Ferro silicon market strengthened as trading activity has picked up and prices showed more recovery this week.
As Indian demand for Bhutanese ferro silicon is stable and slowly rising, Bhutanese suppliers have raised their offer levels. Currently, grade 70-75 is being offered at INR 67,000 (Ex-Bhutan).
The export market was dull with very less trade. In the export market, ferro silicon is being offered at around USD 1,100/MT FoB Kolkata.
A producer source from Bhutan stated, “Although ferro silicon prices in Bhutan are now stronger than before, stainless steel demand is low. As such, prices can only increase within a limit.”
Shortage of Supply in the Indian Ferro Silicon Market
Indian ferro silicon prices rose on better buying interest along with some shortage of supply. Indian producers reported that ferro silicon prices are firm on low but constant demand in the market. Many producers have gone back to producing silico manganese and hence the market is facing reduced supplies.
Currently, grade 70-75 is being offered at INR 65,000 (Ex-Guwahati).
“Domestic ferro silicon market has been stable for long time. Currently there is limited supply in the open market and hence prices have risen,” stated a producer source from Meghalaya.
SteelMint learned from market sources that prices are to remain at this level for the near-term as there is tight availability of the material, along with moderate demand.
Exchange Rate : USD 1 = INR 63.7
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