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India: Ferro silicon prices remain stable as sellers keep offers firm

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Ferro Silicon

BigMint Bureau

249 Reads

19 Nov 2024, 18:07 IST

India: Ferro silicon prices remain stable as sellers keep offers firm

Sellers averse to reducing offers amid hike in power tariffs

SAIL floats 20,000-t purchase tender with 19 Nov deadline

Indian ferro silicon (70%) prices were largely stable this week, with a slight drop of INR 600/tonne (t) ($7/t) as compared to the previous assessment on 11 November. Prices were steady, as most sellers were firm on their offers and routine trades were carried out in the market.

In India, ferro silicon prices stood at INR 108,900/t ($1,290/t) exw-Guwahati, as per BigMint's assessment on 18 November 2024. Deals of around 1,100 t were recorded in the price range of INR 107,000-110,000/t ($1,268-1,303/t) exw.

In Bhutan, prices edged down by INR 500/t ($6/t) w-o-w to INR 109,500/t ($1,297/t) exw.

Market recap

Sellers hold their offers steady: Most producers in both northeast India and Bhutan kept their offers firm at INR 110,000/t ($1,303/t) exw. Some deals were carried out at lower prices, but market prices largely stayed unchanged.

A producer from Meghalaya stated, "With the recent hike in power tariffs, it will not be feasible for us to lower prices."

Along with steady demand in the spot market, SAIL has floated a purchase tender for 20,000 t of ferro silicon lumps (Si:70% min, 10-100 mm), with the last date for submission of bids being 19 November 2024.

Chinese prices remain stable: Ferro silicon (Si:75%) prices in China were unchanged w-o-w at RMB 6,600/t ($912/t) exw-Inner Mongolia. As per sources, the domestic steel industry has been undergoing structural adjustments, and the government's environmental protection and industrial policies might impact the production and demand for ferro silicon.

Ferro silicon futures for January 2025 delivery on the Zhengzhou Commodity Exchange (ZCE) were also steady w-o-w, rising marginally by RMB 36/t ($5/t) w-o-w to RMB 6,350/t ($877/t) on 18 November 2024.