Ferro silicon market failed to gain ground on increase in inventory with the producers and the rise in supply outstripping demand levels.
Currently, grade70-75 is being offered around INR 64,000/MT (Ex-Bhutan). However, market participants believe the stock with the Bhutanese producers that had been piling up has now been exhausted.
Bhutanese producers received better demand from the overseas market and concluded export deals in the range of USD 1020-1030/MT FOB. However, in the coming days very limited or no demand is expected from the export market, as Europe is on holiday.
Similarly, Indian ferro silicon prices have come down by INR 1,000/MT and now are being offered at INR 62,000/MT (Ex-Guwahati).
A Meghalaya based producer said, “It has been a very quiet few days although December has traditionally been a good month in terms of sales volumes. But a recovery should take place next month.”
SteelMint assessed that as end-user demand for ferro silicon has not picked up, and ferro silicon prices are likely to be under pressure unless demand picks up.
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