- Market sees year-end slowdown
- Chinese prices flat; futures edge higher
Indian ferro silicon (70%) prices edged down slightly by INR 200/t ($2/t) as compared to the last assessment on 22 December. Prices didn’t see any major fluctuation as the market was muted, awaiting offers from Bhutan for January 2026.
Ferro silicon prices in India stood at INR 96,500/t ($1,073/t) exw-Guwahati, as per BigMint’s assessment on 29 December. However, in Bhutan, prices fell by INR 1,300/t ($14/t) w-o-w to INR 95,500/t ($1,062/t) exw. Around 1,300 t of deals were finalised last week in India and Bhutan within a price range of INR 94,000-98,000/t ($1,045-1,090/t) exw.
Market summary (23-29 December)
Market quiet; GST update from Bhutan: As this month comes to an end, trading in the ferro silicon market has slowed down. Most sellers are busy supplying material against earlier orders, leaving limited stocks available in the spot market. This has led to fewer fresh deals during the period. Many buyers are also preferring to wait for January offers from Bhutan, which are expected to give clarity on price trends.
In the export market, demand was seen mainly for 75 grade material.
Additionally, Bhutan’s Department of Revenue and Customs has announced that Goods and Services Tax (GST) will be implemented from 1 January, replacing the existing Sales Tax regime. GST will be applicable to all taxable supplies and imports meant for domestic consumption.
China market: Ferro silicon (Si:75%) prices in China remained steady w-o-w at RMB 5,750/t ($821/t) ex-Inner Mongolia, supported by steady supply conditions. Although some producers maintained firm price expectations, ample market availability prevented any supply tightness.
Demand was mainly driven by essential procurement, while slow downstream steel mill bidding and a cautious, wait-and-see approach among traders kept trading activity weak, limiting any upward price momentum. Meanwhile, the coal market remained stable to slightly weak, offering limited cost support, and volatility in the ferro silicon futures market failed to support spot prices, keeping the market in a supply-demand stalemate.
ZCE futures edge up w-o-w: Ferro silicon futures on the Zhengzhou Commodity Exchange (ZCE) for February 2026 delivery edged up by RMB 26/t ($4/t) w-o-w to RMB 5,538/t ($790/t) on 29 December, from RMB 5,512/t ($787/t) on 22 December.
Outlook
Bhutan’s prices for January are expected to be announced by end of this week which is expected to shape near-term price trends.
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