Ferro silicon market ended on a weak note, as prices were down again amid a lack of buying interest.
Demand is weak for ferro silicon in the Bhutanese market; therefore sellers had to slash their offers. SteelMint weekly assessment for ferro silicon grade 70-75 is INR 57,000/MT (Ex-Bhutan).
Poor performance in the steel market is blocking serious demand for ferro silicon. A producer from Bhutan said, “There is nothing happening in the market. It’s becoming difficult to sell. There is no more oversupply in the market but demand is still low.”
Export offers were still not heard as Europeans were not interested in purchasing. Market watchers expect the market condition to change only if demand rises and for now prices seem to have bottomed out.
Domestic Ferro Silicon Prices Slightly Down
Domestic ferro silicon prices fell marginally this week, as supply situation in the market has normalized although demand continued to be weak.
SteelMint weekly assessment for ferro silicon grade 70-75 is INR 56,500/MT (Ex-Guwahati).
Sources agreed that trade was limited, but seemed buoyant as they felt chances of prices to correct are negligible. “I don’t think prices will go below this. There’s not too much room left on the downside,” remarked a producer from Meghalaya.
SteelMint assessed that prices were close to bottom and rise in demand could result in Ferro Silicon prices strengthening.
Exchange Rate: USD 1 = INR 68.3
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