Ferro silicon producers have cut their offers in response to continuous low demand.
Producers from Bhutan have lowered offers, due to weak demand with new offers reported at INR 63,000/MT (ex-Bhutan). Prices have fallen on continuous low demand and destocking pressures. No export deals were heard as reportedly export offers from Bhutan are closed, in sight of no demand at all from the international buyers.
A producer source from Bhutan stated, “The market can probably tumble down further as there is no upside to demand fundamentals.”
Domestic Ferro Silicon Prices Down on Thin Demand and High Stocks
Similarly, Indian Ferro Silicon prices plunged down marginally and now is being offered at INR 61,000/MT (Ex-Guwahati). Indian producers are of the view that there is ample supply of ferro silicon and this is exerting downward pressure on prices. Indian buyers are also not importing ferro silicon from Malaysia as Rupee has depreciated and therefore are not finding price feasibility.
A producer source from Meghalaya remarked “Poor stainless steel market is contributing to a slack Ferro Silicon market in India. Buyers from Stainless Steel companies are asking for huge discounts, and prices could fall further.”
Market participants were doubtful of a price rebound in the near term, in the view of sliding demand.
Exchange Rate: USD 1= INR 66.7
Leave a Reply