India: Ferro Silicon Prices Maintains Stability

Ferro silicon prices were unmoved as demand continued to remain steady.

Ferro silicon demand for Bhutanese production was relatively steady and prices remain unchanged. Producer sources reported of good demand from Indian buyers as procurement of Ferro Silicon from overseas would be costlier.

Ferro silicon (70-75) is being traded at around INR 71,000/MT (Ex-Bhutan) and INR 69,500/MT (Ex-Guwahati).

Moreover, SteelMint also learned from market participants that buyers are quite cautious,and are trying to keep stock level low due to GST implementation in India, calling it to be a ‘paradigm shift’ in the market.

Export Market

In line with domestic offers, export prices of Ferro Silicon have also remained unchanged at USD 1130/MT FOB Kolkata for grade 70-75%.

India witnessed an increase of around 4% M-o-M in its Ferro Silicon exports in Mar’17 at 2,009 MT against 1,491 MT in Feb’17. Brazil was the largest importer of Indian Ferro Silicon in Mar’17 at 356 MT followed by Bangladesh and Italy at 351 MT and 238 MT respectively.

In consonance with present scenario, SteelMint assessed that the Ferro silicon market is to remain steady and not much change is expected in terms of prices and market conditions.