- China’s market still not fully operational
- Regular market activities ensured price consistency
In comparison to the last assessment on 12 February, Indian ferro silicon (70%) prices saw a little decrease of INR 300/t ($4/t) w-o-w. Prices remained constant as regular trades were conducted, primarily at the quotes provided by manufacturers.
As per BigMint’s assessment on 19 February, Indian ferro silicon prices stood at INR 106,700/t ($1,286/t) exw-Guwahati. Bhutan’s prices experienced a slight w-o-w decline of INR 150/t ($2/t) and were standing at INR 106,850/t ($1,288/t). In the range of INR 105,000-107,000/t ($1,266-1,290/t), around 2,700 t of deals were concluded in both the regions in previous week.
Weekly market highlights
Following the release of this month’s offerings, regular trading operations were conducted in the markets in both regions. However, there were reports of lesser inquiries which forced some to revise their offers at lower prices. Still majority of them were offering at INR 107,000/t ($1,290/t) exw.
Ferro silicon (Si:75%) prices in China were RMB 7,000/t ($973/t) exw-Inner Mongolia, and they stayed steady w-o-w. Post holidays, most companies have not yet resumed normal operations which resulted in lesser market activities.
On China’s Zhengzhou Commodity Exchange (ZCE), ferro silicon futures for the March 2024 delivery contract decreased by RMB 30/t ($4/t) to RMB 6,548/t ($910/t) on 19 February as compared to the prices on 8 February.
Outlook
Based on BigMint’s analysis, prices might undergo a slight correction in the upcoming days but are anticipated to remain within the current range.