Indian Ferro Silicon prices failed to rebound despite healthy demand as few major producers have fairly large levels of inventory with them.
“Ferro Silicon market has been active and we are getting a good number of inquiries but are unable to raise our offers as few mills in Bhutan have set a low benchmark,” said a producer source expressing his concern.
Adding to the same, another source mentioned that the Ferro Silicon market witnessed some pressure as buyers are cautious due to the downward trend of other ferroalloys in India.
Amid healthy buying activity, Bhutan based Ferro silicon producers have kept the mainstream prices for 70-75% grade unchanged from last week, with deals being concluded at around INR 92,000/MT (Ex-Bhutan).
However, the Guwahati based producers have decided against reducing their prices to Bhutanese level and are quoting at INR 94,000/MT (Ex-Guwahati).
The export market has been soft as inquiries from overseas has evaporated. The export offers are assessed at USD 1500/MT FOB Kolkata.
On the future outlook, the prices are expected to remain stable as the rising Ferro Silicon prices in China might lend support to Indian prices.
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