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India: Ferro silicon prices hold steady w-o-w; Bhutanese producers keep offers unchanged m-o-m

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Ferro Silicon

BigMint Bureau

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7 Jan 2025, 18:28 IST

India: Ferro silicon prices hold steady w-o-w; Bhutanese producers keep offers unchanged m-o-m

Market stability in Dec prompts firm offers from Bhutan

Bhutanese producers hopeful of BIS licence renewal soon

Indian ferro silicon (70%) prices remained unchanged w-o-w in comparison to the previous assessment on 30 December. Prices were stable, as Bhutanese sellers kept their January offers unchanged m-o-m. These levels were also in alignment with the prevailing market trends; therefore, no major movements took place.

As per BigMint's assessment on 30 December, ferro silicon prices in India were at INR 104,000/tonne (t) ($1,214/t) exw-Guwahati. Prices in Bhutan were steady too w-o-w, at INR 104,100/t ($1,215/t) exw. Trades for around 2,900 t were carried out in both regions, within the price bracket of INR 103,000-104,000/t ($1,202-1,214/t) exw.

Market summary

Bhutan's Jan'25 offers firm m-o-m: Indian ferro silicon producers, particularly in the northeast, usually match their offers with those from Bhutan. For this month, the latter was announced at INR 104,000/t ($1,214/t) exw, unchanged m-o-m. One of the key reasons for steady prices was the stable market dynamics over the previous month.

Meanwhile, as per sources, one plant in Bhutan was able to get its BIS licence renewed last week. Other Bhutanese producers are also hopeful that their licences will be renewed soon, before expiration. However, if the process takes longer than expected, then there might be an impact on prices.

Additionally, commenting on whether prices may change later, a Bhutanese seller informed BigMint, "It will depend on market forces and sentiments."

Chinese market remains stable w-o-w: Ferro silicon (Si:75%) prices in China were stable w-o-w at RMB 6,320/t ($863/t) exw-Inner Mongolia. Stable sales were reported, and regular production took place based on trends in the volumes booked previously.

Prices on the Zhengzhou Commodity Exchange (ZCE) for February 2025 delivery were also steady, up marginally by RMB 20/t ($3/t) w-o-w to RMB 6,242/t ($852/t) on 6 January.

Outlook

Indian ferro silicon prices are expected to be steady in the near term, influenced by the m-o-m stability in the offers recently announced by Bhutanese producers. However, there might be slight variations.