- Surge in export inquiries recorded
- Rise in Chinese domestic prices augur well
Indian ferro silicon (70%) prices remained stable w-o-w with a slight drop of INR 400/t ($5/t) as compared to the previous assessment on 15 April. Prices showed no significant movement and the market functioned at normal levels.
Ferro silicon prices in India were INR 97,600/t ($1,171/t) exw-Guwahati on 22 April, according to BigMint’s assessment. With a little increase of INR 600/t ($7/t) w-o-w to INR 98,800/t ($1,186/t) exw, Bhutan’s prices also stayed stable. Around 1,000 t of deals were reported in the previous week in both the regions within the price bracket of INR 97,000-99,000/t ($1,164-1,188/t).
Weekly market recap
Stability in market activities: As it usually happens, prices decreased from the previously announced rates. However the market did appear to be stable last week based on recent deals.
On the other hand, there was a rise in inquiries in the export market, especially from Europe. “We are offering only in the export market right now and there is good demand coming from Italy, Netherlands, and Spain,” a Bhutanese producer told BigMint.
Global market scenario: Prices for ferro silicon (Si:75%) in China increased by RMB 100/t ($14/t) w-o-w to RMB 6,600/t ($911/t) exw-Inner Mongolia. Prices for magnesium and semi-coke were reported to have increased, which contributed to the price increase.
Furthermore, ferro silicon futures for the May 2024 delivery contract on China’s Zhengzhou Commodity Exchange (ZCE) also increased by RMB 176/t ($24/t) w-o-w to RMB 6,756/t ($932/t) on 22 April.
The enforcement of anti-dumping duties by the US on Russia, Malaysia, Brazil, and Kazakhstan saw limited progress.
Outlook
In view of the prevailing market conditions, prices are expected to stay relatively stable with minor fluctuations.