Ferro Silicon prices declined in the market, on limited spot trade without any uptick in inquires.

Bhutan Ferro Silicon prices are marginally down on low demand as buyers await clearer direction from the market. Current offers from Bhutan for Ferro Silicon (grade70-75) are INR 76,500 /MT. In the export market deals and bids could not be confirmed. Bhutanese producers reported that there was dormant demand from western countries, though stable demand was there from India.

[su_quote]A producer from Bhutan looking at the market condition stated, “The market is mute as there is a lack of buying interest. The year has started rather quietly; people are not really back to work.”[/su_quote]

One of the major producers of Ferro Silicon in Bhutan is facing a severe cut in production as one of its furnaces is down for repair work. This could have an impact on prices with some recovery in demand. Also, it is unlikely that Bhutan Ferro Silicon prices will go down further as logistical costs have increased in the winter months.

Indian Ferro Silicon prices dipped as there was general lack of confidence among buyers. In Guwahati Ferro Silicon (grade70-75) is being offered at INR 74,000 /MT. Currently in Raigarh prices stand at INR 78,500- 79,000 /MT. With the emergence of new plants for Ferro Silicon in India, demand for Ferro Silicon produced in the North-Eastern states of India is weak.

On the future outlook, market watchers reported to SteelMint with mixed opinion. Few participants are of the view that market condition to remain stable for this month while others say that there will be healthy buying soon with a rise in price.

Exchange Rate: USD 1= INR 61.53