Ferro Silicon prices edged up marginally this week, as market witnesses better demand from participants.
Bhutan Ferro Silicon prices have found support at current levels, showing very little indication of change as demand remains stable. Prices remain unchanged in the market on steady demand. Current offers at Bhutan are balanced at INR 77,000/MT (grade70-75). Producers in Bhutan are offering Ferro Silicon for exports at USD 1,370/MT FoB Kolkata.
[su_quote]“Buying is still quite cautious now because buyers are not sure which way prices are going to go,“ said a Bhutan based producer. “I think there are a lot of people who are just holding back to make sense of market direction.”[/su_quote]
In the domestic market, prices rise by another INR 500/MT as demand was resilient and supply was limited. Ferro Silicon is being traded at around INR 74,500-75,000/MT (Ex-Guwahati). Indian producers are bullish on the market outlook as demand is balanced in the monsoon season. Prices are also expected to remain at this level as supply of the material is low.
[su_quote]A Meghalaya producer said, “I expect the prices to remain steady in this month, as there is limited but regular demand.”[/su_quote]
SteelMint learned from market sources that prices are to remain steady and trading to remain modest for the rest of the month.
Exchange Rate: USD 1= INR 60.12
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