Ferro Silico prices in India gained further ground as bullish sentiment in the steel market has lent support and firmed trade levels.
With the strengthening of the steel market in India, there is an upsurge in demand for Ferro Silicon in the market, prompted Ferro Silicon producers to hike their offers.
On account of increased demand and supply remaining constant, Bhutanese producers continued offering at stronger levels as they were confident of concluding deals.
The current price of ferro silicon grade 70-75% is firm at around INR 69,000/MT (Ex-Bhutan) and INR 68,000/MT (Ex-Guwahati).
In line with the increased domestic prices, the export offers of Bhutanese Ferro Silicon went up to USD 1,060/MT (FOB Kolkata). Although, with good realizations in the Indian market, producers from Bhutan and India are looking to export the Ferro Alloy.
On the future trend, most market participants believe there is a possibility of a further price-rise, amid expectations of persistent strengthening of the steel market in the coming month.
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