Ferro Silicon prices remain unchanged as demand for the material is meek from end-users. The general market expectation is prices to remain at this level for some time.
In Bhutan, Ferro Silicon prices are stable as the market remains pressured by low demand. Currently, price of Ferro Silicon (grade 70-75) in Bhutan is settled at around INR 76,000/MT. However, few producers are not offering any material for June as they have tied up with major Indian steel companies and can only supply to them. Bhutanese producers reported of frequent enquires from overseas buyers. With better demand from Europe, export offers from Bhutan have increased to USD 1,370/MT FoB Kolkata.
[su_quote]A Bhutanese producer stated, “Buyers continue to stay on the sidelines amid a lackluster market.”[/su_quote]
Indian Ferro Silicon market witnessed no price movement, as demand remains low. This is however offset by low material on offer in the open market as producers of Ferro Silicon have tied with companies to fulfill bulk orders. In Guwahati, Ferro Silicon (grade70-75) is being offered at around INR 73,000-73,500/MT. The buyers of Ferro Silicon are being cautious in their approach, and there is visibly less demand. The dollar rate fluctuation could influence Ferro Silicon market in coming days.
[su_quote]A Meghalaya based producer said, “I expect the price of Ferro Silicon to remain steady in the next month, as there is limited but regular demand.” [/su_quote]
On the future outlook, market participants expect that Ferro Silicon market to pick up in July as traditionally there is good demand from foundries in Q2 (July-August). SteelMint assessed that low demand is resulting in stability of prices, and the state of Indian Rupee in terms of USD is going to be the determining factor in near term Ferro Silicon price.
Exchange Rate: USD 1= INR 59.04
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