The Indian Ferro Silicon market was quiet this week, with sources continuing to cite a thinly traded market and suggesting that the low trading volume has prevented any movement in prices again.

Ferro Silicon Prices remain static due lackluster demand along with limited supply. In the Indian market shortage of Ferro Silicon remains as Bhutan is exporting most of the material worldwide. A source revealed that they have concluded deals, in the range of USD 1,330-1,350 /MT CIF Germany and Italy. Current offers at Bhutan are balanced at INR 77,000 /MT (grade70-75). Producers in Bhutan are offering Ferro Silicon for exports at USD 1,290 /MT FoB Bhutan.

In Guwahati Ferro Silicon (grade70-75) is being offered at around INR 75,000 /MT. Ferro Silicon traders are being cautious in their approach as there is visibly less demand as they are holding sufficient stock and are awaiting for a clearer direction.

A producer source from Meghalaya remarked “Slow stainless steel sales, low production and a stasis market are contributing to slack trading activity. There is much possibility Ferro Silicon prices is to remain stable as the Rupee is depreciating”.

SteelMint learned from market sources that Ferro Silicon prices will rise in future if the Rupee does not appreciate. Currently there is low of production balanced by low demand, however new plants for the production of Ferro Silicon are being set up in India and this could further impact prices in the coming days.

Exchange Rate: USD 1= INR 61.59