Indian Ferro Silicon prices retreat further as market sentiment turns less positive.
Considering the falling Ferro Silicon prices in China, the Indian buyers are also vouching for lower prices.
SteelMint learned that there has been a difference in pricing ideas of Ferro Silicon buyers and sellers, which finally broke the sellers’ resistance and prompted sellers to lower their offers as per buyer’s expectation.
“Demand for the commodity is satisfactory but in view of the Chinese Ferro Silicon market buyers have become more skeptical with the pricing,” said a Guwahati based producer.
SteelMint assessed Ferro Silicon prices at INR 97,000/MT (Ex-Bhutan) and INR 98,500/MT (Ex-Guwahati).
The exporters of Ferro Silicon took the worst hit as market sources claim to have received no inquiry from the overseas market.
“In view of the retreating Ferro Silicon prices, the overseas players have halted their purchase and are currently in a wait-and-watch mode,” said a producer source.
The Ferro Silicon suppliers have kept their offers unchanged at USD 1670/MT as they have been met with limited inquiries.
On the future outlook, Ferro Silicon prices are expected to edge down further while market participants suspending purchases and selling pressure is likely to gather steam.
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