Ferro silicon prices regained ground as demand from end users who have run down inventories lent support and firmed trade levels.
Ferro silicon prices in Bhutan rise on stronger buying activity from India. SteelMint assessed grade 70-75 being offered at INR 66,000/MT (Ex-Bhutan). On account of increased demand from India, Ferro silicon producers in Bhutan are offering at stronger levels as they are confident about finding buyers. Although prices seemed to level out last week, sources believed that an increase in inquiries for the alloy this week has triggered the slight increase in the mainstream price for Ferro silicon.
Export prices in Bhutan were unchanged as the week started with no serious inquires or indication of buying interest. Producers in Bhutan reported of meek demand in the export market and are offering Ferro silicon at USD 1,120/MT FoB Kolkata.
Prices Rise Marginally in Domestic Market
In line with the increased prices in Bhutan, Indian producers have also been able to hike their offers.
SteelMint assessed the current offer price for grade 70-75 is INR 63,500/MT (Ex-Guwahati).
With prices rising marginally, a producer from Meghalaya stated, “The market has now stopped being pushed down. I believe the market will remain stable.”
Market participants said that recovery of prices was normal after a sustained period of weakness; and are unconvinced that this price rise will continue.
Exchange Rate : USD 1 = INR 63.6
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