India: Ferro silicon prices remain stable w-o-w, market waits for Bhutan's May'26 offers

• Market stays quiet with balanced supply, demand
  
  
• China prices stable on cost support, tight supply
  
  

Indian and Bhutanese ferro silicon (Si:70%) prices remained unchanged w-o-w on 27 April 2026. Prices were steady as market fundamentals were unchanged, and most participants remained on the sidelines, waiting for May offers from Bhutan.

In India, ferro silicon prices were at INR 107,500/t ($1,137/t) exw-Guwahati, and in Bhutan, prices stood at INR 108,000/t ($1,142/t) exw. Limited trades of around 400 t were concluded last week in both regions within the price bracket of INR 106,000-109,000/t ($1,121-1,153/t) exw.

Market highlights (21-27 April 2026)

Quiet market with steady offers: Last week, transactions remained limited as most sellers had already sold their volumes. A few participants continued to quote at levels similar to the previous week, reflecting a broadly steady pricing trend. Despite cautious demand, some suppliers maintained higher offers of up to INR 110,000/t ($1,163/t) exw; however, these levels saw little buyer acceptance, keeping trade volumes thin. Overall price stability was supported by largely unchanged market fundamentals, including balanced supply and cautious procurement.

Overall, market participants adopted a wait-and-watch approach, with attention shifting towards upcoming May 2026 offers from Bhutan, which are expected to provide clearer direction on pricing and demand sentiment in the near term.

Steadiness in Chinese prices: Ferro silicon (Si:75%) prices in China remained stable w-o-w at RMB 6,100/t ($895/t) exw-Inner Mongolia, supported by steady electricity and semi-coke costs and tight spot availability amid slow production resumption and low inventories. However, downstream steel mills continued need-based procurement, with weak finished steel demand limiting transactions and keeping sentiment cautious. Overall, the market remained balanced, with cost support offsetting subdued demand. In the near term, prices are expected to remain supported by firm costs and constrained supply, while cautious demand may cap any meaningful upside.

ZCE futures edge up w-o-w: Ferro silicon futures for June 2026 delivery on the Zhengzhou Commodity Exchange (ZCE) went up by RMB 58/t ($9/t) w-o-w to RMB 5,662/t ($830/t) on 27 April, compared with RMB 5,604/t ($822/t) on 20 April.

Outlook

May offers from Bhutan are expected to be released this week, which will provide further clarity on price trends in the days ahead.