Ferro silicon prices edged lower amid thin trade, with buyers and sellers searching for clear direction before committing.
Ferro Silicon prices have fallen in Bhutan because bearishness prevailed in the market as most sources cited weak demand to be a large downward driver. Prices have gone down by INR 1,000/MT with deals being concluded at INR 75,000/MT. Export offers in the market remain unaltered and currently Ferro silicon is being offered at USD 1,250/MT FoB Kolkata. There was a reluctance to purchase Bhutanese material by end-users and softer trades weighed on the prices.
Indian Ferro silicon market continued to remain at a low level as buyers were not in hurry to purchase amid adequate supplies. In Guwahati, 70-75 grade is being offered at around INR 72,500/MT. Indian producers reported falling prices of other bulk Ferro alloys has impacted the Ferro silicon market and hence prices have gone down.
“Prices have been declining and buyers are not inquiring, as they’re not too eager to commit and are monitoring the situation day by day to see when the market will bottom out again. We also need to re-evaluate and lower our offers in line with the market in order to entice buying”, stated a Meghalaya based producer.
SteelMint learned that most market participants hold a pessimistic outlook towards the future market trend. Steel demand is not strong enough to support further gains in the Ferro silicon price level in the near-term.
Exchange Rate : USD 1 = INR 61.93
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