India: Ferro Silicon Prices Down amidst Dull Demand

Indian Ferro Silicon prices moved down due to decreased demand in the domestic market. Meanwhile, the export market remains sluggish amid the spread of deadly Coronavirus to other countries. Chinese and Malaysian prices also softened and producer sources believe that this Virus outbreak will drag the whole market down.

Bhutan
Bhutanese producers have recently applied for the certification of BIS for exporting Ferro Silicon in India. However, according to our trusted sources, producers believe that BIS might extend the deadline as most of the producers have not put the application until now and the papers will get piled up. Export demand also remained subdued as the major Ferro Silicon consuming countries like; Japan, South Korea and Europe are facing a growing COVID-19 threat.

In the domestic market, the offer prices for Bhutan went down by INR2000/MT to INR 88,000/MT Ex-Bhutan and Guwahati is at INR 88,000- 89,000/MT Ex-plant for 70% grade. Meanwhile, the export prices are unchanged due to the lack of inquiries.

Future Outlook
The prices of Ferro Silicon may resurge once the overall steel market regains the spark.