Price trend

Boosted by news and expectations of rising raw material prices, the ferrosilicon futures market had risen strongly, significantly boosting market sentiment. In addition, in some regions, factories did not have a lot of spot goods and mainly produced according to orders. The industry sentiment was temporarily high, and market prices were skyrocketing, making it difficult to find low-priced sources of goods. According to the Commodity Market Analysis System of SunSirs, on July 28th, ferrosilicon (brand: FeSi75-B; The market price for natural blocks (granularity grade/mm) in Ningxia region was between 5,500-5,600 RMB/ton, with an average market price of 5.511 RMB/ton, an increase of 5.55% from Monday.

Influence factor

Raw material semi-coke market: This week, the overall semi-coke market in China remained stable, with some enterprises experiencing slight increases. As of July 25th, the mainstream prices for small and medium-sized materials in the Shenmu market were 535-630 RMB/ton, and 420-470 RMB/ton for coke flour; The price for medium materials in Fugu Market was 620-650 RMB/ton, for small materials it was 590-700 RMB/ton, and for coke flour it was 410-520 RMB/ton; The mainstream price of coke in the Zhongwei market was 490 RMB/ton; Shizuishan Market Mixed materials was 500 RMB/ton; The price of small and medium-sized materials in the Ordos market was 500-600 RMB/ton, and the price of coke flour was 490 RMB/ton; The price of small and medium-sized materials in Hohhot market was 620 RMB/ton, and the price of coke flour was 540 RMB/ton; The price of small and medium-sized materials in Hami market was 580-700 RMB/ton, coke flour was 240 RMB/ton, and mixed materials were 195-280 RMB/ton; The price of small and medium-sized materials in Changji market was 850 RMB/ton, and the price of coke flour was 350 RMB/ton, both of which were ex factory cash prices including tax; The price of small and medium-sized coal in Tianjin Port was 820-900 RMB/ton, all of which were cash inclusive of taxes at the port closing price; The prices of small materials in Yumen market were 280-460 RMB/ton, coke flour price was 310-600 RMB/ton, and coal powder price was 440-470 RMB/ton, all of which were cash inclusive of tax at the factory price.

Construction progress

The operating rate had not changed much last week. As of July 24th, the national operating rate (capacity utilization rate) was 33.33%, an increase of 0.88% compared to last week’s previous week; The daily average production was 14,615 tons, an increase of 2.31% compared to last week’s previous week and an increase of 330 tons.

Downstream situation

Domestic steel mills had decent profits, and as the end of the month approached, some started bidding for August. As of July 25th, ferrosilicon industry players were focusing on a new round of steel bidding performance, and the overall market was still relatively active. The export situation was still relatively weak. According to customs data, the export volume of Chinese ferrosilicon (Si>55%) in June 2025 was 32,088.74 tons, a decrease of 8.91% compared to the previous month and an increase of 16.72% year-on-year.

Future outlook:

The fundamental changes in the ferrosilicon market were not significant in the short term, and coupled with the easing of the export market, the situation of loose supply remained a prominent contradiction. Futures market participants in the industry were more active in their operations, and their actual trading performance was relatively active. For the future market, it is necessary to observe the guidance of the steel market situation at the end of the month and the actual trading sentiment in the industry caused by fluctuations in the futures market. In the short term, the price of ferrosilicon tends to be strong, and it cannot be ruled out that some grades may have some looseness.

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