Ferro silicon prices remain unchanged this week as offers from sellers are supported by steady demand from the Indian domestic market.
Amid stable buying activity, Bhutan based Ferro silicon producers have kept the mainstream prices for 70-75% grade unchanged, with deals being concluded in the range of INR 70,000-71,000/MT (Ex-Bhutan).
Indian Ferro Silicon prices also remain supported by firm Bhutanese Ferro Silicon prices, leading to deals being concluded at firmer levels. SteelMint weekly assessment for ferro silicon (grade 70-75) is at INR 69,500/MT (Ex-Guwahati).
On inquiring about GST (Goods and Service tax) implementation, a Guwahati based producers claimed it to be beneficial stating that it will make their product more competitive against Bhutanese Ferro Silicon. “GST implementation will bring our product at par with Bhutanese Ferro Silicon by exempting CST in process,” said a source.
Overseas demand have improved, and African buyers are also procuring material from them recently, mentioned a Bhutan based producer. Currently export offers is at 1160/MT (FOB Kolkata) on account of better demand.
As India lost its trade privileges from the European Union, in the form of General System of Preferences (GSP), European buyers now incur 3.7% import duty on Ferro Alloy imports from India. As a result, exporters from India have had to offer at competitive rates, under pressure from their Malaysian counterparts.
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