Market sources reported that trading activity for Ferro Silicon in the domestic market has risen on account of strong steel fundamentals in India. SteelMint assessed the current offers for the commodity at INR 86,000/MT (Ex-Guwahati) and in the range of 85,000-86,000/MT (Ex-Bhutan). Moreover, it has also been heard that Ferro Silicon is currently not being imported by India from Malaysia.
SteelMint assessed that Indian steel sector has been observed to be back on track after suffering from lackluster demand. The profit margin in steel-making business has also gone up, encouraging its production.
Rising Ferro Silicon prices in China due to supply constraints has lent support to Indian export offers. Export deals have also been concluded by Bhutanese producers at USD 1,400/MT FOB Kolkata, and most suppliers are now totally booked out for December.
Ferro Silicon market in India has been witnessing improved demand thereby sentiment is bullish and prices are expected to remain firm.
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