- Bhutan’s December offers support market stability
- ZCE futures (Feb’26) tick down by $1/t w-o-w
Indian ferro silicon (70%) prices remained largely stable, edging up by INR 300/t ($3/t) on 8 December compared with the 1 December assessment. According to BigMint, prices in India stood at INR 98,300/t ($1,093/t) exw-Guwahati on 8 December. In Bhutan, prices also edged up by INR 500/t ($6/t) w-o-w to INR 99,000/t ($1,101/t) exw. Across both regions, about 2,400 t of deals were concluded last week within the price range of INR 95,500-99,500/t ($1,062-1,106/t) exw.
Following Bhutan’s December price announcement, the market stabilised, and trading momentum strengthened.
Market recap (2-8 December 2025)
Indian market hold firm amid steady trading activity: Ferro silicon prices in Bhutan opened at INR 99,000/t ($1,101/t) exw for December, with the majority of last week’s deals settled at these levels.
In the Northeast, buyers remained cautious towards sellers offers. However, over 1,300 t of deals were still concluded last week, as some sellers moved volumes toward export orders.
A seller informed BigMint,”The market is slow, and it will take time to market to accept the higher prices”.
Chinese prices edge down w-o-w: Ferro silicon (Si 75%) prices in China remained largely stable, slipping by RMB 50/t ($7/t) w-o-w to RMB 5,750/t ($813/t) ex-Inner Mongolia. Higher electricity costs in major production hubs pushed up production expenses, and planned output cuts by some enterprises have strengthened expectations of tighter supply.
However, downstream demand remained weak as the steel sector was in its off-season. Mills purchased on a need basis, limiting restocking activity and preventing any significant price gains. Overall, the market showed a tug-of-war between cost-driven support and subdued end-user demand.
ZCE futures edge down w-o-w: Ferro silicon futures on the Zhengzhou Commodity Exchange (ZCE) for February 2026 delivery edged down by RMB 10/t ($1/t) w-o-w, reaching RMB 5,338/t ($755/t) on Monday, compared with RMB 5,348/t ($756/t) on 1 December.
Outlook
Bhutan’s price stability in December will be shaped by demand from domestic buyers, while export demand is also likely to influence ferro silicon prices.
Leave a Reply