Ferro Silicon prices remained unchanged, as prices have found support at these levels.

Supply of Bhutanese Ferro Silicon into India remained constrained as few plants in Bhutan are shut for maintenance work. In line with the weakened Rupee, coupled with no taxation on exports in Bhutan – there is greater price parity in exports and there is also a surge in demand from European countries such as Germany and Italy confirmed a producer source from Bhutan. In Bhutan Ferro Silicon (grade 70-75) is being offered at around INR 77,000 /MT.

Indian producers also keep Ferro Silicon prices firm aided by stable prices in Bhutan. Current price of Ferro Silicon (70-75) is INR 75,000 /MT in Guwahati. Sources agreed that trade was limited, but seemed buoyant as they felt chances of prices to correct till the year-end is negligible. Deals were heard to be concluded at USD 1220-1230 /MT FOB India in small quantities, with materials being sold to Belgium and Iran.

SteelMint learned from market sources that Ferro Silicon prices should not fall anytime soon, as supply would be restricted in the winter months from countries like Ukraine and Russia. However the realization from the increased demand due to this supply glut could be offset by strengthening of the Rupee.

Exchange Rate: 1 USD = INR 62.5