- NE India sees limited deals amid supply constraints
- Export prices hold firm despite slowdown in inquiries
Indian ferro silicon (70%) prices were largely stable w-o-w, witnessing a slight drop of INR 250/tonne (t) ($3/t) as compared to the previous assessment on 17 March. Prices were steady, as market conditions remained stagnant – routine trades were carried out, and no major movements were observed.
As per BigMint’s assessment on 24 March, ferro silicon prices in India stood at INR 98,750/t ($1,152/t) exw-Guwahati. In Bhutan, prices were at INR 99,200/t ($1,157/t), unchanged w-o-w. Over this period, trades for around 1,600 t were concluded, mostly in Bhutan, within the price range of INR 99,000-100,000/t ($1,155-1,167/t) exw.
Market overview (18-24 March)
Indian market remains steady: Ferro silicon prices in India remained largely steady w-o-w, as there were minimal variations in bids and offers. Additionally, in northeast India, limited deals were concluded, as material from the previously suspended plants has yet to reach the market. Some smelters were also booked out for the month.
Export offers from India (Si:70%) remained unchanged w-o-w at $1,200/t FOB Kolkata. However, inquiries were limited, as overseas buyers preferred sourcing from Malaysia and Russia due to lower prices.
Chinese market sees stability: Ferro silicon (Si:75%) prices in China remained steady w-o-w at RMB 6,240/t ($860/t) exw-Inner Mongolia. Demand recovery continued at a steady pace, while inventory accumulation led traders to exercise caution. Consequently, they focused on controlling their intake and securing profits.
Although downstream inquiries increased, overall market sentiment remained cautious. Moreover, while plants in northern China plan to increase production, given that the market is witnessing sluggish demand, prices are expected to fluctuate at lower levels in the short term.
Prices were largely stable on the Zhengzhou Commodity Exchange (ZCE), down slightly by RMB 36/t ($5/t) w-o-w to RMB 6,022/t ($830/t) on 24 March.
Outlook
Bhutan’s April offers are expected to be released next week, which are expected to determine the price trajectory in the short term.
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