- India sees quiet market ahead of Bhutan’s price revision
- Chinese tags stay firm w-o-w amid tight supply, firm costs
Indian ferro silicon (70%) prices witnessed a slight uptick of INR 900/t ($10/t) as compared to the previous assessment on 27 October. Prices increased following the announcement of Bhutan’s November offers at INR 88,000/t ($994/t) exw, reflecting a slight increase m-o-m.
Ferro silicon prices in India were at INR 88,000/t ($994/t) exw-Guwahati, as per BigMint’s assessment on 3 November. In Bhutan, prices edged up by INR 400/t ($5/t) w-o-w to INR 88,000/t ($994/t) exw. Deals for around 400 t were finalised in both regions last week within the price range of INR 86,000-89,000/t ($971-1,005/t) exw.
Market recap (28 October-3 November)
Indian market remains steady amid limited activity: The Indian ferro silicon market remained mostly quiet last week, as participants waited for the monthly price announcement from Bhutan. It was declared yesterday that Bhutan’s November prices stood at INR 88,000/t ($994/t) exw, reflecting a slight m-o-m increase of INR 1,000/t ($11/t) exw. Prices were largely steady due to stability in the stainless steel market, though overall demand remained weak. Additionally, imported silicon metal prices held firm at around $1,372/t CFR Mundra in October, supporting market balance.
However, with two new ferro silicon plants in Bhutan nearing operational commencement, the market is watching closely to see whether the current prices can sustain or will face downward pressure in the coming days amid potential supply additions.
Chinese prices remain unchanged w-o-w: Ferro silicon (Si: 75%) prices in China remained unchanged w-o-w at RMB 5,800/t ($814/t) exw-Inner Mongolia, supported by a balance between cost and demand factors. Steady semi-coke tags, production cuts at some ferro silicon plants, and low inventory levels helped prevent further price declines.
On the demand side, some steel mills had begun their November procurement, while the firm futures market improved sentiment in the spot segment. However, overall supply across the country remained sufficient, and downstream steel demand was weak during the off-season. Continued losses among producers also limited the potential for any significant price increase.
ZCE futures remain stable w-o-w: Ferro silicon futures on China’s Zhengzhou Commodity Exchange (ZCE) for January 2026 delivery were largely stable, edging down by RMB 38/t ($5/t) w-o-w to RMB 5,526/t ($776/t) on 3 November, compared with RMB 5,564/t ($781/t) on 27 October.
Outlook
As Bhutan’s new tags have just been announced, the coming days may witness steady pricing. However, some price fluctuations may occur due to the pressure to stay competitive and for bulk deals.
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