Ferro silicon prices have remained steady over the last week, but sources expect weak steel market weighing on prices.
Prices are stable this week in Bhutan although demand remains feeble. Currently grade 70-75 is being traded at INR 67,000/MT (Ex-Bhutan). SteelMint assessed that the supply issues from Bhutan have eased and this could put further pressure on prices, as demand remains lackluster.
Producers in Bhutan continue to face pressure in the export market as European buyers are not buying any material.
“The Ferro Silicon market is looking very bleak at the moment and I think any price uptick can only be possible in the next month if exports begins and the steel market improves globally,” stated a Bhutanese producer.
Domestic Ferro Silicon Market Holds Steady
Ferro silicon domestic market is still looking bearish on weak demand from the downstream steel processing sector. It is expected that Ferro silicon prices will remain low during the second half of this month.
Currently grade 70-75 is being traded at INR 65,000/MT (Ex-Guwahati).
Offer prices have marginally softened this week on negligible demand. Indian producers stated that demand is weak as the overall steel market is not doing well. Until the steel market regains ground the ferro alloy market will remain weak. SteelMint learned from sources that demand is low in the domestic market as new purchases have been suspended for the holidays and deals will only happen after the Durga puja holidays.
“The market has not been active this week. To do any business is so tough,” stated a Meghalaya based producer.
Ferro silicon prices were mainly in line with market expectations, with most participants expecting a stable market till Diwali.
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