Indian Ferro Silicon producers raised their offers in view of rising demand for the commodity in China.
Inquiries for Ferro Silicon in the domestic market has also been constant but strengthening Chinese market encouraged the producers to raise their offers marginally.
Moreover, a source mentioned that the talks of extending the production cut policy in China to curb pollution can balance its oversupplied market and pull the prices upwards.
SteelMint assessed Ferro Silicon offers at INR 96,000/MT (Ex-Bhutan) and INR 98,000/MT (Ex-Guwahati).
Europe, being the primary export market for Indian and Bhutanese Ferro Silicon, has been disappointing off lately.
Demand from Europe has been weak recently as sellers are finding it difficult to conclude any deals even at USD 1,510/MT FOB Kolkata.
“Indian market is totally dependent on Indian and Bhutanese producers as importing cost will turn out to be higher than that of the domestic offers,” said a producer source when inquired about imports by Ferro Silicon buyers in India.
On the future outlook, market participants expect the Ferro Silicon offers to remain stable while some believe the same to move upwards in the event of environmental checks in China on Ferro Silicon plants.
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