- Trade slows ahead of financial year closing
- Stability seen in Chinese domestic, ZCE futures prices
Indian ferro silicon (70%) prices were largely stable, moving down slightly by INR 650/t ($8/t) compared to the previous assessment on 24 March. Prices were steady as the majority of market participants were waiting for Bhutan’s April offers and trades were also limited before the closure of the fiscal year.
As per BigMint’s assessment on 31 March, ferro silicon prices in India were INR 98,100/t ($1,147/t) exw-Guwahati. In Bhutan, prices fell by INR 700/t ($8/t) w-o-w to INR 98,500/t ($1,152/t) exw. Around 250 t of trades were concluded in Bhutan last week within the price bracket of INR 98,000-99,000/t ($1,146-1,158/t) exw.
Market recap (25-31 March)
Limited activity: The market mostly stayed inactive last week as participants looked forward to new price announcements for the next month. Some Meghalaya plants also had material to sell, but they postponed sales to April. Additionally, as the financial year-end approached, prices remained steady even as market transactions declined.
BigMint also learnt from sources that the discounted offers were up to INR 96,000/t ($1,122/t) exw-Bhutan, although no official confirmation was received from the sellers’ end.
Chinese market trends: Ferro silicon (Si:75%) prices in China remained stable w-o-w at RMB 6,240/t ($860/t) exw-Inner Mongolia. The market remained cautious but maintained expectations of a gradual demand recovery.
While inventory continued to accumulate, sellers were managing shipments carefully to secure profits. Downstream inquiries increased and overall inventory pressure remained manageable. The market operated at a steady pace last week.
Prices were largely stable on the Zhengzhou Commodity Exchange (ZCE), inching down by RMB 50/t ($7/t) w-o-w to RMB 5,972/t ($823/t) on 31 March.
Outlook
With the market eyeing offers from Bhutan, the price direction in the coming days will largely be determined by that.
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