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India: Ferro silicon prices remain steady w-o-w as players await fresh offers from Bhutan

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Ferro Silicon

BigMint Bureau

147 Reads

31 Dec 2024, 17:06 IST

India: Ferro silicon prices remain steady w-o-w as players await fresh offers from Bhutan

Bhutan's Jan'25 offers expected to rise m-o-m

China's domestic, ZCE prices hold firm w-o-w

Indian ferro silicon (70%) prices were largely stable w-o-w, edging up by INR 150/t ($2/t) as compared to the previous assessment on 23 December. Prices were steady, as market activities were muted in expectation of next month's price announcement from Bhutan.

As per BigMint's assessment on 30 December, ferro silicon prices in India were at INR 104,000/t ($1,215/t) exw-Guwahati. In Bhutan, prices inched up by INR 250/t ($3/t) w-o-w to INR 104,100/t ($1,216/t) exw. Trades of around 700 t in Bhutan were recorded by BigMint at INR 104,000/t ($1,215/t) exw.

Market highlights

Muted market activity during month-end: The domestic segment remained subdued throughout the week, and even routine market activities were limited. Most sellers in both northeast India and Bhutan were either sold out or were occupied with fulfilling previously booked orders. With the month ending, the market also adopted a wait-and-watch attitude.

Such inactivity is typically the scenario at the end of the month, during which most Indian sellers avoid engaging in trade, in expectation of new offers from Bhutan. As the trend goes, Bhutan announces its selling prices at the beginning of each month and Indian sellers follow those.

Sources indicated that next month's offers might be on the higher side due to the following reasons:

Bhutanese sellers' BIS licences are nearing expiry, but the timeframe for their renewal is unclear.

The power tariff in Meghalaya was recently increased by INR 1.47/kVah to INR 6.47/kVah.

There has been a rise in inquiries lately.

Commenting on January's prices, a seller from Bhutan informed BigMint, "Prices are expected to increase after 1 January, and the volume of stock available will be critical in determining the market scenario."

Stable trends in Chinese market: Ferro silicon (Si:75%) prices in China were unchanged w-o-w at RMB 6,320/t ($866/t) exw-Inner Mongolia. Sales were stable for most sellers, and their production volumes were as per the trends of previous orders. In the near term, domestic prices may remain stable with some fluctuations, unless there are major changes in supply and downstream demand.

Prices on the Zhengzhou Commodity Exchange (ZCE) for February 2025 delivery were also steady w-o-w, inching down by RMB 2/t ($0.2/t) to RMB 6,222/t ($852/t) on 30 December.