India: Ferro Silicon Prices Slip in Bearish Market

Indian Ferro Silicon prices witnessed a slight downward correction due to weak demand.

"Ferro Silicon prices drifted as bearish sentiment is creeping into the market on account of inactivity, exerting pressure on sellers to curtail prices," said a source referring to the current market trend.

SteelMint learned that some of the producers are low on stock as they are already booked. However, others mentioned that concluding deals in the spot market is getting difficult due to weak demand.

The current price of Ferro Silicon grade 70-75% is assessed at around INR 92,000/MT (Ex-Bhutan) and INR 93,000-94,000/MT (Ex-Guwahati).

"Declining Ferro Silicon prices in China has been a matter of deep concern for the Indian producers," said a source referring to the concern of the domestic producers as they expect a downward correction in price.

A producer source mentioned that demand from Europe has been very low as they have already made their purchase prior to the festivals. The export offers are assessed to be unchanged at USD 1,375/MT FOB Kolkata, while no trades have been concluded at spot market.

On the future outlook, market participants expect the prices to correct downwards while hoping the demand to rebound.