Ferro Silicon prices regained ground as limited availability coupled with demand from end-users that have run down inventories lent support and firmed trade levels.
Current basic price of Ferro Silicon (70-75) is Rs. 68,000 /MT ($ 1136) in Guwahati. It has been reported that two out of the four major Ferro Silicon producers in Arunachal Pradesh have shut shop, resulting in Ferro Silicon production to come down to 2000 MT per month from the North-Eastern states of India, with plants operating at 40% of capacity. Meanwhile, on account of increased power tariffs in Bhutan and low production in India, Ferro Silicon producers in Bhutan continued to offer at stronger levels as they were confident of finding buyers, and have raised their offers by Rs. 1000-2000 /MT. Ferro Silicon (70-75) is being traded in the range of Rs. 70,000 – 71,000 /MT ($ 1170-1186), Ex-Bhutan.
However, it is to be seen whether the uptick in Ferro Silicon prices can be sustained, as rise in prices could be easily offset by increase in production levels.
Exchange Rate: Rs. 59.85 = $ 1
Leave a Reply