- Competitively priced imports weigh on inquiries
- Chinese spot prices hold firm, ZCE futures edge up
Indian ferro silicon (70%) prices dropped by INR 1,000/tonne (t) ($12/t) as compared to the previous assessment on 7 April. Prices fell majorly in the northeastern region of India, owing to limited inquiries and a wide gap between bids and offers.
Ferro silicon prices in India were at INR 95,600/t ($1,116/t) exw-Guwahati, as per BigMint’s assessment on 14 April. In Bhutan, prices were largely stable, inching down by INR 200/t ($2/t) w-o-w to INR 96,300/t ($1,124/t) exw. Trades for around 1,400 t were finalised in both regions last week, within the price bracket of INR 95,000-96,500/t ($1,109-1,126/t) exw.
Market overview (8-14 April 2025)
Prices drop amid wide bid-offer gaps: There were wide bid-offer disparities, with suppliers quoting at INR 96,000-96,500/t ($1,119-1,125/t), while bids were at INR 95,000/t ($1,109/t) or below. This led to a decline in prices this week. Inquiries were limited too, with buyers unwilling to match offers.
In the southern part of India, sellers’ offers and overall tradable levels were largely at around INR 97,000-98,000/t ($1,132-1,144/t) exw. For offers at INR 99,000/t ($1,155/t) exw and above, no acceptance was seen from the buyers.
Additionally, northeast India-based sellers gradually reduced tags to remain competitive with Bhutan’s market, whose offers for the month opened at INR 96,500/t ($1,125/t). The availability of lower-priced imports also exerted downward pressure on prices, with buyers opting for these rather than domestic material.
Hence, prices fell, with the lowest trade being concluded at INR 95,000/t ($1,109/t) exw.
Export offers remain unchanged: Export offers, however, stayed unchanged w-o-w at $1,175/t FOB Kolkata. Commenting on it, a seller from Bhutan informed BigMint, “Buyers are a bit apprehensive currently due to the ongoing tariff between the US and the rest of the world. Hence, there is limited trade and considerable uncertainty currently.”
Chinese prices remain steady: Ferro silicon (Si:75%) prices in China remained unchanged w-o-w at RMB 6,240/t ($857/t) exw-Inner Mongolia. Inventory levels continued to rise, leading sellers and traders to operate cautiously, focusing on moderate shipments and timely profit-taking.
Some Chinese exporters paused their sales to assess changes in export tax regulations, while some producers planned additional production cuts due to market uncertainties. Despite cautious market sentiment, the ferro silicon market is expected to remain stable in the near term.
On the Zhengzhou Commodity Exchange (ZCE), prices edged up by RMB 52/t ($7/t) w-o-w to RMB 5,860/t ($804/t) on 14 March.
Outlook
Amid the current bid-offer disparities, prices may witness a slight correction in the days ahead.
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