Domestic ferro silicon prices remained rangebound w-o-w, with stable supply-demand dynamics seen in the market and buyers and sellers both agreeing on prevailing prices.
According to SteelMint assessment on 13 January, 2023, Bhutanese producers kept their prices unchanged at INR 120,000/t exw while producers in Guwahati followed suit and floated offers at similar levels.
Market highlights
Prices remained rangebound with buyers booking small quantities due to prevailing uncertainty in price movements in a volatile market. SteelMint recorded around 1,000 t of transactions this week.
The majority of Guwahati producers are fully booked, while a few others are unwilling to reduce offers, sources informed.
Meanwhile, the majority of Bhutanese producers received their Bureau of Indian Standards (BIS) certification this month and were holding their offers in anticipation of a further hike.
BIS certification for major Bhutanese producers
China market overview
Chinese ferro silicon (75%) prices remained stable at RMB 8,550/t exw-Inner Mongolia and exw-Quinghai on 12 January. Bidding by steel mills was relatively slow during the year-end and the near-term outlook is stable.
Outlook
According to sources, ferro silicon producers are contemplating increasing their offers as there is a growing anticipation that further BIS extension will not be provided and, therefore, flow of material from countries such as China and Malaysia will not be permitted into India.
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