Ferro Silicon prices moves up on improved demand on both fronts, domestic as well as overseas market.
Market sources reported that trading activity for Ferro Silicon in the domestic market has risen on account of strong steel fundamentals in India. SteelMint assessed the current offers for the commodity at INR 72,000/MT (Ex-Guwahati) and 71,500/MT (Ex-Bhutan).
A Guwahati based producer mentioned that “local producers are much benefited by price uniformity and finally have the chance to get a tight grip over the Indian market”.
Another producer source from Bhutan mentioned, “High demand from Iran and Europe has prompted us to raise our offers,” justifying the continuous hike in Ferro Silicon export offers. He further added that Bhutanese producers are mainly focusing on the overseas requirement as realization value from exports sales is higher.
Furthermore, appreciation of INR also supported the recent hike in Ferro Silicon prices. Presently, the export offers for Ferro Silicon has gone up to USD 1,240/MT (FOB Kolkata).
On the future outlook, sell-side players are confident about the near-term market trend as they expect the prices to remain firm with chances of further upward movement.
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