India: Ferro silicon prices rise w-o-w on firm offers; trades remain slow

• Tight supply lifts prices despite weak stainless steel demand
• China prices stable on controlled supply, firm coke costs

Indian and Bhutanese ferro silicon (Si:70%) prices increased by INR 1,000/t ($11/t) w-o-w each on 20 April 2026, as sellers offered limited volumes and maintained firm offers.

As per BigMint’s assessment on 20 April, ferro silicon prices in India were at INR 107,500/t ($1,151/t) exw-Guwahati. In Bhutan, prices stood at INR 108,000/t ($1,156/t) exw. Limited trades for around 500 t were concluded last week in both regions.

Market summary (14-20 April 2026)

Prices rise despite weak demand: Indian and Bhutanese ferro silicon prices remained firm during the assessment period, supported by tight spot availability. Most sellers across both regions had already secured orders at the beginning of the month and were largely focused on fulfilling prior commitments, which reduced spot supply and pushed prices upward. A Bhutan-based seller informed BigMint, “We are offering material at INR 110,000/t ($1,177/t) exw, but we have not been pushing aggressively.”

On the demand side, stainless steel mills operated at reduced capacity due to gas shortages, leading to subdued buying interest and limited trades. Meanwhile, ferro silicon export offers remained stable w-o-w at around $1,235/t FOB Kolkata, reflecting balanced global demand and supply conditions.

Chinese prices remain stable: Ferro silicon (Si:75%) prices in China remained stable w-o-w at RMB 6,100/t ($895/t) exw-Inner Mongolia, supported by steady semi-coke costs and controlled supply, as producers operated on order-based output and inventories remained low. Maintenance shutdowns in some regions kept spot availability tight.

However, downstream steel mills continued need-based procurement amid weak finished steel demand, limiting transaction volumes. Sentiment remained balanced, with cost support offsetting cautious demand. In the near term, prices are expected to remain range-bound, supported by stable costs and tight supply, while subdued demand may cap any significant upside.

ZCE futures edge up w-o-w: Ferro silicon futures for June 2026 delivery on the Zhengzhou Commodity Exchange (ZCE) increased by RMB 54/t ($8/t) w-o-w to RMB 5,604/t ($822/t) on 20 April, compared with RMB 5,550/t ($814/t) on 13 April.

Outlook

Ferro silicon prices are likely to stay at current levels as buyers are not willing to procure material at higher offers.