Ferro silicon market weakened as abundant supply and weak steel market forced sellers to lower offers level.
Bhutanese ferro silicon prices inched lower as sales continued to remain low. Demand has also diminished from India on weak stainless steel market. Also with the Diwali holidays approaching mills are not interested in buying. Along with this, the export market is also dull as there are no offers or inquires from European buyers.
Current price for grade 70-75 is INR 65,000/MT (Ex-Bhutan), down by INR 1,000/MT from last week.
A Bhutan based producer said “No one from India is buying ferro silicon, as the country’s steel performance is bad.”
Domestic Ferro Silicon Market Weakens Again
Trading activity is scant in the Indian ferro silicon market as sentiment remained bearish and on Diwali holidays approaching.
Ferro silicon pricing remain weak on tepid demand from end-users. Buying interest appeared to drain away due to pessimism over steel performance. “The truth is, buying has already slowed or stopped for most mills. The holidays are soon to begin and they don’t need to buy,” stated a producer from Meghalaya. Sources also say that an overhang in supply is making it more difficult for sellers to find buyers.
Current price for grade 70-75 is around INR 63,000/MT (Ex-Guwahati), down by INR 1,000/MT from last week.
Market sources said, that although no recovery was in sight yet, the price bottom was close.
Exchange Rate: USD 1 = INR 65.7
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