- Bhutan’s new offer announcement falls m-o-m
- Export prices stable w-o-w
Indian ferro silicon (70%) prices decreased nominally by INR 100/t ($1/t) from the previous assessment on 27 March to remain stable w-o-w. Most market participants were waiting for Bhutan’s next pricing announcement and hence, prices stayed steady and the market moved slowly.
As per BigMint’s assessment on 1 April, ferro silicon prices in India were standing at INR 100,500/t ($1,206/t) exw-Guwahati. Prices in Bhutan also stayed stable with a slight drop of INR 100/t ($1/t), reaching INR 100,600/t ($1,207/t) exw. In the prior week, around 1,400 t of deals were concluded within the price range of INR 98,000-101,000/t ($1,176-1,212/t) in both the regions.
Weekly market recap
Cautious market awaits Bhutan’s offers: As the previous month was about to conclude, market players took a cautious approach as most of them were waiting for a new price announcement from Bhutan. Although throughout this month, prices did come down from the earlier announced INR 103,000/t ($1,235/t) exw. And for this month, prices are expected to remain lower considering current market dynamics.
Additionally, export prices stayed steady w-o-w at $1,300/t FOB Kolkata. “We have started receiving export inquiries but no orders have been booked till now,” a manufacturer from Bhutan told BigMint.
Fall in China’s prices: Ferro silicon (Si:75%) prices in China decreased from RMB 6,400/t ($885/t) exw-Inner Mongolia to RMB 150/t ($21/t) w-o-w. Procurement of material from steel mills remained low and bidding prices were also on the downtrend.
Trends in ZCE futures prices: Ferro silicon futures for the May 2024 delivery contract on China’s Zhengzhou Commodity Exchange (ZCE) decreased by RMB 38/t ($5/t) w-o-w, closing at RMB 6,482/t ($896/t) on 1 April.
Outlook
Bhutan has announced prices for April 2024 at INR 100,000/t ($1,200/t) exw, decreasing by INR 3,000/t ($36/t) m-o-m. So in the upcoming days, prices are likely to remain at similar levels.