Indian Ferro Silicon prices are unchanged as market participants come to terms with GST implementation.
With rise in uncertainty among the buyers in India, the Ferro Silicon prices maintained stability. “The market is quiet and there is hardly any inquiry as buyers are waiting for clear direction,” mentioned a producer source referring to the doubt that market participants have regarding the new tax regime.
The current offers have been assessed to be stable at INR 69,500/MT (Ex-Guwahati) and INR 70,500/MT (Ex-Bhutan).
“The process of creating invoice and billing might be difficult post GST,” mentioned another Bhutanese producer. He also said that the demand has softened as the date for GST implementation is closing in.
Demand from overseas seems to be moderate and there have been limited inquiries from foreign players. The export offers is at around USD 1170/MT (FOB Kolkata).
SteelMint assessed that the market is awaiting the impact of and compliance with GST, as demand remains muted. Bhutanese players are of view that the price may increase in near future due to supply disruption from Bhutan due to GST.
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