- Price rise on supply crunch, declining imports
- ZCE futures ease slightly amid muted market activity
Indian ferro silicon (70%) prices saw a significant increase of INR 7,500/t ($85/t) as compared to the assessment on 10 November. Prices went up as availability of material stayed limited which prompted sellers to raise their offers.
Ferro silicon prices in India were INR 97,000/t ($1,094/t) exw-Guwahati, as per BigMint’s assessment on 17 November. In Bhutan, it increased by INR 8,500/t ($96/t) w-o-w to INR 97,500/t ($1,100/t) exw. Around 1,900 t of deals were concluded last week in both the regions within price bracket of INR 88,000-96,000/t ($993-1,083/t) exw.
Market recap (11-17 November)
Tight supplies and lower imports push prices up: The rise in prices was mainly driven by tight supplies across both India and Bhutan. Several plants have been supplying material for Indian steel major’s 14,500 t tender finalized in October with 4-month delivery time, while others focused on export orders, particularly to the US. Adding to the supply crunch, only two to three units were operating at full capacity in southern part of India.
Another major factor was the 23% m-o-m drop in India’s ferro silicon imports in Oct’25 to 18,667 t from 24,280 t in Aug’25. Although India is traditionally a net importer, shipments from Russia and Malaysia fell sharply, by 57% and 49%, which tightened domestic availability and pushed prices up. On top of that, silicon metal, which some buyers use as a substitute, also saw its prices inch up by $4/t m-o-m to $1,372/t CFR Mundra in Oct’25.
Sellers firm as buyers resist prices: Due to above mentioned factors, offers from majority of the sellers in both the regions went upto INR 100,000/t ($1,128/t) exw. However, buyers stayed skeptical towards it and no major deals were carried out at that level. Sellers, however, seem to be firm on these prices and the sustainability of these will be seen in the days ahead.
Chinese prices steady w-o-w: Ferro silicon (Si: 75%) prices in China continued to remain unchanged w-o-w at RMB 5,800/t ($816/t) exw-Inner Mongolia. Supply levels stayed stable as operating rates held firm, and maintenance shutdowns at some plants did not significantly affect overall supply. Firm semi-coke prices and higher electricity costs also provided cost support, limiting further price declines.
On the demand side, steel mill procurement stayed seasonally low, and export demand continued to face pressure. Market activity was mainly driven by end-user restocking, while traders remained cautious, creating a subdued trading environment. Overall, the mix of supportive and bearish factors kept ferro silicon prices stable.
ZCE futures edge down w-o-w: Ferro silicon futures on China’s Zhengzhou Commodity Exchange (ZCE) for January 2026 delivery remained largely stable, slipping slightly by RMB 22/t ($3/t) w-o-w to RMB 5,566/t ($783/t) on 17 November, compared with RMB 5,588/t ($786/t) on 10 November.
Outlook
As the sellers seem to be firm on higher offers, so prices in the days ahead might go ahead further. However, moderate demand and buyers sentiments will continue to determine the extent of the increase.
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