Ferro silicon prices slipped by another INR 1,000/MT, amid a persistent absence of deals and a hefty stock overhang.
Bhutan ferro silicon prices are down again, as market sources reported of dried up buying interest. Looking at the decline in sales volumes, Bhutan based Ferro Silicon producers have decided to cut their offers to consummate trade. Despite cutting offers for the second week, there is no demand from buyers. There is no buying in the export market as the European buyers are held up with stock.
SteelMint assessed grade 70-75 prices at INR 60,000/MT (Ex-Bhutan), down by INR 1,000/MT from last week prices.
Domestic Ferro Silicon Prices Slip Again
Similarly, Indian Ferro Silicon prices are also down by INR 1,000/MT and now is being offered at INR 58,000/MT. Indian producers reported that prices could go down further, as there is excess supply in the market. Also demand from steel mills is null. Softer tone in the market was clearly apparent. Most sources concurred buyers were staying out of the market to achieve lower pricing.
“Buyers are waiting for the price to come down. If they wait enough they might achieve this because demand is very low,” stated a producer from Meghalaya.
SteelMint learned from market sources that currently there is a lull in bookings, so downside price risk in the near-term remains.
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