- Limited spot availability keeps prices supported
- China’s spot prices steady; ZCE futures edge lower
Indian ferro silicon (70%) prices remained largely steady on 27 January, inching down slightly by INR 200/t ($2/t) in comparison to the assessment on 19 January. Due to the month-end, trades were limited, as most sellers were out of stock, and the market mostly operated at earlier prevailing prices.
Ferro silicon prices in India were at INR 93,600/t ($1,022/t) exw-Guwahati, as per BigMint’s assessment on 27 January. In Bhutan as well, prices were steady w-o-w at INR 93,700/t ($1,021/t) exw. Limited deals were concluded last week in both regions within the price bracket of INR 92,000-94,000/t ($1,002-1,024/t) exw.
Market recap (20-26 January 2026)
Month-end caution keeps prices steady: As the month-end approached, ferro silicon trading activity slowed down, with limited spot deals heard across both markets. Most sellers were either sold out or busy supplying material against previously booked orders, including tender commitments. This supported prices. Typically, market participants adopt a cautious approach during the closing days of the month, awaiting the announcement of the next month’s prices from Bhutan. With minimal trade and balanced supply-demand dynamics, prices remained largely steady during the period.
In South India, however, offers showed some variation depending on availability and logistics, with sellers quoting in the range of INR 96,000-99,000/t ($1,046-1,078/t) exw.
Chinese prices remain steady: Ferro silicon (Si: 75%) prices in China remained steady w-o-w at RMB 5,790/t ($833/t) exw-Inner Mongolia. On the supply side, producers in some regions continued to operate at low levels, limiting further supply contraction. On the demand side, winter stocking by steel mills provided limited support, as large-scale procurement was yet to begin, and buying activity remained cautious. While futures prices fluctuated, spot prices were supported by production costs, restricting sharp price movements.
ZCE futures edge down w-o-w: Ferro silicon futures on the Zhengzhou Commodity Exchange (ZCE) for March 2026 delivery fell slightly by RMB 80/t ($12/t) w-o-w to RMB 5,628/t ($809/t) on 26 January 2026 as compared to RMB 5,548/t ($798/t) on 19 January 2026.
Outlook
Ferro silicon prices in the coming week are expected to stay at current levels. Bhutan’s February price announcement will next determine the price trajectory.
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