Indian Ferro Silicon prices witnessed a downward correction on uncertain market conditions.
“A recent deal concluded by a major producer at a much lower level has created confusion in the market,” said a producer source referring to the cautiousness from the buyers.
“This price is unrealistic and is the outcome of market manipulation,” said another source expressing his disappointment.
A few sellers told SteelMint that they will be holding the commodity till its prices come back on track as they are reluctant to compromise their margins.
The demand for the commodity was observed to be modest as buyers paused their purchase in expectation of a further fall in prices.
SteelMint assessed Ferro Silico offers at INR 97,000/MT (Ex-Bhutan) and INR 98,500/MT (Ex-Guwahati). However, few deals are heard to have been concluded below the aforementioned levels.
In line with the domestic market, the overseas buyers also took a back seat and are closely observing the trend of the commodity.
The export offers are assessed at USD 1,630/MT but deals are not heard to have been concluded this week.
On the future outlook, market participants expect the Ferro Silicon prices to rebound after the market gets clearer direction.
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