India: Ferro silicon prices hold steady as market awaits Bhutan’s new offer

• Key Meghalaya player announces closure of plant
• Uptick seen in China’s domestic, ZCE futures prices

Indian ferro silicon (70%) prices stayed largely stable, moving down slightly by INR 200/t ($2/t) in comparison with the last assessment on 23 June 2025. Prices were steady as the market did not witness any major movement with the announcement date of Bhutan’s new offers approaching.

Ferro silicon prices in India were INR 88,400/t ($1,033/t) exw-Guwahati on 30 June. In Bhutan, prices inched down by INR 200/t ($2/t) w-o-w to INR 88,000/t ($1,028/t) exw. Around 1,500 t of deals were finalised last week in both the regions within the price range INR 88,000-89,000/t ($1,028-1,040/t) exw.

Market recap (24-30 June)

Minimal movement in market: Market sentiments both in Northeast India and Bhutan did not change over the course of the last week. Additionally, the majority of sellers were waiting for Bhutan’s July offers. Routine trades, however, kept prices stable.

Also, one major seller in Byrnihant, Meghalaya, announced closure of its operations from 31 August citing adverse market conditions and rising power tariff costs. Now with the closure of two plants in Meghalaya, it will be seen in the coming days as to what impact it may have on prices and supply chains.

China’s market scenario: Ferro silicon (Si:75%) prices in China edged up by RMB 50/t ($7/t) w-o-w to RMB 5,640/t ($787/t) exw-Inner Mongolia. The market remained stable, with cautious transaction activities. Supply was tighter due to factory production cuts and cost support, reducing lower priced offers.

However, demand was weak as steel mills slowed down procurement during the off-season. In the short term, prices may fluctuate, limited by high inventory and weak demand but supported by production costs and policy expectations.

Prices were largely stable on the Zhengzhou Commodity Exchange (ZCE) as well, inching up by RMB 28/t ($4/t) w-o-w to RMB 5,344/t ($746/t) on 30 June for September deliveries.

Outlook

Price trajectory in the days ahead will largely depend on the July offers floated by Bhutan, which are expected anytime soon.