- Limited spot availability keeps prices supported
- Firm stainless steel sentiment provides support
Indian ferro silicon (Si:70%) prices fell marginally by INR 600/t ($6/t) w-o-w to INR 87,000/t ($909/t) exw-Guwahati on 24 August 2026. In Bhutan, prices were unchanged w-o-w at INR 87,100/t ($910/t) exw.
Around 7,500 t of trades were captured last week in both regions, with prices ranging between INR 85,500-89,000/t ($894-930/t) exw. Trading activity remained stable amid broadly balanced supply and demand, while most sellers were already booked, limiting material available for fresh spot sales.
Market summary (18-24 August)
Steady trading keeps prices rangebound: Supply and demand remained broadly balanced last week, while most sellers had already secured bookings, restricting material available for fresh spot sales. This kept offers supported, although buyers showed limited urgency to push prices higher. Along with it, regular trades also helped sustain prices at prevailing levels.
Meanwhile, sentiment in the downstream stainless steel market remained positive. India’s stainless steel finished market showed an upward trend last week, supported by higher raw material costs, tight material availability, and healthy domestic demand.
Scrap availability remained constrained, while imported scrap continued to be less viable amid elevated freight costs and global uncertainties. These factors provided further support to finished stainless steel prices, helping maintain firm underlying sentiment in the ferro silicon market.
Chinese prices steady amid limited demand recovery: Ferro silicon (Si:75%) prices in China edged up by RMB 50/t ($7/t) w-o-w to RMB 6,200/t ($922/t) exw-Inner Mongolia. The domestic ferro silicon market remained largely stable as steady raw material prices and smelting costs continued to support prices. Downstream steel mills continued to buy only as needed, with no significant restocking. Supply and demand saw no major changes, while major steel tenders were largely finalised, keeping market participants cautious. Spot trading was mainly limited to existing orders, with few new orders.
ZCE futures rise w-o-w: Ferro silicon futures on the Zhengzhou Commodity Exchange (ZCE) for August deliveries rose by RMB 48/t ($7/t) w-o-w to RMB 5,960/t ($887/t) on 25 August.
Outlook
Indian ferro silicon prices are likely to remain rangebound in the coming week, as balanced supply-demand conditions and steady trading activity provide a floor to prices. However, limited buyer urgency and subdued spot availability may restrict significant upside.
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