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India: Ferro silicon market remains under pressure following drop in Bhutanese prices

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Ferro Silicon

BigMint Bureau

290 Reads

16 Jul 2024, 17:52 IST

India: Ferro silicon market remains under pressure following drop in Bhutanese prices

Around 2,700 t of deals heard in India, Bhutan

Ferro silicon futures drop on China's ZCE

In comparison to the previous assessment on 8 July 2024, prices of Indian ferro silicon (70%) remained stable w-o-w with a slight decline of INR 300/t ($4/t). Prices remained stable as deals were concluded at lower rates reported earlier.

Ferro silicon prices in India were INR 92,500/t ($1,107/t) exw-Guwahati on 15 July, according to BigMint's assessment. However Bhutan's prices decreased by INR 1,400/t ($17/t) w-o-w at INR 93,300/t ($1,116/t) exw. Around 2,700 t of trades in the INR 92,000-94,000/t ($1,101-1,125/t) exw price range was reported to BigMint last week.

Market summary

Deals shaping the market: Last week saw the consistency of deals which prevented prices in the North east from declining significantly. In Bhutan, the majority of producers were offering at INR 93,000-94,000/t ($1,113-1,125/t) exw and with around 2,000 t of deals in the prior week reported in the same price range, prices saw a downtrend.

A Bhutanese producer told BigMint, "We are currently dispatching old orders which were booked at INR 95,000/t ($1,137/t) exw. However, prices are currently at INR 93,000/t ($1,113/t) exw."

Another major player from Bhutan said, "The little that we used to export has been significantly affected by ocean freight costs. While there is demand, Chinese and Malaysian competitors are offering much lower prices."

China market: In China, the price of ferro silicon (Si:75%) inched up by RMB 100/t ($14/t) w-o-w to RMB 7,180/t ($989/t) exw-Inner Mongolia. Reports stated that the market was in a wait-and-watch mode and sentiments remained bearish.

On the Zhengzhou Commodity Exchange (ZCE) in China, ferro silicon futures for September delivery dropped RMB 116/t ($16t) w-o-w to RMB 6,702/t ($923/t) exw-Inner Mongolia on 15 July.