India: Ferro silicon prices remain stable following Nov'24 offer announcements
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- Approximately 1,300 t of deals concluded last week
- Drop in ferro silicon futures on ZCE
Indian ferro silicon (70%) prices remained largely stable last week, going down marginally by INR 430/t ($5/t) w-o-w as compared to the previous assessment on 4 November. Prices were steady as market adapted to the new offers from Bhutan for November at INR 110,000/t ($1,303/t) exw.
As per BigMint's assessment on 11 November, ferro silicon prices in India were INR 109,500/t ($1,297/t) exw-Guwahati. In Bhutan, prices were unchanged w-o-w at INR 110,000/t ($1,303/t) exw. Last week heard of around 1,300 t of deals in both the regions within price bracket of INR 109,000-110,000/t ($1,292/t) exw.
Market summary
Market adjusts to Bhutan's offers: As the trend goes, producers in the North eastern region started to offer material at the newly announced price of INR 110,000/t ($1,303/t) exw. Gradually, deals also happened at these levels which kept the prices settled.
However, few sellers had to reduce the offers citing lesser demand but it didn't had much of an impact on the overall market prices.
Two major producers in Bhutan, although, are not offering material currently as they're busy catering to tender and previously booked orders.
China's market trends: Ferro silicon (Si:75%) prices in China inched down by RMB 60/t ($8/t) w-o-w to RMB 6,600/t ($912/t) exw-Inner Mongolia. Sources indicated that offers from traders were less as compared to sellers as they had sufficient inventories with them. With macroeconomic policies supporting recovery and rising costs, prices are expected to see a slight upward shift in the longer run.
Ferro silicon futures for January 2025 delivery on the Zhengzhou Commodity Exchange (ZCE) fell by RMB 144/t ($20/t) w-o-w to RMB 6,314/t ($873/t) on 11 November.
Outlook
With the majority of sellers following new offers, prices are likely to hold steady in the coming days with slight variations.