The Ferro Silicon producers were observed to be bullish considering the healthy demand for the commodity.
“Despite an active market, we are holding on to our current level in order to remain competitive,” said a source justifying the firm Ferro Silicon prices.
“Peak time is approaching,” said another source expressing his optimism while referring to further increase in inquiries in near future.
SteelMint learned that the buyers are replenishing their stock while most of the sellers are already booked out leaving a supply-tight market.
Ferro Silicon prices are assessed at INR 84,000/MT (Ex-Bhutan) and INR 85,000/MT (Ex-Guwahati).
Overseas demand is also heard to be encouraging as producers are observed to be witnessing healthy inquiries with the European buyers restocking for Q4.
Most of the producers were booked in advance at USD 1,320/MT while expecting the spot price to move up owing to rising demand.
“Despite the USD touching all-time high against the INR, we might not reduce our export offers to entice buyers. The demand is quite high,” said a source.
Moving ahead, the market participants are bullish as they expect the Ferro Silicon prices to surge in the near-term.
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