- Steady demand in Jan leads to $11/t hike in Bhutan’s offers
- Fresh material arrivals expected soon, to help boost trading
Indian ferro silicon (70%) prices increased by INR 1,400/t ($15/t) on 2 February as compared to the assessment on 27 January. Prices climbed up following an INR 1,000/t ($11/t) m-o-m increase in offers from Bhutan for this month, which were at INR 95,000/t ($1,051/t) exw.
As per BigMint’s assessment on 2 February, ferro silicon prices in India were at INR 95,000/t ($1,051/t) exw-Guwahati. Bhutan’s prices were at the same level, up by INR 1,300/t ($14/t) w-o-w. Deals for around 1,500 t were concluded last week in both regions within the price bracket of INR 92,500-95,500/t ($1,023-1,056/t) exw.
Market summary (27 January-2 February 2026)
Indian market aligns with Bhutan’s February offers: Ferro silicon prices in India edged up in February, supported by firm fundamentals. Additionally, compared to January, Bhutan’s ferro silicon offers edged up by around INR 1,000/t ($11/t) m-o-m.
This slight increase was likely due to steady buying interest observed throughout the previous month, which supported prices despite limited spot activity. An additional factor was silicon metal (Si:98.5%) prices into India, which were assessed in January at around $1,345/t CFR Mundra, a marginal rise of $3/t m-o-m.
Following the official price announcement yesterday, sellers across both regions aligned their offers accordingly. Going forward, market participants expect fresh material arrivals in the coming days, which could help trading activity regain momentum, as earlier, most sellers were either out of stock or busy supplying material for previously booked and contractual orders.
China’s market sentiments: Ferro silicon prices (Si: 75%) in China remained steady w-o-w at RMB 5,750/t ($828/t) Ex-Inner Mongolia. Prices held firm during the week, mainly due to balanced supply and demand conditions. On the supply side, minor fluctuations in operating rates and production levels kept overall material availability broadly stable in the market.
On the demand side, downstream steel mills carried out limited pre-holiday restocking, keeping buying activity at a moderate level. At the same time, volatility in the futures market led to cautious sentiment, which limited any upward price movement.
ZCE futures inch down w-o-w: Ferro silicon futures on the Zhengzhou Commodity Exchange (ZCE) for April 2026 delivery edged down by RMB 10/t ($1/t) w-o-w to RMB 5,616/t ($808/t) on 2 February 2026 as compared to RMB 5,626/t ($810/t) on 26 January 2026.
Outlook
As Bhutan’s offers have just been announced, prices in the coming week are expected to stay at current levels only.
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