Exports of Chinese FeSi Markedly Increased to Major Destinations in January to October 2014

Sales Volumes of Ferbasa’s FeSi Decreased in November of 2014

Operation Situation Differed Much Between Different Qinghai-based Ferrosilicon Producers

US Imports of Ferrosilicon Decreased over One Thousand Tons in January to October 2014

Exports of Qinghai Ferroalloys Accounted for 26.9% of the National Total in Q1-Q3 2014

The excessive spot supply of ferrosilicon not only caused continuous decline of market prices, but also facilitated the procurement and the progress of steel mills.

Excessive Supply and Reduced Production of FeSi Co-Existed in China in November 2014

In September and October 2014 there were some new large ferrosilicon furnaces into operation and the overall operation rate much improved in some production regions.