Offers for ferro silicon grade 70-75 are down on thin trade and persistent weak demand.
The Bhutanese spot 70-75% ferro silicon assessment was made at INR 63,500/MT, down by INR 500/MT from last week prices. Bhutanese producers reported that there was visibly less demand from India and demand in the export market had dried up.
“Uncertainty continued to surround in the market as buying interest from steel mills are very weak,” stated a producer from Bhutan
Domestic Ferro Silicon Prices Down on Anemic Demand
Prices for ferro silicon edged lower this week on dull market sentiment.
SteelMint assessed grade 70-75 is being traded at around INR 61,500/MT (Ex-Guwahati), down by INR 500/MT from last week prices.
The market continued to see a lack of activity for almost months, with sources citing reasonable inventory levels and an uncertain outlook in the steel market as constant headwinds.
Looking at the dull Ferro Silicon market condition a Meghalaya based producer stated, “The market is drifting downward for the moment. It’s unclear when the prices are going to move upwards. Buyers are all in wait-and-watch mode now.”
Market sources continue to cite a thinly traded market and suggested that the low trading volume will prevent movement in prices. SteelMint assessed overall market sentiment was dampened by expectations of further falls in prices.
Exchange Rate : USD 1 = INR 66.6
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