- Domestic prices fall in response to Bhutan’s price revision
- China’s market steady despite weak steel demand
Indian ferro silicon (70%) prices witnessed a decline of INR 2,500/t ($28/t) as compared to the assessment on 29 Dec’25. Prices fell post Bhutan’s announcement of January 2026 offers, which stood at INR 94,000/t ($1,043/t) exw.
As per BigMint’s assessment on 5 January, ferro silicon prices in India were INR 94,000/t ($1,043/t) exw Guwahati. Prices have fallen to an over 1-month low as similar levels were last seen in mid-Nov’25. Prices in Bhutan also stood at similar levels, falling by INR 1,500/t ($17/t) w-o-w. Around 7,400 t of trades were recorded in the range of INR 93,500-96,000/t ($1,037-1,065/t) exw across both regions.
Market summary (30 December2025 – 5 January 2026)
Indian market stays quiet ahead of Bhutan’s January prices: The Indian ferro silicon market remained largely quiet last week, as participants stayed on the sidelines ahead of Bhutan’s January price announcement. Bhutan announced its January ferro silicon prices at INR 94,000/t ($1,043/t) exw in the later part of last week, marking a m-o-m decline of INR 5,000/t ($55/t). The reduction was mainly attributed to bulk transactions concluded at lower levels in December, which set a softer pricing base for January prices.
A seller informed BigMint ” The month has just begun and material availability is tight, as plants are largely booked with tender orders, resulting in limited supply for the spot market”.
Meanwhile, imported silicon metal (Si:98.5%, Grade 553) prices too edged down by $17/t m-o-m to $1,342/t CFR Mundra in December.
China market sentiments: Ferro silicon (Si:75%) prices in China remained steady w-o-w at RMB 5,750/t ($823/t) ex-Inner Mongolia. The market remained stable. Although production cuts narrowed and inventories declined, stock levels stayed relatively high, keeping overall supply pressure manageable. Market activity was subdued, with limited participation from traders.
However, demand from the steel sector stayed weak. Cost support remained relatively strong, as falling coal prices were offset by changes in power tariffs in certain regions, limiting price volatility. Muted trading activity and low trader participation supported price stability.
ZCE futures edge down w-o-w: Ferro silicon futures on the Zhengzhou Commodity Exchange (ZCE) for February 2026 delivery edged down by RMB 44/t ($6/t) w-o-w to RMB 5,468/t ($782/t) on 5 January 2026 compared to RMB 5,538/t ($792/t) on 29 December 2025.
Outlook
Prices are expected to hold steady at current levels in the upcoming week, tracking Bhutan’s January price announcement.
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