Ferro Silicon prices increased as sources reported of stronger trade levels, as the market faces some shortage of supply.
Ferro Silicon offers has risen as demand has improved and supply is constant. Currently grade 70-75 is being offered at around INR 78,500/MT (Ex-Bhutan). The export market is witnessing weak demand from European buyers. So, Bhutanese producers have cut offers to entice buyers. Ferro Silicon is being offered at around USD 1,320 /MT FoB Kolkata.
“We have seen sharp rise inquiries in the past few days and so the prices have risen in the market on higher activity,” remarked a Bhutanese producer.
In the Indian market Ferro Silicon prices increase marginally, and sources reported of strong demand from end-users. Ferro Silicon is being offered at INR 76,500/MT (Ex-Guwahati). SteelMint assessed that market is likely to remain strong with improvement in demand for the material.
A producer from Guwahati stated, “Sentiment is reasonably positive in the market and we are expecting prices to remain well supported on strong domestic demand.”
On the future outlook, market participants are of the view that with supply tightness and high cost of production – there is a strong impetus for Ferro Silicon prices to remain firm and perhaps strengthen in the coming month.
Exchange Rate: USD 1=INR 60.93
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