India: Ferro Silicon Prices Down on Lower Trade
Ferro Silicon prices fall down as few producers are cutting down prices to clear the piled up inventories.
Ferro Silicon prices in March ended up at INR 76,000/MT for Ex-Guwahati. Producers in Ex-Bhutan are offering Ferro Silicon at a range of INR74,000/MT to INR 76,000/MT. In the export market, prices remained unchanged and stood at USD 1230/MT FOB Kolkata. Prices in the domestic market remained consistently stable owing to the steady demand and supply dynamics.
Producers in Bhutan and Guwahati were expecting prices of Ferro Silicon to rise and hence they were building up inventory to create a material scarcity in the market. However, high inventory is now creating problems and therefore, producers had to lower their offer prices. In Bhutan, some producers were also heard of underselling the product at INR 74,000/MT.
On the future outlook, Ferro Silicon prices are unlikely to go down further as few plant owners suggested that plant shutdowns are a possibility if prices were to tread lower. The market may seem stable once the push of stock clearance is over with and the producers get steady demand.
source: SteelMint
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