Indian Ferro Silicon producers cut their offers to remain competitive despite healthy demand.
“We are receiving constant inquiries but are unable to raise our offers as our competitors are selling at low prices,” said a source expressing concerns over constant lowering margins.
Another source mentioned that a few major firms have their clients set and are manipulating the market by lowering offers creating a downtrend in the market.
However, a situation of cash crunch during the financial year end cannot be ruled out.
SteelMint assessed Ferro Silicon offers at INR 99,500/MT (Ex-Bhutan) and INR 1,00,500/MT (Ex-Guwahati).
Inquiries from overseas are heard to be abundant as deals are being concluded at around USD 1,720/MT FOB Kolkata. Europe stands out to be the primary market for Indian and Bhutanese producers at present.
No imports are heard to have taken place as a source claimed that importing can be expensive and delivery period will be long, so most of the Indian buyers are preferring local sellers.
On the future outlook, market participants are of mixed views – some expect the market to remain firm while most of the participants are waiting for April to get a clearer market direction.
Leave a Reply