High offers for Ferro Silicon have found acceptance in the market and prices are expected to remain firm in the near-term.
The current offer for Ferro Silicon grade 70-75% is at INR 66,000/MT (Ex-Bhutan). Bhutanese producers reported of steady demand from India and seemed bullish about the current market scenario.
In line with steady prices in Bhutan, Ferro Silicon producers in India have also kept their offer prices firm. Indian Ferro Silicon offers are unchanged W-o-W at INR 64,000/MT (Ex-Guwahati) for aforementioned grade.
Export Market
The export market for Bhutanese Ferro Silicon has been less buoyant in the week gone by, as the market was subdued due to the ongoing Chinese Spring Festival. Global buyers were waiting for the Chinese to return to the market for their offers. However, the Malaysian producers have cut their Ferro Silicon offers to clear their stocks. This correction in prices is expected to be temporary in nature. Export offers from Bhutan remain unchanged at USD 1,045/MT (FOB Kolkata).
SteelMint assessed that in the coming 1-2 weeks, Ferro Silicon market in India should run steadily and prices may stay at current levels.
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