In Indian Ferro Silicon market, demand remains restricted owing to upcoming Diwali festival, but with low production in India, demand for Bhutanese material has increased.
Amid low production in North-East states of India, material supply has been low and this has given rise to more demand for Bhutan-origin material. Bhutan based producers of Ferro Silicon are offering 70-75% grade at INR 79,000/MT, although deals are mostly concluded at INR 78,500/MT (ex-Bhutan). The export market remains dull with low demand from European buyers. Ferro Silicon is being offered at around USD 1,320/MT FoB Kolkata.
Similarly, Ferro Silicon prices in India remain at the same level. In Guwahati, 70-75% grade is being offered at INR 76,500/MT; unchanged W-o-W.
“Demand is low as all new purchases have been suspended for the holidays and we will make deals after Diwali,” stated a Meghalaya based producer.
SteelMint assessed that Ferro Silicon market will remain at this level and not much change is expected in terms of prices and market conditions as Diwali holidays are about to begin. Most market sources believe that market sentiment will improve by next month.
Exchange Rate: USD 1 = INR 61.85
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