Prices for Ferro silicon moved down in Guwahati. Sources say there were no willing buyers and aggressive bids in the market.
Looking at the decline in sales volumes, Indian Ferro silicon producers have decided to cut their offers to enhance trade. It is to be seen whether this latest development results in an increase in demand. Currently, grade 70-75 is being offered at INR 63,000/MT (Ex-Guwahati).
“Weak Ferro silicon pricing appears to be becoming a long term issue as ample supply continues to outpace demand,” remarked a producer based in Meghalaya.
Bhutan Origin Ferro Silicon Prices Unchanged
SteelMint assessed the price of Bhutan origin Ferro silicon (grade 70-75) unchanged at INR 65,000/MT, amid slow trading activity. In Bhutan there is a reluctance of purchase from international buyers and softer trades weighed on the prices. In the export market, Ferro Silicon is being offered at around USD 1,120/MT FoB Kolkata.
A Bhutan based producer stated, “The market is at a standstill in Bhutan. It is unclear when the prices are going to move upwards. Traders are in a ‘wait and watch’ mode now.”
Market participants said there were expectations of further price cuts in offers and this was holding back buyers.
Exchange Rate : USD 1 = INR 63.8
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