Ferro Silicon market remains dormant on low trading activity. Prices diminished further on surplus supply in the market.
Ferro Silicon prices in Bhutan are at the same level as last week. Ferro Silicon (70-75) is being traded at INR 75,500/MT (Ex-Bhutan). Bhutanese producers reported that there was visibly less demand from India and the export market had only few inquires. In the export market, Ferro Silicon is being offered at around USD 1,270/MT FoB Kolkata. In Bhutan, there was a reluctance to purchase by end-users and softer trades weighed on the prices.
[su_quote]“The general market outlook in Bhutan is soft. Ample supply in the market is driving prices lower”, remarked a producer source from Bhutan.[/su_quote]
In the Indian market Ferro Silicon prices continued their downtrend on dampened demand. Current price of Ferro Silicon (70-75) is at around INR 72,500/MT in Guwahati. Indian producers reported of abundant supply in the market along with lackluster buy-side interest. With the set up of new plants across India, supply for the material has increased which has led to demand-supply imbalance and resulting in softening of prices.
[su_quote]Looking at the dull Ferro Silicon market condition a Meghalaya based producer stated, “The market is drifting downward for the moment. It’s unclear when the prices are going to move upwards. Traders are all in wait & watch mode now.”[/su_quote]
On the future outlook, SteelMint assessed that demand in the market is unlikely to improve and prices to remain at this level as it’s the financial year end. However, market watchers are expecting the Ferro Silicon market to get better in April.
Exchange Rate: USD 1= INR 61.02
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