With very limited buying interest from consumers, ferro silicon producers have cut offers this week.
The Bhutanese ferro silicon market opened the week with low prices, as there was a lack of buying activity. SteelMint assessed grade 70-75 is being offered at INR 64,000/MT (Ex-Bhutan), down by INR 1,000/MT from last week’s prices.
European buyers were still out of the market, with no deals concluded from last week.
A Bhutanese producer reported that buyers would most likely just wait and see. “Demand interest doesn’t appear to be too much. Stainless steel demand is weak which continued to add to market pessimism,” said the producer.
Domestic Ferro Silicon Prices Continue to Edge Down
The continued degradation of demand from steel mills remained the biggest downward driver for buying sentiment.
Buying interest is weak in the domestic market, though there did not appear to be too much supply either. Price indications continued to be soft, as grade 70-75 is being offered at INR 62,000/MT (Ex-Guwahati), down by INR 1,000/MT from last week’s prices.
“If prices continue to fall like this, producers will be further lowering production and some will stop completely, “stated a Meghalaya based producer.
SteelMint assessed that Ferro Silicon market to remain at this level and not much change is expected in terms of prices and market conditions till this month end.
Exchange Rate : USD 1 = INR 66
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