India: Ferro silicon prices ease w-o-w in recent trades

• Market activity muted amid limited inquiries
• ZCE future edge down by RMB 20/t ($3/t) w-o-w

Indian ferro silicon (70%) prices went down by INR 1,900/t ($22/t) w-o-w compared with the previous assessment on 18 August. The market remained quiet with limited inquiries, while rising imports further pressured sentiments.

Ferro silicon prices in India were at INR 91,600/t ($1,045/t) exw-Guwahati, as per BigMint’s assessment on 25 August. In Bhutan, prices fell slightly by INR 1,000/t ($11/t) w-o-w to INR 94,000/t ($1,073/t) exw. Around 2,240 t of trades were reported to BigMint last week in the INR 91,000-93,000/t ($1,038-1,061/t) price range.

Market recap (19-25 August 2025)

Increased imports, lower inquiries weigh on domestic market: Prices edged down slightly as sellers in the north east lowered their offers to remain competitive. Market activity stayed muted, with limited inquiries and with few bulk deals concluded at around INR 91,000/t ($1,038/t) levels.

On the import side, volumes rose by 11,687 t m-o-m to 21,564 t in July, with Bhutan continuing as the major supplier. Russian material also registered a significant growth of 178% m-o-m to 3,029 t. The higher inflow of imported material added pressure on domestic prices, further weighing on market sentiment.

Chinese prices remain unchanged w-o-w: Ferro silicon (Si: 75%) prices in China remained flat w-o-w at RMB 5,760/t ($805/t) exw-Inner Mongolia. Supply increased slightly as operating rates and output rose, but weak procurement interest after the close of steel mill bidding balanced the market.

On the cost side, blue carbon prices stayed steady, while expectations of higher electricity prices in some regions provided support. Futures market volatility weighed on sentiment, as a balance of bullish and bearish factors kept prices stable.

ZCE futures tick down: Ferro silicon futures on the Zhengzhou Commodity Exchange (ZCE) for October 2025 delivery edged down by RMB 20/t ($3/t) w-o-w  to RMB 5,480/t ($766/t) on 26 August, compared to RMB 5,500/t ($769/t) on 19 August.

Outlook

In the near term, prices are expected to remain stable as market participants await next month’s Bhutan offers, with most sellers already sold out for the month.