- Offers floated by producers vary widely
- Chinese domestic prices, ZCE futures edge down
Indian ferro silicon (70%) prices decreased by INR 700/t ($8/t) w-o-w compared to the previous assessment on 17 June 2024. Prices fell as the market saw lesser number of inquiries for ferro silicon.
Indian ferro silicon prices stood at INR 95,800/t ($1,148/t) exw-Guwahati, as per BigMint’s assessment on 24 June. Bhutan’s prices remained largely stable with a marginal drop of INR 300/t ($4/t) w-o-w to INR 96,800/t ($1,160/t) exw. Last week, around 850 t of deals were finalised within the price range of INR 94,000-98,000/t ($1,127-1,175/t) in both the regions.
Market highlights
Lack of allocations towards month-end: As the month is about to conclude, the majority of the producers are almost sold out or have limited quantity to offer. Long-term contracts are also being fulfilled by some suppliers.
The majority of the producers in the north-east floated offers which varied widely. “There’s currently no demand in the market at any price,” a major Indian producer told BigMint.
Drop in Chinese ferro silicon prices: Prices for ferro silicon (Si:75%) decreased by RMB 100/t ($14/t) w-o-w to RMB 7,270/t ($1,001/t) exw-Inner Mongolia on 24 June. Prices decreased because there was less demand from stainless steel mills.
Ferro silicon futures for September 2024 delivery on China’s Zhengzhou Commodity Exchange (ZCE) declined as well, sliding by RMB 108/t ($15/t) w-o-w to RMB 6,914/t ($952/t) on 24 June.
Outlook
Considering current market conditions, prices may witness a downward correction in the coming days.
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