- Export offers remain stable amid limited inquiries
- Improving stainless steel market sentiment supports prices
Indian ferro silicon (Si:70%) prices remained largely stable, up marginally by INR 400/t ($4/t) w-o-w to INR 87,600/t ($916/t) exw-Guwahati on 18 August 2026. In Bhutan, prices were unchanged w-o-w at INR 87,100/t ($911/t) exw.
End-user demand remained supportive, keeping prices steady. Most sellers in both northeast India and Bhutan were also sold out or occupied with fulfilling previously booked orders, which limited trade activity.
Market summary (11-17 August)
Ferro silicon prices firm on stronger stainless steel sentiment: Improving sentiment among stainless steel producers continued to support ferro silicon prices. Export offers remained steady at around $1,050/t FOB Kolkata, although export inquiries remained limited last week.
A leading Indian stainless steel producer raised domestic hot-rolled (HR) and cold-rolled (CR) coil prices by INR 1,000-3,000/t ($10-31/t) exw on 14 August, marking its second price revision this month. The increase was primarily attributed to higher ferro molybdenum costs, volatile nickel prices, and uncertainty surrounding Indonesia’s revised nickel mining quotas. Overall market sentiment remained firm, supported by improving downstream demand, subdued imports, and higher freights.
Chinese prices stable amid balanced fundamentals: Ferro silicon (Si:75%) prices in China were unchanged w-o-w at RMB 6,150/t ($912/t) exw-Inner Mongolia. High production costs and rising electricity tariffs limited producers’ willingness to sell at lower prices. However, downstream demand remained weak due to the seasonal slowdown, with steel mills mainly purchasing only as needed and avoiding large stockpiling. As a result, supply and demand remained broadly balanced, keeping spot prices largely stable.
Ferro silicon futures on the Zhengzhou Commodity Exchange (ZCE) for October deliveries increased by RMB 86/t ($13/t) w-o-w to RMB 5,912/t ($877/t) on 17 August.
Outlook
Indian ferro silicon prices are expected to remain firm in the coming week, supported by improving stainless steel sentiment and limited willingness among producers to reduce prices below Bhutan’s offers for the month, at INR 87,000/t ($910/t). However, subdued export inquiries and cautious domestic buying could limit significant price gains.
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