China Ferrosilicon Market: Stable Prices Supported by Tight Supply and Cost Pressures

As of March 30, 2026, China’s ferrosilicon market remained stable at elevated levels, although underlying fundamentals suggest a fragile balance driven more by cost support and supply tightness than by strong demand recovery.

In major producing regions, ferrosilicon 75% prices were largely unchanged, ranging between 6,000–6,200 CNY/ton (approximately 828–856 USD/ton). Inner Mongolia and Ningxia remained at the core of supply, with prices at 6,050–6,100 CNY/ton, while Shaanxi traded slightly higher.

In consumption hubs such as Shanghai, Jiangsu, and Shandong, prices were higher at 6,400–6,550 CNY/ton (883–904 USD/ton), reflecting freight costs and steady downstream demand.

Lower grades showed mild upward movement, with FeSi 72% at 5,650–5,850 CNY/ton and FeSi 65% at around 5,500 CNY/ton. Export prices remained firm at 1,150–1,200 USD/ton FOB, highlighting China’s continued competitiveness in global markets.

On the supply side, despite increased operating rates in Ningxia, the market remains tight. Producers are maintaining low inventory levels and prioritizing futures deliveries, limiting spot availability.

Cost pressure remains a key support. Semi-coke prices rose significantly to 750–770 CNY/ton, while production costs increased to around 6,051 CNY/ton in Qinghai and 5,319 CNY/ton in Ningxia, placing a strong floor under market prices.

Demand remains stable but not strong enough to drive a breakout. While domestic steel bidding prices increased, weak global steel demand continues to cap upside potential.

Overall, the market is expected to remain stable in the short term, with a slight upward bias supported by cost and supply dynamics, but limited by moderate demand conditions