Ferro Silicon offers in India were rising sharply in line with the international prices of the Alloy sky-rocketing on top of limited supplies.
International Ferro Silicon offers are observed to have escalated to USD 1400/MT for 70% grade and USD 1500/MT for 75% grade. Moreover, Malaysian supplies are already booked till the month of October and supply has been disrupted from Russia due to floods. Such circumstances have provided an opportunity to the Indian and Bhutanese producers to raise their offers.
“Buy-side participants in India are left with limited choices to procure the required commodity and our stocks are almost exhausted, hence, prompting us to raise our offers,” said a producer source justifying the sudden rise in domestic offers.
SteelMint assessed Ferro Silicon prices at INR 77,000/MT for both (Ex-Guwahati) and (Ex-Bhutan).
The decision to raise Ferro Silicon prices is also influenced by escalating Met Coke prices and producers are observed to be confident of their offer prices to find acceptance in the coming days.
“Inquiries from overseas are also high and buyers from Europe and the Middle-East are accepting higher offers,” said a Bhutanese producer while discussing the demand for Ferro Silicon in international market.
Export offers for Ferro Silicon have been assessed at USD 1,280/MT FOB Kolkata.
On the future outlook, Ferro Silicon offers is expected to be on rise again at the beginning of next month, owing to its huge demand and limited supply.
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