India: Ferro silicon prices hold steady w-o-w; Bhutan prices rise

• Limited availability of spot material pushes Bhutan offers higher
• Buyers resist elevated levels amid cautious trading

Indian ferro silicon (Si:70%) prices edged up by INR 300/t ($3/t) w-o-w to INR 89,000/t ($928/t) exw-Guwahati on 14 September 2026. In Bhutan, prices increased by INR 1,900/t ($20/t) w-o-w to INR 89,000/t ($928/t) exw.
The Guwahati market remained largely stable, while limited availability in Bhutan pushed some offers higher, although buyers continued to resist elevated levels.

Market summary (8-14 September)

Limited Bhutan availability lifts offers: Most Bhutanese sellers had already sold material at earlier released levels of around INR 87,000/t ($907/t), while some were also supplying export orders. With fewer sellers remaining in the spot market, offers moved as high as INR 90,000/t ($938/t). However, buyers resisted these levels, resulting in limited deals at the higher offers.

Indian prices, while largely stable w-o-w, remain elevated due to higher charcoal costs. As such, the price rise in India remains limited.

Meanwhile, firm but cautious stainless steel scrap sentiment continued to provide underlying support to ferro silicon demand. Tight scrap availability, steady alloy costs, and fluctuating nickel prices kept costs elevated, although price-sensitive buyers and limited fresh transactions capped market momentum.

Chinese prices remained stable: In China, ferro silicon prices remained unchanged w-o-w at RMB 6,350/t ($946/t). Recovering production and ample spot availability limited upward momentum, while steel mills continued with just-in-time procurement and showed limited acceptance of higher prices. Firm semi-coke and electricity costs provided a price floor, keeping the market rangebound.

ZCE futures down w-o-w: Ferro silicon futures on the Zhengzhou Commodity Exchange (ZCE) for November deliveries fell by RMB 272/t ($41/t) w-o-w to RMB 6,028/t ($898/t) on 14 September.

Outlook: Ferro silicon prices are likely to remain supported by limited availability and firm input costs, although buyer resistance at higher levels could restrict further gains. Improving supply in China may also limit upward momentum.