India: Ferro Silicon Prices Stable amid Improving Demand

Indian Ferro Silicon prices remained unchanged W-o-W basis in the domestic market. However, demand has started picking up in the domestic market, and the producers are now slightly relieved given the market condition for the past few weeks. Although, Ferro Silicon demand from the overseas market is still low.

Producers are stocking material for the bulk and timely supplies to SAIL, the order of which will be released shortly, which can initiate the rise in prices. A new wave of demand is also generating from the Stainless Steel Producers who have used up their inventory and are looking for fresh procurement. With the growing demand, the producers breathed a sigh of relief, as the market is showing positivity after a long time.

Producers from Bhutan are offering Ferro Silicon at INR 69,000/MT Ex- Bhutan. Ferro Silicon prices Ex-Guwahati is at around INR 70,000/MT. In the export market, prices remained unchanged for Ferro Silicon (75%) at USD 1140/MT FOB Kolkata. However, the inquiries remained missing despite lowered prices of Ferro Silicon.

On the future outlook, Ferro Silicon prices have a higher probability to rise from here owing to rising demand and comparatively reduced selling pressure. Market sources are of the view that with rising demand the offers may increase next week from Bhutan, and the producers in Guwahati will also follow suit.