Ferro silicon prices continued to remain on the same level M-o-M, but trading activity has come down.
SteelMint weekly assessment for ferro silicon (grade 70-75) is at INR 65,000/MT (Ex-Bhutan).
Most buyers of Ferro Silicon in India have chosen to stay on the sidelines, monitoring the movement for clearer signs of market direction. A Bhutan based producer stated, “Everything has gone very quiet as it seems the buyers are holding back offers. I am not clear why that is, perhaps they are waiting for prices to fall.” However, chances of a fall in offer prices are slim as power tariff in Bhutan has increased and imports from Malaysia and China are still working out to be dearer.
Export offers from Bhutan to Europe are at around USD 1,000/MT FoB Kolkata.
Domestic Ferro Silicon Prices Remains Unchanged
Sell-side Indian players kept ferro silicon offer levels unchanged, but have met with limited buying interest.
SteelMint weekly assessment for ferro silicon (grade 70-75) is at INR 63,000/MT (Ex-Guwahati).
Domestic demand for ferro silicon remains low with prices remaining unchanged for months. “We have seen few inquires in the ferro silicon market, which have brought no supportive signs, and only kept prices unchanged,” remarked a producer from Meghalaya.
Market sentiment in India is not too optimistic, with most seeing little chance of any upswing in prices.
Exchange Rate: USD 1 = INR 66.9
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