Ferro Silicon market remained firm as there was reportedly steady demand from buyers. Market participants reported that uptick in prices is expected after mid-May.
In Bhutan Ferro Silicon prices saw an upward trend on better end-user demand. Ferro Silicon (grade 70-75) is now being traded in the range of INR 76,500-77,000/MT (Ex-Bhutan). The export market was visibly good as there was strong demand from European nations like Germany and Italy. Ferro Silicon prices in the export are now being traded at INR 1,400/MT CIF Europe. Bhutanese producers reported of stable demand from the Indian market
Indian producers have also kept their prices unchanged as market sources reported of moderate demand and production curtailment. Ferro Silicon is being traded at INR 73,000/MT (Ex-Guwahati). Currently production in the market is low as many units have closed down due to high power tariffs. Market participants are predicting that prices are likely to go up post elections as it is expected that the Rupee will strengthen.
[su_quote]”Ferro-alloys suppliers and consumers are adjusting their business strategies to protect themselves, or benefit from, potential supply interruptions from Russia and Ukraine,” remarked a producer source from Meghalaya. He further highlighted that Indian producers and suppliers could hope for better demand from overseas buyers in the coming days.[/su_quote]
SteelMint assessed that Ferro Silicon market to remain at this level for the coming 1 week or 2 and not much change is expected in terms of prices and market conditions. Most market participants are hoping that market sentiment will improve after the Elections.
Exchange Rate: USD 1= INR 60
Leave a Reply