Ferro Silicon prices were stable with keener buying interest from end-users in India. Market sources said, good demand has injected confidence among the Bhutanese producers.
In Bhutan, Ferro Silicon prices remain firm as there is recovery in demand from buyers. Ferro Silicon (70-75) is being traded at around INR 76,000/MT (Ex-Bhutan). The export market witnessed moderate demand from European buyers. Ferro Silicon is being offered at around USD 1,300 /MT FoB Kolkata. Prices have increased because of the dollar rate fluctuation.
[su_quote]A producer from Bhutan stated, “Prices have not picked in the market as there is surplus material available. Most buyers are in a wait-and-watch position.”[/su_quote]
In the Indian market, Ferro Silicon prices were unaltered as sources reported of good demand. Ferro Silicon is being traded at INR 73,000/MT (Ex-Guwahati). Reportedly, power traffic has increased by 70 paisa per unit in Meghalaya and thus it is expected that many production units in the North-East to close down. This will further impact on production and the market would soon face a shortage of supply.
[su_quote]“Hike in electricity tariff will have a strong impact on the viability of doing business for many North-East producers. The market is likely to face a supply constraint soon, and chances of plant shutdowns can’t be excluded either,” remarked a producer source from Meghalaya.[/su_quote]
SteelMint learned that most market participants hold a pessimistic outlook towards the future market trend, as along with rising input cost; demand is not strong enough to support further gains in the price level at this time.
Exchange Rate: USD 1= INR 61.06
Leave a Reply