Ferro Silicon market this week saw price decline on continuous limited demand.
Ferro silicon prices weakened in Bhutan on dampened demand. Sources said demand is expected to take a hit due to steel production cuts globally. SteelMint assessed the price for grade 70-75 at INR 66,000/MT (Ex-Bhutan), down by INR 1,000/MT from last week prices.
“We have lowered are offers, but I know there are offers much lower than that in the market. There is simply no buying interest,” stated a producer from Bhutan.
Ferro Silicon Prices Falls as Steel Mills Lose Buying Appetite
Indian producers also reduce Ferro Silicon prices on tepid demand. Buying interest from end-users remained cautious about procurement as the steel market has yet to exhibit any signs of recovery. Ferro silicon producers have started to see significant losses and hence there are production cuts in the market. A Meghalaya based producer stated “There’s no change in the market condition. The demand is still very weak.”
SteelMint assessed the price for grade 70-75 at INR 64,000/MT (Ex-Guwahati), down by INR 1,000/MT from last week prices.
Also, In October’15 close to 1,000 MT of Malaysian origin Ferro Silicon has arrived at various Indian ports, and more than half of it has arrived at Vizag port. For Silicon (Si) content 70% material, the CIF price is close to USD 970 /MT.
On the future outlook, SteelMint assessed that demand in the market is unlikely to improve.
Exchange Rate : USD 1 = INR 65.3
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