Buying activity of Ferro silicon in the Indian market remains low with few deals concluded. The low demand has led to a softening of offered prices, although further downfall of prices is not expected.
At regular deals, but in low volume Bhutanese producers confirmed stable prices of Bhutan-origin Ferrosilicon 70-75% min at INR 77,000/MT ex-works, whilst requirements from foundries and steel mills continue on regular basis, but at low volume. Export offers could not be confirmed as European buyers are on Christmas holiday.
In Guwahati, Ferro silicon (70-75grade) is being offered at around INR 74,000-74,500 /MT. The buyers of Ferrosilicon are being cautious in their approach, and there is visibly less demand at such price levels. Indian producers reported of moderate demand in the domestic market on top of sufficient supply of the material.
“There is no indication of better market as demand is poor and there is oversupply in the market,” stated a producer from Meghalaya.
Market sources continue to cite a thinly traded market and suggested that the low trading volume has caused a downfall in prices.
Exchange Rate : USD 1= INR 63.6
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