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India: Ferro silicon prices decline following Bhutan's June offer

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Ferro Silicon

BigMint Bureau

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11 Jun 2024, 18:06 IST

India: Ferro silicon prices decline following Bhutan's June offer

Bhutan's new offer stands at INR 98,000/t

Stability in Chinese prices, drop in ZCE futures

Indian ferro silicon (70%) prices saw a fall of INR 1,200/t ($14/t) w-o-w as compared to the previous assessment on 3 June. Prices decreased as Bhutan released fresh offer for this month at INR 98,000/t ($1,173/t).

Ferro silicon prices in India were INR 98,000/t ($1,173/t) exw-Guwahati on 10 June, according to BigMint's assessment. Prices in Bhutan inched down by INR 400/t ($5/t) w-o-w to INR 98,000/t ($1,173/t) exw. Around 550 t of deals in the range of INR 97,000-98,800/t ($1,161-1,183/t) were concluded in the previous week in both regions.

Weekly market review

Stable prices from Bhutan: For this month, Bhutan's offer was INR 98,000/t ($1,173/t), which remained steady m-o-m. It could be the result of the general buying at these rates and the unchanged market dynamics over the course of previous month. Producers in the North East then started to offer at similar prices as well.

However according to sources, last week's demand and queries were on the lower side. An Indian producer was quoted as saying to BigMint,"Rates have been opened at INR 98,000/t ($1,173/t), but there is pressure on selling. For more than 100 t material, prices are at INR 97,000/t ($1,161/t)."

Unchanged Chinese prices: Ferro silicon (Si:75%) prices in China remained stable w-o-w at RMB 7,565/t ($1,044/t) exw-Inner Mongolia on 11 June. As per reports, some producers raised their offers in response to growing costs of electricity and semi-coke. The output did increase a bit but there was resistance amongst buyers towards elevated prices.

Drop in ZCE futures prices: Ferro silicon futures on China's Zhengzhou Commodity Exchange (ZCE) for September 2024 delivery saw a w-o-w drop of RMB 126/t ($17/t) to RMB 7,302/t ($1,007/t) on 10 June.