With improvement in Ferro Silicon demand on account of supply delays from Bhutan, domestic producers are selling at higher level.
Indian Ferro Silicon producers recorded good sales volume at higher price level on account of supply disruption from Bhutan due to custom clearance issue earlier this month. However, Bhutan has resumed its dispatch to fulfill pre-existing orders at pre-fixed prices.
SteelMint assessed the Ferro Silicon prices at INR 70,000/MT (Ex-Bhutan) and INR 71,000-71,500/MT (Ex-Guwahati).
“We are currently fulfilling existing orders and might raise our offers on receiving new inquiries,” mentioned a Bhutanese source reflecting a bullish market sentiment.
Overseas demand has also picked up as European buyers are back from their summer holidays. Presently, export offers for Ferro Silicon (70-75%) are assessed at USD 1190/MT (FOB Kolkata).
With improved demand, market participants in Bhutan seem bullish as price may correct upwards. On the other hand, Indian producers will have to be price competitive in the coming days to garner firm buying interest.
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