Ferro silicon prices have fallen again this week as ample supply coincided with poor end-users.
In Bhutan, Ferro silicon prices edge down owing to weak export and low demand from India. Bhutan-origin Ferro silicon 70-75% min is being offered at INR 74,000/MT. Export offers were not heard this week as most international buyers are not inquiring for the material.
“There’s nothing happening and prices will continue to decline when there is nothing to support,” stated a producer from Bhutan.
Ferro silicon prices in India continued to drift lower as sellers outnumbered buyers in a slow market. Current price for 70-75% min is INR 71,000 /MT (ex-Guwahati). Ferro silicon producers reported that since Silico manganese prices have lowered drastically, many producers have shifted to making Ferro silicon, resulting in excess supply in the market.
A Meghalaya based producer cited, “There is a lot of supply overhang right now in the market. Already, week steel demand has caused pricing opinion to turn bearish.”
Market participants said they are not even thinking about price rise as they are not expecting to see any pick-up in purchasing from traders or end-users over the next two weeks.
Exchange Rate : USD 1 = INR 62.12
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