- Prices stable amid cautious buyer participation
- ZCE futures gain, market confidence improves
Indian ferro silicon (Si:70%) prices stayed unchanged w-o-w as compared to the assessment on 16 March. Prices were stable due to limited transactions last week, as the majority of sellers were sold out or supplying to previously booked orders.
Ferro silicon prices in India were INR 100,000/t ($1,066/t) exw-Guwahati, as per BigMint’s assessment on 23 March. In Bhutan, prices edged up by INR 1,000/t ($11/t) w-o-w to INR 101,000/t ($1,076/t) exw. Limited deals of around 400 t was reported from Bhutan last week in the price bracket of INR 101,500-102,000/t ($1,082-1,087/t) exw.
Market recap (17-23 March)
Market firm with limited offers: The ferro silicon market remained largely steady during the week as most sellers in North east India and Bhutan were already sold out, leaving limited material available for fresh transactions. Although a few sellers attempted to lift offer prices, buyers showed hesitation and preferred to wait, resulting in limited trade volumes. The highest concluded deal was reported at around INR 102,000/t ($1,087/t) exw, while the broader market continued to align with this month’s announced offer levels of nearly INR 100,000/t ($1,066/t) exw.
Meanwhile, imported silicon metal (Si:98.5%) prices into India too remained stable w-o-w at $1,375/t CFR Mundra, indicating balanced demand and steady market sentiment. In south India, offers largely hovered between INR 102,000-105,000/t ($1,087-1,119/t) exw.
Chinese prices largely stable: Ferro silicon (Si:75%) prices in China inched down a little by RMB 50/t ($7/t) w-o-w to RMB 5,950/t ($865/t) exw-Inner Mongolia. Market was supported by steady semi-coke and electricity costs along with improving demand as downstream steel mills gradually resumed production. Declining inventories at producer levels also helped maintain price stability. However, some buyers were reluctant to accept current price levels, and actual demand recovery was still slow. News of production restarting in certain regions kept market participants cautious. Overall, balanced market fundamentals kept prices unchanged.
In the near term, ferro silicon prices are expected to move within a narrow range with limited fluctuations. Stable costs and improving steel demand may support prices, but rising supply and cautious buying interest could cap any sharp upward movement.
ZCE futures rise w-o-w: Ferro silicon futures for May 2026 delivery on the Zhengzhou Commodity Exchange (ZCE) saw an increase of RMB 248/t ($36/t) w-o-w to RMB 6,120/t ($889/t) on 23 March, compared with RMB 5,872/t ($853/t) on 16 March.
Outlook
Prices in the remaining part of this month are largely expected to stay at current levels.
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