India: Ferro Silicon Offers Remains Unchanged on Constant Demand

Indian Ferro Silicon offers maintain stability while market witnessed regular and constant buying.

“Inquiries for the commodity remains unaltered in the domestic market as our stock is getting realized with ease,” said a producer source.

Another source mentioned that traders are high on inventories which were purchased at lower prices earlier, and are now selling it at current levels when asked about not raising their offers despite good demand.

Adding to the same, the producer claimed that Ferro Silicon market has been subject to monopolistic strategies wherein a few major mills are manipulating the market by selling the commodity at slightly lower offers.

SteelMint assessed Ferro Silico offers at INR 1,06,000/MT (Ex-Guwahati) and INR 1,05,000/MT (Ex-Bhutan).

Demand from overseas, however, remains soft but producers stood firm on their offers as they expect the inquiries to elevate very soon.

“A dull Chinese market has created a bearish sentiment but India might be benefited as China has been registering a drop in their exports.

Export offers are assessed at USD 1,700/MT FOB Kolkata, while exporters expect the same to increase as demand from Europe witnesses an uptrend.

On the future outlook, Ferro Silicon offers are expected to remain stable with possible upward movement on rebounding demand from overseas.