments totaling 81,464 tons, up 30.2% from the previous year and 30.7% from the previous quarter. The average sales price for these alloys increased by 12.9% to $1,204 per ton.

Ferroglobe's strategic decision to increase manganese ore purchases in the first quarter, taking advantage of a market disruption caused by weather-related shutdowns of South32's manganese ore mine in northern Australia, allowed the company to secure ore at below-current market costs.

Looking ahead, Ferroglobe anticipates that higher prices for its metals and alloys will positively impact its performance in the third quarter. However, the company remains cautious, noting that market dynamics may shift following the end of the summer holiday period in Europe.

Ferroglobe’s FY2024 Earnings Drop 51% as Silicon Market Weakens

Ferroglobe

Manganese Alloys See Gains but Fail to Offset Silicon Alloy Declines

Ferroglobe, a Spanish producer of ferro-alloys and silicon, reported a sharp drop in full-year 2024 earnings, driven by a steep decline in silicon alloy margins. The company’s adjusted EBITDA fell 51.2% year-over-year to $153.8 million, despite rising shipments and prices in its manganese-based alloy segment.

While silicon metal shipments rose 14.6% year-on-year to 222,762 tonnes, the fourth quarter saw a 12.5% sequential drop to 49,797 tonnes, reflecting weaker sales in EMEA regions. Average silicon metal prices fell 12.2% to $3,262/tonne, contributing to overall earnings pressure.

Shipments of silicon-based alloys dropped 4.4% in 2024 to 183,030 tonnes, while Q4 shipments dropped 13.3% from Q3.

Ferroglobe cited soft demand from the automotive and construction sectors in the US and Europe as key headwinds. The segment’s adjusted EBITDA plummeted 73.7%, highlighting the impact of lower volumes and weaker pricing.

Manganese Segment Improves but Faces Q4 Cost Pressures

In contrast, manganese alloy shipments surged 21.5% year-over-year to 275,991 tonnes, with average selling prices rising 5.7% to $1,141/tonne. Yet, Q4 earnings for this segment fell sharply by 74.5% quarter-on-quarter, due to higher ore costs and reduced spot prices.

Across the company, raw material and energy costs rose as a share of revenue to 62.5%, up from 53.3% in 2023. This increase reflects higher energy prices and lower product selling prices, compounding the impact on margins.

However, Ferroglobe sees potential upside from new trade defense measures.

The US Department of Commerce implemented anti-dumping and countervailing duties on Russian ferro-silicon, while investigating imports from Brazil, Kazakhstan, and Malaysia.

Meanwhile, the European Commission launched a safeguard probe covering silicon metal, silicon alloys, and manganese alloys.

According to CEO Marco Levi, “Ferroglobe, being a local producer in both the US and Europe, will benefit from these measures, which should limit artificially low-priced imports and help stabilize the market.”