India Ferro Silicon prices drifted downwards as uncertainty created confusion among market participants.
In line with moderate demand, the domestic market has been gripped by ambiguity following the trend in the Chinese market.
Furthermore, a source mentioned, “The market has been subjected to an over-supply situation wherein a few new players entered the market with lower offers, ruining the current prices,”. He also pointed towards the quality of the commodity offered by new entrants as another reason to pull the prices to lower levels.
Another producer source mentioned that Meghalaya based sellers are in a panic state due to sliding prices in last two weeks.
SteelMint assessed Ferro Silicon offers at INR 95,000/MT (Ex-Guwahati) and (Ex-Bhutan) while few deals are heard to have been concluded at both higher as well as lower levels than the aforementioned price.
The inquiries from overseas markets are limited as Indian and Bhutanese producers are finding it difficult to conclude deals, as the European buyers have fulfilled their requirement.
The export offers for the commodity is assessed to be down at USD 1,530/MT FOB Kolkata.
On the future outlook, market participants expect the Ferro Silicon prices to maintain stability while its likeliness to correct downwards on the backdrop of uncertainty cannot be ruled out.
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