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India: Ferro silicon prices stable as market awaits Bhutan's Sept'24 offers

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Ferro Silicon

BigMint Bureau

170 Reads

27 Aug 2024, 17:19 IST

India: Ferro silicon prices stable as market awaits Bhutan's Sept'24 offers

1,200 t of deals concluded last week

Marginal rise in ZCE futures prices

Indian ferro silicon (70%) prices remained stable w-o-w with a marginal uptick of INR 100/t ($1/t) compared to the previous assessment on 20 August. Prices were stable as routine trades were carried out in the market and no other significant changes were seen.

As per BigMint's assessment on 26 August, ferro silicon prices in India were INR 88,100/t ($1,050/t) exw-Guwahati. Prices in Bhutan were stable as well, slightly inching up by INR 300/t ($4/t) w-o-w to INR 88,800/t ($1,058/t) exw. Around 1,200 t of trades were reported to BigMint last week within a price bracket of INR 85,000-90,000/t ($1,013-1,072/t) exw.

Market movement

Unchanged market conditions: The ferro silicon market did not witness any major variation over the previous week and routine deals were carried out. Although prices dropped from the initial offer of INR 91,000/t ($1,084/t) exw and in reference to this, a market player from Bhutan told BigMint, "Some plants in Meghalaya are quoting at a bit lower prices and prices were also impacted by SAIL's tender and bulk booking from a major Indian stainless steel firm."

A surge in export inquiries was also observed in the market last week however no deals were concluded for it. Source indicated that the demand was mostly coming from Europe. Export prices stood at $1,155/t FOB Kolkata.

Dip in Chinese prices: Ferro silicon (Si:75%) prices in China too stayed steady at RMB 6,630/t ($931/t) exw-Inner Mongolia, a drop of RMB 100/t ($14/t) w-o-w. There were reports of sufficient supplies in the domestic market which led to production cuts and maintenance operations.

Ferro silicon futures for October delivery on China's Zhengzhou Commodity Exchange (ZCE) witnessed a marginal uptick of RMB 76/t ($11/t) w-o-w to RMB 6,392/t ($897/t) on 26 August.

Outlook

Offer prices from Bhutan for next month might be revealed next week which will determine the price trajectory. As per sources, prices are expected to drop m-o-m.