Indian Ferro Silicon offers maintains stability amid expectations of high Ferro Silicon prices finding continued acceptance.
Earlier, Ferro Silicon prices went down marginally as some major producers lowered their offers to entice more buying despite strong demand.
However, with China returning to the market after their lunar year festival, the offers are expected to move up.
“Revised offers from Bhutan is expected to be disclosed after the Holi festival in India,” said a producer source. “I’m sure that the prices will correct upwards,” he added.
Indian and Bhutanese producers claim to receive continuous inquiries and hence are facing difficulties in fulfilling orders.
SteelMint assessed Ferro Silicon offers at INR 1,02,000/MT (Ex-Bhutan) and INR 1,03,500-1,04,000/MT (Ex-Guwahati).
Europe remains the prime focus for Indian and Bhutanese producers as they are being able to realize their commodity at higher prices there. Moreover, the same is expected to march northward in near term as China opened its prices at USD 1,700/MT FOB, up by USD 100/MT.
Trade in Europe has been slower than usual in recent days as they were perceived to have been in a wait-and-watch mode to learn what direction the Chinese market takes after Spring Festival.
SteelMint assessed Ferro Silicon export offers at USD 1,730/MT FOB Kolkata, but it is expected to move up as producers have decided to quote at USD 1,800/MT.
On the future outlook, market participants are confident of a further rise in price in line with upward movement in Chinese Ferro Silicon prices.
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