Ferro silicon prices marginally fell this week as steel production cuts exerted downward pressure.
Producers from Bhutan have lowered mainstream offers by INR 500/MT with new deals concluding at INR 78,000/MT (ex-Bhutan). The export market remain flat with quiet trading from European buyers. The material is being offered at around USD 1,310/MT FoB Kolkata.
Similarly, Indian Ferro silicon prices have also fallen by INR 500/MT and now is being offered at INR 76,000/MT. Indian producers stated slowdown in spot demand will not affect current price range in the coming days. SteelMint learned from market sources that buying interest for Ferro silicon has been on a downtrend since Diwali holidays in late October.
“Overall steel demand is not good as well and mills will continue to pressure prices lower,” stated a Guwahati based producer.
In outlook, market watchers are of the view that market will remain balanced in short-term and prices should prevail at current levels.
Exchange Rate: USD 1 = INR 61.7
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