- Sellers keep offers firm amid limited availability
- ZCE Jan’26 futures edge down by $19/t w-o-w
Indian ferro silicon (70%) prices witnessed an uptick of INR 1,500/t ($17/t) as compared to the assessment on 17 November. Prices increased, as sellers in both northeast India and Bhutan kept their offers firm, backed by limited supplies.
As per BigMint’s assessment on 24 November, ferro silicon prices in India were at INR 98,500/t ($1,104/t) exw-Guwahati. In Bhutan, prices edged up by INR 300/t ($3/t) w-o-w to INR 97,800/t ($1,096/t) exw. Deals for around 1,900 t were concluded last week in both regions, within the price range of INR 92,000-100,000/t ($1,031-1,121/t) exw.
“Offers have risen significantly to INR 100,000-102,000/t exw. However, bulk trade is yet to be recorded at these levels. Small volumes have been traded at such elevated levels,” highlighted sources.
Market summary (18-24 November 2025)
Market sees steady offers, limited trades: Most sellers in both regions continued quoting around INR 100,000/t ($1,120/t) exw, but buyers adopted a wait-and-watch approach to assess how long these offers would hold. As a result, only a limited number of deals were concluded at these levels. Adding to the uncertainty, as per sources, a ferro silicon plant in Meghalaya reportedly received a closure notice from the Meghalaya State Pollution Control Board for pollution-related violations, and any prolonged shutdown could further tighten domestic supplies.
Meanwhile, export prices strengthened, rising $80/t w-o-w to $1,160/t FOB Kolkata. A Bhutan-based seller also stated that the European Commission’s safeguard duty may significantly reshape global ferro silicon market dynamics, including India.
Chinese prices remain flat w-o-w: Ferro silicon (Si 75%) prices in China remained steady at RMB 5,800/t ($817/t) ex-Inner Mongolia. Supply tightened slightly as some producers continued to run at lower output due to weak margins, causing a notable m-o-m drop in national inventories and easing oversupply pressure.
However, demand was weak, as steel mills were in the seasonal off-peak period, and most November procurement had already been completed, leading to limited restocking activity. On the cost side, firm coal and electricity prices provided some support, preventing significant price fluctuations.
ZCE futures inch down w-o-w: Ferro silicon futures on China’s Zhengzhou Commodity Exchange (ZCE) for January 2026 delivery inched down by RMB 142/t ($19/t) w-o-w to RMB 5,424/t ($764/t) on 24 November, compared to RMB 5,566/t ($784/t) on 17 November.
Outlook
The sustainability of current offers will largely depend on buyers’ acceptance of them. Additionally, the upcoming announcement of Bhutan’s offers for December will further determine the future price trajectory.
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