India: Ferro silicon prices remain under pressure as imports continue to rise

• Indias ferro silicon imports rise 15% m-o-m in April
  
  
• ZCE futures prices inch up by RMB 54/t ($21/t) w-o-w
  
  

Indian ferro silicon (70%) prices remained unchanged in comparison with the last assessment on 12 May 2025. Prices are stable with the market witnessing minimal fluctuations over the last week and trading activities happening in the North eastern region.

Ferro silicon prices in India were assessed at INR 94,700/t ($1,108/t) exw-Guwahati, as per BigMints assessment on 19 May. Around 2,300 t of deals were concluded last week in North east India within the price range INR 93,500-95,500/t ($1,094-1,117/t) exw.

Market summary (13-19 May 2025)

Tight supplies, demand still low: As per latest information, 3 plants are closed in Meghalaya due to pollution control violations, maintenance and power tariff issues. With combined capacity of around 3,000 t per month, supplies were impacted a bit but with limited inquiries, prices kept steady. In addition, key Bhutanese sellers are also sold out for this month.

A prominent seller from Bhutan recently told BigMint, Market seems to be dull right now. Emerging trends also remain uncertain."

Market uncertain as imports surge again: As was seen earlier, buyers' preference for imported material could also be one reason for limited demand in the domestic spot market. April saw a 15% m-o-m rise in imports to 20,716 t as against 17,971 t in March. Bhutan remained a major supplier; however, Malaysias exports jumped by 251% m-o-m to 3,030 t in March.

Chinese prices steady: Ferro silicon (Si:75%) prices in China remained stable, inching down slightly by RMB 70/t ($10/t) w-o-w to RMB 6,170/t ($856/t) exw-Inner Mongolia. The market is still in a slow recovery phase and there are expectations of improvement in demand and support from domestic macroeconomic factors.

As inventories have continued to build, traders remained cautious, favouring controlled shipments and timely profit-taking to manage risks. Terminal demand showed gradual recovery, with an increase in downstream and price inquiries. Overall, inventory pressure remained manageable.

On the Zhengzhou Commodity Exchange (ZCE), prices edged up by RMB 54/t ($21/t) w-o-w to RMB 5,690/t ($789/t) on 19 May for July deliveries.

Outlook

Prices are expected to stay rangebound in the days ahead, although the possibility of a slight correction can't be ruled out.