- Stable domestic demand supports prices
- China market stable, demand subdued
Indian ferro silicon (70%) prices stayed unchanged in comparison to the last assessment on 2 February. Prices were stable as the market largely operated at Bhutan’s February offer price of INR 95,000/t ($1,049/t) exw.
Ferro silicon prices in India and Bhutan were INR 95,000/t ($1,049/t) exw, as per BigMint’s assessment on 9 February. Around 1,800 t of deals were concluded last week in both the regions within a price bracket of INR 95,000-96,000/t ($1,049-1,060/t) exw.
Market highlights (3-9 February)
Prices supported on stable demand: Sellers in north east India aligned their offers with Bhutan’s February pricing, keeping the market stable in both regions last week. Trading activity, too, remained steady, providing support to prevailing price levels. Some sellers were sold out, which led to a slight increase in offer prices; however, these higher levels were yet to gain acceptance from buyers, who remained cautious.
On the export front, ferro silicon offers inched up marginally, rising by $10/t w-o-w to $1,150/t FOB Kolkata.
China market scenario: Ferro silicon (Si:75%) prices in China remained steady w-o-w at RMB 5,750/t ($831/t) ex-Inner Mongolia. With steel mills’ bidding and stockpiling largely complete, fresh demand support was limited, leading to subdued market activity. Participants largely adopted a cautious wait-and-see approach.
Plant operating rates increased marginally but remained low. Firm electricity prices in some regions and sellers’ reluctance to sell at lower levels limited price reductions and capped downside risk.
Additionally, China’s ferro silicon production declined in January to its lowest level since July 2025, as smelters maintained low operating rates to offset high smelting costs. Despite easing semi-coke prices, many producers continued to operate at a loss, limiting their willingness to increase output. Spot prices remained firm on positive market sentiment, while prices are expected to stay range-bound ahead of the Chinese New Year.
ZCE futures hold firm w-o-w: Ferro silicon futures on the Zhengzhou Commodity Exchange (ZCE) for April 2026 delivery remained largely stable, edging down slightly by RMB 16/t ($2/t) w-o-w to RMB 5,600/t ($809/t) on 9 February from RMB 5,616/t ($811/t) on 2 February.
Outlook
Ferro silicon prices are likely to remain stable in the coming week, with limited market movement anticipated.
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