India: Ferro Silicon Prices fall by INR 1000/MT amid thin trading activities
Ferro Silicon Prices in India fell on persistent low demand in line with a lackluster Stainless and Steel market in India. Producers in Bhutan reduced the prices to clear up the inventories and generate sales.
Oversupply of material in the market and low demand is forcing the producers to lower down the prices. A Bhutan based producer said, until and unless the Stainless Steel market revives there is very less possibility of prices to go up. However, with the USD value appreciating, producers are expecting some demand from the export market.
Demand in the domestic market remained sluggish with limited deals concluded. Producers from Bhutan are offering Ferro Silicon at INR 66,000/MT Ex-Bhutan. Meanwhile, few deals were heard to be concluded at a much lower price for bulk quantities. Ferro Silicon prices in Guwahati is at around INR 67,000/MT. In the export market, offer prices remained unchanged for Ferro Silicon (75%) at USD 1100/MT FOB Kolkata amid the absence of deals in the export market.
On the future outlook, it may be anticipated that the Ferro Silicon prices may continue at such levels for the time being with marginal fluctuations. Supply-demand dynamics is controlling the market and unless the Stainless Steel market starts improving there is a limited chance for the price of Ferro Silicon to improve. However, it is highly unlikely that the prices may fall further and may continue at such levels for now.
source: SteelMint
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