India: Ferro Silicon Prices under Pressure in Sluggish Market

Ferro Silicon prices in India are under constant struggle amid low demand in the domestic as well as global market. Only a few producers are enjoying steady demand while the majority remains under pressure. Many producers stated that they are facing selling pressure and buyers are demanding material at much lower prices. SteelMint assessed that dull Stainless Steel market is one of the biggest reasons for such low demand in the market.

Producers from Bhutan are offering Ferro Silicon (HC 70%) at INR 69,000/MT Ex- Bhutan. However, few deals have been concluded for bulk quantities at lower prices due to acute cash crunch . Ferro Silicon prices in Guwahati(HC 70%) is at INR 71,000/MT Ex-Guwahati. In the export market, prices for HC 75% remain unchanged at USD 1160/MT FOB Kolkata.

On the future outlook, producers are pessimistic about any upward trend in the prices in the near future. Most market participants believe that the prices may redeem only after the Stainless Steel market starts going into upward direction and prices for other Ferro Alloys also picks up. However, any increase in the price is highly unlikely at the moment.