Ferro silicon prices weakened as the lackluster stainless steel market made end-users more wary of spot buying.
SteelMint assessed grade 70-75 prices at INR 61,000/MT (Ex-Bhutan), down by INR 1,000/MT from last week prices. Prices are down as the market is over supplied along with persistent low demand.
The export market continued to be dormant with no buying at all. “Buying intent is really weak now, as most of the international buyers have not yet returned to the market, hence exports are so difficult,” remarked a producer from Bhutan.
Market sources alluded to prices remaining close to current level in the near-term.
Domestic Ferro Silicon Prices Down amid Dearth of Deals
Very limited buying interest has been seen in the domestic market; hence Indian producers have been lowering their offer levels to induce buying.
SteelMint assessed grade 70-75 prices at INR 59,000/MT (Ex-Guwahati), down by INR 1,000/MT from last week prices. The market has been hurt by the slowdown in stainless teel market and excess supply.
A producer source from Meghalaya stated, “Looking at the current market scenario it is very difficult to predict if prices will stabalize at the current level.”
Market sources said there is no good news for ferro silicon prices to rise.
Exchange Rate: USD 1 = INR 66.9
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