- Most sellers booked out or occupied with pending orders
- Chinese spot prices stable, ZCE futures down $11/t w-o-w
Indian ferro silicon (70%) prices remained unchanged w-o-w as compared to the previous assessment on 21 April. Limited market activity was observed, as most sellers were sold out for the month. Participants also awaited Bhutanese sellers’ offers for May.
As per BigMint’s assessment on 28 April, ferro silicon prices in India were at INR 95,000/tonne (t) ($1,115/t) exw-Guwahati. In Bhutan, prices dipped by INR 200/t ($2/t) w-o-w to INR 95,800/t ($1,124/t) exw. Trades for around 1,300 t were concluded in both regions last week within the price range of INR 95,000-96,000/t ($1,115-1,127/t) exw.
Market recap (22-28 April)
Market remains muted ahead of Bhutan’s offer announcement: With the month about to conclude, trading activities were limited, as people awaited Bhutan’s offers for May 2025. Additionally, most sellers, in both northeast India and Bhutan, were already sold out or were occupied with fulfilling previously booked orders.
An Indian seller informed BigMint, “Demand is sluggish in the domestic and export markets. A hike in import volumes is also adding pressure on prices.”
Another seller in Meghalaya stated, “We have paused production for a short while, as demand and prices are not aligned.”
South India’s offers remain firm: In south India, sellers kept their offers stable w-o-w at INR 96,000-99,000/t ($1,127-1,162/t) exw. Trade prices varied based on the quantity.
Chinese prices stable w-o-w: Ferro silicon (Si:75%) prices in China remained stable w-o-w at RMB 6,240/t ($855/t) exw-Inner Mongolia. Prices were supported by a slow but ongoing recovery in demand. While the pace was moderate, the market continued to hold expectations for improvement, both in downstream consumption and broader domestic economic conditions.
Inventories continued to rise, prompting traders to adopt a cautious approach, favouring limited shipments and timely profit-taking. Although the market was cautious, increased inquiries from downstream buyers indicated a gradual recovery in terminal demand. Overall, inventory pressure was not excessive, and the market is expected to maintain a stable trajectory in the short term.
On the Zhengzhou Commodity Exchange (ZCE), prices were down by RMB 78/t ($11/t) w-o-w to RMB 5,648/t ($774/t) on 28 April.
Outlook
Price movements in the coming days will largely be influenced by Bhutan’s offers, which will be announced at the beginning of May.
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