India: Ferro silicon prices rise w-o-w on tight supplies

• Spot market trades touch INR 98,500/t ($1,086/t) exw levels
• ZCE futures (Apr’26) inch down by $17/t w-o-w

Indian ferro silicon (Si: 70%) prices increased by INR 2,000/t ($22/t) on 16 February compared with the 9 February assessment. The uptick was driven by tight supply in the market, as major sellers were largely sold out. Limited market availability prompted suppliers to raise their offer prices and with sustained buying, prices found support in the market.

According to the BigMint assessment on 16 February, ferro silicon prices stood at INR 97,000/t ($1,069/t) exw Guwahati. In Bhutan, prices went up w-o-w by INR 1,000/t ($11/t) to INR 96,000/t ($1,08/t) exw. Approximately 2,800 t of deals were concluded across both regions last week in the price range of INR 94,000-98,500/t ($1,036-1,085/t) exw.

Market updates ( 10-16 February 2026)

Limited offerings supports price hike: Ferro silicon prices increased during the week in both regions, supported by limited material availability in market, as major sellers were mostly sold out for the month, while some producers focused on fulfilling pre-booked orders, which reduced fresh supply in the spot market, and prompted a few sellers to raise their offer prices in the range of INR 96,000-98,500/t ($1,059-1,086/t) exw. The elevated offers later found support in the market with deals happening at those levels.

Additionally, there were reports of few plants closed in Meghalaya by the State Pollution Control Board, although no official confirmation has been received yet.

However, India imported silicon metal (Grade 553, Si: 98.5%) prices remained steady w-o-w at $1,350/t CFR Mundra on 16 February.

China market trends: Ferro silicon (Si: 75%) prices in China remained flat w-o-w at RMB 5,750/t ($832/t) Ex-Inner Mongolia. The market remained stable, as many downstream enterprises suspended operations and entered holiday shutdowns, leading to weak demand. Spot transactions remained limited, as the majority of deals were executed under prior long-term agreements, reducing overall market activity.

On the supply side, producers in major manufacturing regions gradually entered holiday shutdowns during the week, resulting in slightly lower operating rates and a modest decline in output. Supported by electricity and semi-coke costs, producers were reluctant to reduce prices to clear inventory. As a result, ferro silicon prices remained steady.

ZCE futures inch down w-o-w: Ferro silicon futures on the Zhengzhou Commodity Exchange (ZCE) for April 2026 inched down by RMB 118/t ($17/t) w-o-w to RMB 5,504/t ($797/t) on 13 February, from RMB 5,622/t ($814/t) on 6 February.

Outlook

Based on existing market conditions, ferro silicon prices are expected to stay at current levels in the upcoming week.