Ferro Silicon prices steadied as there’s more than adequate supply in the market and offers are low from traders. Ferro Silicon market was quiet this week as buying interest has diminished from end-users.
In Bhutan, Ferro Silicon market softened on persistent oversupply in the market. Ferro Silicon (70-75) prices have marginally corrected and being traded at around INR 76,000/MT (Ex-Bhutan). Bhutanese producers reported of resilient demand from European nations. In the export market, Ferro Silicon is being offered at around USD 1,270-1,280/MT FoB Kolkata.
[su_quote]A producer from Bhutan remarked, “Ferro Silicon market is to quite a slow start. While, we expect there may be a few ups & downs in the next one or two months. Perhaps there might be a little bit of recovery in demand but now some issues are arising by abundant supply.”[/su_quote]
In India, Ferro Silicon prices were unaltered on low demand and excess supply in the market. Current price of Ferro Silicon (70-75) is around INR 74,000/MT in Guwahati. Indian producers are of the view that there is an overflow of supply of Ferro Silicon as production capacity has expanded in India and this put pressure on prices.
[su_quote]“We all know that supply is more than sufficient, so buyers aren’t in any hurry to procure it”, stated a Meghalaya based producer.[/su_quote]
Market sources said that the glut of supply would cap any significant uptick. SteelMint assessed that Ferro Silicon market to remain at this level and not much change is expected in terms of prices and market conditions in the near future.
Exchange Rate: USD 1= INR 62.24
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