- Steady demand sustains higher offer levels
- ZCE futures (Apr’26) edge up by $41/t w-o-w
Ferro silicon (Si: 70%) prices in India remained largely stable, rising marginally by INR 200/t ($2/t) on 2 March 2026 compared with the 23 February assessment. The slight increase was supported by Bhutan’s announcement of its March ferro silicon price at INR 100,000/t ($1,087/t) exw, providing slight support to domestic prices.
According to BigMint’s assessment on 2 March 2026, ferro silicon prices stood at INR 99,000/t ($1,077/t) exw Guwahati, while in Bhutan, prices increased by INR 1,500/t ($16/t) w-o-w to INR 100,000/t ($1,088/t) exw. Around 1,800 t of material were traded across both regions last week within the price range of INR 98,000 – 103,000/t ($1,066-1,120/t) exw.
“We have booked silicon metal, instead of booking ferro silicon due to price competitiveness”, quoted a participant from Indian steel mill. Imported silicon metal (Grade 553, Si: 98.5%) prices remained steady w-o-w at $1,340/t CFR Mundra on 2 March 2026.
Market updates (24 February – 2 March 2026)
Limited north-east supply strengthens market trend: Bhutan announced its March offer at INR 100,000/t ($1,087/t) exw, reflecting an increase of INR 5,000/t ($54/t) m-o-m . The price revision provided upward support to overall market sentiment.
The m-o-m uptick in Bhutan’s offers was largely driven by due to tight supply conditions in north-eastern India, where production was inconsistent during the last month, which led to limited material availability and pushed offers up to INR 103,000/t ($1,120/t) exw in the spot market.
As a result of the constrained domestic supply, a significant portion of demand shifted to Bhutanese sellers. Steady buying interest enabled them to sustain higher offer levels, supporting the overall price uptrend.
China’s market sentiments: Ferro silicon (Si 75%) prices in China remained steady w-o-w at RMB 5,750/t ($832/t) on 3 March 2026. On the cost side, semi-coke prices edged lower, reducing production costs and creating slight downward pressure on prices.
Although a few producers resumed operations, the overall increase in output was limited. Meanwhile, inventories decreased slightly m-o-m , which helped ease supply-side pressure and supported overall market stability.
On the demand side, steel mills gradually resumed procurement activities, and steady demand supported the market, helping to partially offset the impact of lower costs. Meanwhile, slightly bullish sentiment led to a modest improvement in overall trading activity.
ZCE futures inch up w-o-w: Ferro silicon futures for April delivery on the Zhengzhou Commodity Exchange (ZCE) went up slightly by RMB 282/t ($41/t) w-o-w to RMB 5,754/t ($836/t) on 3 March 2026, compared with RMB 5,472/t ($795/t) on 24 February.
Outlook
With Bhutan’s March offers at INR 100,000/t ($1,088/t) exw, ferro silicon prices are likely to remain range-bound at these levels, while any shifts in supply or demand could influence price movements in the near term.
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