Indian Ferro Silicon producers have kept prices unchanged in an uncertain market.
Producers were under palpable selling pressure as new players are giving rise to competition in the market.
“The deals concluded are way too low to be realistic and will correct upwards soon,” said a producer, expressing concern as regards low Ferro Silicon prices.
“Demand is moderate but the overall sentiment is bearish as some new market players are selling the low-grade Ferro Silicon at low price levels,” another producer said while explaining the current market trend.
SteelMint assessed Ferro Silicon offers at INR 87,000-89,000/MT (Ex-Bhutan) and (Ex-Guwahati).
Overseas inquiries for the commodity have been disappointing and sellers are finding it difficult to conclude deals.
“Summer holidays are in full swing in Europe and demand from other countries is soft as well. We are ready to negotiate in the wake of a weakening INR against the USD but counter-offers are hard to come by,” said an exporter.
Weakening Ferro Silicon prices in China owing to the resumption of the production of the commodity in that country has also had an adverse impact on the Indian market.
SteelMint assessed Ferro Silicon export offers at an unchanged rate of USD 1420/MT FOB Kolkata.
Going ahead, market participants expect prices to hold at current levels while they patiently wait for clearer market directions to emerge.
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