India: Ferro silicon prices inch down w-o-w in recent trades

• Prices in NE India see higher drop than in Bhutan
• Chinese spot prices firm w-o-w, ZCE futures drop

Indian ferro silicon (70%) prices edged down by INR 600/t ($7/t) as compared to the previous assessment on 14 April. Prices dropped slightly, as sellers received limited inquiries and deals were closed at lower values.

As per BigMint’s assessment on 21 April, ferro silicon prices in India were at INR 95,000/t ($1,116/t) exw-Guwahati. In Bhutan, prices stayed largely stable w-o-w, with a minor drop of INR 300/t ($4/t) to INR 96,000/t ($1,128/t) exw. Trades for around 1,400 t were finalised in the assessment window in northeastern India, within the price range of INR 94,000-95,000/t ($1,104-1,116/t) exw.

Market summary (15-21 April 2025)

Trades shape market trends: Limited inquiries were seen over this period, according to market participants, and prices were largely determined by the deals carried out.

Additionally, as sellers in northeast India wanted to keep their offers competitive, prices fell by a steeper INR 600/t ($7/t) compared to INR 300/t ($4/t) in Bhutan.

In southern India, sellers kept their offers at INR 97,000-99,000/t ($1,140-1,163/t) exw. However, only need-based buying was seen, and buyers were hesitant towards higher offers.

Ferro silicon export prices stayed stable w-o-w at $1,175/t FOB Kolkata. Regarding the same, a source informed BigMint, “We are offering higher at around $1,200-1,210/t FOB for 70-grade material. However, there are no bookings currently.”

Chinese prices hold steady: Ferro silicon (Si:75%) prices in China remained unchanged w-o-w at RMB 6,240/t ($855/t) exw-Inner Mongolia. Terminal demand recovered slowly amid expectations of domestic economic recovery, but most market participants remained cautious. Meanwhile, supply reductions eased inventory pressure, though stocks remained high, and sales were sluggish. Traders adopted a moderate sales approach, focusing on securing timely profits.

Additionally, stricter controls at Chinese ports limited export offers, dampening market activity. Procurement interest stayed low, as buyers hesitated due to policy concerns and macroeconomic challenges. Downstream consumers remained uncertain about market movements, while steel mills, affected by tariffs, adopted a wait-and-watch approach.

On the Zhengzhou Commodity Exchange (ZCE), prices went down by RMB 134/t ($18/t) w-o-w to RMB 5,726/t ($784/t) on 21 March.

Outlook

Considering the current market scenario, prices are likely to hold steady in the days ahead, with slight fluctuations.