Ferro Silicon prices remain stagnant as its demand comes under pressure and demand retreated on diminishing steel margins.
Ferro Silicon prices hold on, but a bearish sentiment is creeping in to the Ferro Silicon market on account of inactivity, exerting pressure on sellers to cut prices.
The current price of ferro silicon grade 70-75% is unchanged at around INR 71,000/MT (Ex-Bhutan) and INR 69,000/MT (Ex-Guwahati).
There is an absence of keen interest in procuring Ferro Silicon, due to the underlying downtrend prevailing in the Indian steel industry.
The current export price also reflect similarity to domestic price trend and remains unchanged at USD 1,100/MT (FOB Kolkata).
The declaration by China on cutting its steel production, due to environmental issues, has been a matter of deep concern for the Ferro Silicon producers. With implementation of such an action, there is a high likelihood of a downward correction in Ferro Silicon prices.
SteelMint assessed that buying interest for Ferro Silicon will continue to be restrained, unless Steel margins and fundamentals show signs of improvement. However, the Ferro Silicon producers are waiting for next month in hope of some positive event to occur.
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