India: Ferro silicon prices stabilise as Bhutan announces Dec offers

• Limited trades as buyers await offers from Bhutan for December
• Chinese market stable despite subdued steel demand 

Indian ferro silicon (70%) prices fell by INR 500/t ($6/t) on 1 Dec, as compared to the assessment on 24 November. Ferro silicon prices in India were INR 98,000/t ($1,090/t) exw-Guwahati, as per BigMint’s assessment on 1 December. In Bhutan, prices edged up by INR 700/t ($8/t) w-o-w to INR 98,500/t ($1,096/t) exw. Around 800 t of deal was finalised last week primarily in the North Eastern region within the price bracket of INR 96,000-98,500/t ($1,068-1,096/t) exw.

Trading was largely muted as the market looked forward to offers from Bhutan for December.

Market recap (25 November – 1 December 2025)

Slow trades amid market caution: The ferro silicon market remained mostly muted in the last week of November as most sellers were either sold out or focusing on fulfilling pre-booked orders, while some continued supplying to exports. Market activity was limited as buyers awaited Bhutan’s price announcement for December.

Bhutan set ferro silicon prices at INR 99,000/t ($1,101/t) exw for December deliveries on Tuesday, people aware of the developments said, marking a significant m-o-m increase of INR 11,000/t ($122/t) exw. The rise was driven by a drop in Indian imports in October, a slight supply crunch due to SAIL tender deliveries, and Bhutan’s power imports from India.

Steadiness in Chinese prices: Ferro silicon (Si 75%) prices in China remained unchanged w-o-w at RMB 5,800/t ($820/t) ex-Inner Mongolia. The market stayed stable, supported by steady coal prices driven by stable winter demand and expectations of higher electricity settlement rates in some production areas, which encouraged producers to maintain firm offers.

However, abundant supply, weak demand from the steel sector, limited restocking by mills, and subdued export activity continued to weigh on overall market sentiment. Although some regions saw notable destocking, overall inventory pressure remained high, limiting any significant price movement.

ZCE futures edge up w-o-w: Ferro silicon futures on the Zhengzhou Commodity Exchange (ZCE) for February 2026 delivery inched up by RMB 8/t ($1/t) w-o-w, reaching RMB 5,348/t ($756/t) on Monday, compared with RMB 5,340/t ($755/t) on 24 November.

Outlook

We expect prices to stay around INR 99,000/t ($1,101/t) exw, for the week ending 5 Dec, in line with the the announcement price for December from Bhutan.