- Rising imports impact domestic prices
- Chinese prices dip while futures inch up
Indian ferro silicon (70%) prices saw a decline of INR 1,600/t ($18/t) as compared to the previous assessment on 17 October. With limited inquiries and few bulk deals at lower rates, overall price levels in the market moved lower.
As per BigMint’s assessment on 27 October, ferro silicon prices in India were INR 87,100/t ($987/t) exw-Guwahati. In Bhutan, it came down by INR 900/t ($10/t) w-o-w to INR 87,600/t ($992/t) exw. Around 2,400 t of deals were concluded last week in both the regions within the price range of INR 86,000-88,000/t ($974-997/t) exw.
Market summary (17-27 October)
Deals shaping market trends: Out of the 2,400 t of ferro silicon traded last week, nearly 2,000 t were finalised at INR 86,000–86,500/t ($974-980/t) exw, which effectively set the tone for market prices during the week. Sellers’ offers largely remained firm in the range of INR 88,000–89,000/t ($997-1,008/t) exw, but buyers showed resistance, resulting in fewer concluded deals at higher levels.
The overall market sentiment remained subdued due to the Diwali holidays and the month-end period, which typically sees limited inquiries. As a result, market participants adopted a cautious approach over the last week.
Imports rise 41% m-o-m: In September, India imported 24,280 t of ferro silicon, 41% m-o-m up from 17,219 t in August. Bhutan continued to remain major supplier, having exported 12,806 t to India. Apart from this, Russia also exported 5,076 t in September, 189% up from 1,757 t in August. Th rising imports too continued to have its impact on the domestic prices.
Chinese prices edge lower: Ferro silicon (Si:75%) prices in China fell slightly by RMB 150/t ($21/t) w-o-w to RMB 5,800/t ($816/t) exw-Inner Mongolia. The decline was mainly driven by weak demand and abundant supply. Downstream steel mills reduced their bid prices and purchase volumes, while actual demand remained sluggish as buyers continued to push for lower prices.
However, ferro silicon futures on China’s Zhengzhou Commodity Exchange (ZCE) for December 2025 delivery inched up by RMB 106/t ($15/t) w-o-w to RMB 5,552/t ($781/t) on 27 October, compared with RMB 5,446/t ($766/t) on 20 October.
Outlook
Prices are likely to stay within the current range in the days ahead as Bhutan is expected to announce its November offers next week.
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