Ferro Silicon prices remain unchanged in the market as buyers keep on expressing continuous reluctance to procure material.
In Bhutan, prices for Ferro Silicon are currently at same level as last week. Ferro Silicon (70-75) is being traded at INR 75,500/MT (Ex-Bhutan). In the export market, Ferro Silicon is being offered at around USD 1,270/MT FoB Kolkata. Reportedly, there were very few deals, bids & enquires in the market last week. Low demand from India also contributed to softening in prices, with one trader saying bids from the country were too low to make it workable for any trade.
[su_quote]“The market is looking very bleak at the moment and I think any price uptick can only be possible in the next month,” stated a Bhutanese producer.[/su_quote]
In the Indian market, prices are being pressured by lean demand. Current price of Ferro Silicon (70-75) is at around INR 72,500/MT in Guwahati. Market sources reported that with the financial year-end coming close, Indian producers were willing to sell material even at low rates to clear-up the stock.
[su_quote]A producer source from Meghalaya remarked, “There is sluggish demand in the market and since it’s the year-end there is less procurement interest from buyers”.[/su_quote]
On the future outlook, market watchers are of the view that the Ferro Silicon market will remain balanced in the short term and prices are not expected to increase before April.
Exchange Rate: USD 1= INR 61.33
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