On February 1, SteelOrbis reported prices of Indian domestic ferrosilicon (70-75 percent) at INR 104,000-105,000/mt ($1,626-1,642/mt) ex-warehouse in the Guwahati and Bhutan regions, excluding GST of 18 percent.
Sources inform SteelOrbis that while buying demand continues to trend relatively stable, domestic ferrosilicon prices have been trending down since early February and are now at INR 102,000-103,000/mt ($1,569-1,585/mt) ex-warehouse in the same regions as mentioned above. While prices declined by INR 2,000/mt, due to currency fluctuations, prices actually declined $57/mt in dollar terms over the past three weeks. The decline is attributed to competition among sellers.
USD = INR 63.96 (Feb 1)
USD = INR 64.99 (Feb 22)