The Ferro Silicon producers reduced their prices as demand retreats on buyers’ reluctance for paying high prices.
A bearish sentiment surrounds the ferroalloy market in India as most of the alloys are on downward trend. Hence, the Ferro Silicon buyers are cautious about making the purchase and are demanding for lower offers.
“Though the Ferro Silicon prices in China witnessed a rise in prices, but did not have any impact on the Indian market,” said a producer source. A decline in Ferro Silicon production in China as a step to curb pollution has created a supply crunch, hence supporting the prices in the region.
Another producer mentioned that traders are breaking the prices in the market in order to get deals at its lowest.
Bhutanese producers have declared their prices at INR 92,000/MT, while producers in Guwahati are not willing to lower their offers below 94,000/MT.
Demand from overseas is not up to expectations and Bhutanese producers are offering at USD 1,500/MT FOB Kolkata.
On the future outlook, market participants expect the Ferro Silicon prices to maintain stability until demand rebounds.
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