Indian Ferro Silicon market witnessed improved demand from overseas buyers which pulled up its prices.
“There is good demand for Indian Ferro Silicon in overseas markets, which is presently occupying major portion of our sales volume,” said a Bhutanese producer referring to a bullish sentiment in line with robust demand from Europe.
SteelMint assessed Ferro Silicon grade 70-75% at USD 1200/MT (FOB Kolkata), increase of USD 20/MT M-o-M.
Overseas inquiries supported the domestic prices to maintain at its current level. Sources revealed that a marginal increase in Bhutanese offers has prompted domestic producer to raise their offers as well.
Currently, domestic Ferro Silicon producers are quoting at INR 72,000/MT while most deals are being concluded at INR 71,500/MT (Ex-Guwahati) whereas, Bhutanese offers increased to INR 71,000/MT (Ex-Bhutan).
On the future outlook, there is possibility of upward correction of prices, in line with strong demand in both domestic market and from overseas specially Europe.
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