Ferro Silicon prices in India regained some ground as limited availability coupled with demand from end-users that have run down inventories lent support and firmed trade levels.
A source from one of the major producers in Bhutan has revealed that demand is stable for Bhutanese Ferro Silicon. Grade 70-75 is being offered at around INR 77,000/MT (Ex-Bhutan). In the export market, prices remain unchanged and are being offered at around USD 1,370/MT FoB Kolkata.
Bhutan manufactures increased prices last week and Indian producers followed suit. Ferro Silicon is being traded at INR 74,500/MT (Ex-Guwahati). It has been reported that quite a few producers in North-East have shut shop, which led to decline in production to 2,000 MT per month with plants operating at 40% capacity. This has lent further support for price hike. In Raigarh, only one plant is operational at the moment namely V.A Power & Steel, which is offering at INR 78,000/MT (Ex-Raigarh).
[su_quote]“Sentiment is reasonably positive in the market and we are expecting prices to remain well supported owing to short supply,” remarked a Meghalaya based producer.[/su_quote]
SteelMint assessed that Ferro Silicon market received support as prices have increased and buying activity continued to pick up, amid expectations that this uptrend would be sustained in the short run.
Exchange Rate: USD 1=INR 59.98
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