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India: Ferro silicon prices hold firm amid stable market conditions

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Ferro Silicon

BigMint Bureau

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26 Nov 2024, 18:43 IST

India: Ferro silicon prices hold firm amid stable market conditions

Bhutanese, Chinese prices remain stable

NE India sees drop in offers, bid-offer gaps

Indian ferro silicon (70%) prices held steady w-o-w, inching down marginally by INR 200/t ($2/t) as compared to the previous assessment on 18 November. Prices were mostly unchanged due to firm offers and stable market conditions.

Ferro silicon stood at INR 108,700/t ($1,289/t) exw-Guwahati on 25 November, according to BigMint's assessment. In Bhutan, prices edged down by INR 100/t ($1/t) w-o-w to INR 109,400/t ($1,298/t) exw. Deals of around 1,200 t were recorded by BigMint this week in both regions.

Market summary

Bhutanese sellers keep prices firm: Bhutan's November offers were announced at INR 110,000/t ($1,305/t) exw. This week, Bhutanese sellers maintained their offers at the same levels, though there were slight variations.

Conversely, in northeastern India, there was a slight drop in offers, with producers pricing material within a wide range of INR 107,000-109,000/t ($1,269-1,293/t) exw. However, bids remained on the lower side.

Commenting on exports, a Bhutanese producer stated, "The export market is quiet currently. There are no inquiries from the US and Europe."

Bhutan begins importing electricity from India: Usually, in the winter, Bhutan imports electricity from India. The process was initiated this week, with imports of up to 1,100 MW approved, as per sources.

China's prices remain largely stable: Ferro silicon (Si: 75%) prices in China inched down by RMB 50/t ($7/t) w-o-w to RMB 6,550/t ($905/t) exw-Inner Mongolia. There were reports of maintenance and production cuts in some areas, but supply remained sufficient, keeping prices stable.

Hebei Iron and Steel Group (HBIS Group) set its ferro silicon bid prices for this month at RMB 6,550/t ($905/t), a minimal decline of RMB 50/t ($7/t) m-o-m.

Ferro silicon futures for January 2025 delivery on the Zhengzhou Commodity Exchange (ZCE) were steady w-o-w at RMB 6,352/t ($877/t) on 25 November, with a slight drop of RMB 2/t ($0.28/t) w-o-w.

Outlook

Negotiations between sellers and buyers are currently underway, and to close deals, suppliers may bring down prices in the days ahead. However, a sharp decline is unlikely.