Update on ferroalloy prices as of November 2025

The PricePedia databases include more than twenty different prices for ferroalloys, distinguished by additive metal, product specifications, and reference market.
In this article, we will focus exclusively on three types of ferroalloys: ferrochrome, ferromanganese, and ferrosilicon, providing an update on the annual average trend of prices for the different types traded.

Ferrochrome Price Analysis

Ferrochrome is the main form in which chromium is traded in the European market.
At the customs level, its classification is divided according to the percentage of carbon contained in the alloy. As this percentage varies, so do the possible uses of ferrochrome: high-carbon alloys are used in the production of common steels, while low- or ultra-low-carbon alloys are used in the manufacture of stainless and special steels, where high metal purity and greater corrosion resistance are required.

The following table compares the annual averages of European ferrochrome prices, broken down by carbon content, with the CIF import price in China for high-carbon ferrochrome (over 4%). The latter can be considered a kind of international benchmark, given that China alone absorbs almost half of the world’s ferrochrome imports.

Table of annual average ferrochrome prices, expressed in euro/ton

The table shows a common pattern among the various types of ferrochrome: after the growth phase that peaked in 2022, customs prices reversed their trend, entering a period of progressive decline.
The CIF import price in China is very similar to the European price for the alloy with the highest carbon content, both in terms of dynamics and level, with a simple correlation coefficient close to 0.9 out of a maximum of 1.
Analyzing price levels highlights the differences between high-carbon ferrochrome (over 4%) and other types, which show significantly higher prices due to their different industrial uses. In particular, medium-to-high-carbon ferrochrome (between 0.5% and 4%) already costs about twice as much as the highest-carbon type.

A further difference can be observed for ultra-low-carbon ferrochrome (below 0.05%), which in 2025 has shown a different trend compared to other types, recording an increase in average prices compared to 2024. Since the beginning of the year, the price of this type of ferrochrome has reached average levels close to 4,000 euros per ton — more than triple those recorded in Europe and China for high-carbon ferrochrome.

Ferromanganese Price Analysis

Ferromanganese is a ferroalloy mainly used in steel production. It acts both as a deoxidizer, removing oxygen and sulfur during smelting, and as an alloying agent, providing greater mechanical strength, hardness, and toughness to structural and special steels used in construction, automotive, and heavy machinery.

As with ferrochrome, the customs classification of ferromanganese distinguishes the various types according to carbon content, with higher prices for low-carbon alloys.
The following table reports the annual averages of customs prices for ferromanganese in the European Union and the United States^[1], broken down by carbon content.

Table of annual average ferromanganese prices, expressed in euro/ton

Except for the 2022 peak, when U.S. CIF prices recorded a sharper increase than European ones, customs prices in the EU and U.S. show nearly identical levels and trends, with average differences below 200 euros per ton between the two markets.

In both regions, low-carbon alloys are on average about 300–400 euros per ton more expensive than high-carbon alloys. Since early 2025, the average price of high-carbon ferromanganese has been around 1,000 euros per ton in both Europe and the United States, while low-carbon alloys average about 1,300 euros per ton in the EU and nearly 1,500 in the U.S.

Ferrosilicon Price Analysis

China is the world’s largest producer and exporter of ferrosilicon. Thanks to its abundance of metallurgical-grade silicon and relatively low production costs, the country has become a global leader in the production of this alloy, exporting it at significantly lower prices than competitors and creating downward pressure on international markets.

In 2020, to protect its domestic industry from Chinese dumping, the European Union introduced anti-dumping duties on imports of ferrosilicon from China with Regulation 2020/909, valid for five years. The general rate applied to Chinese companies is around 31.2%. Upon expiration, the EU launched a review—still ongoing—to assess a possible extension of these measures. Meanwhile, the existing duties remain in force until the review is concluded.

The following table compares the annual average prices of ferrosilicon in Europe and China, expressed in euro per ton. The table also includes the price of ferrosilicon traded on the Zhengzhou Commodity Exchange (ZCE).
The typical grade of ferrosilicon traded internationally contains more than 55% silicon. Among the prices recorded by PricePedia at the European customs level, there is also a type of ferrosilicon with a silicon content below 55%. This is a special alloy characterized by the presence of other elements, such as magnesium, which contribute to a generally higher price level compared to standard ferrosilicon.

Table of annual average ferrosilicon prices, expressed in euro/ton

The analysis of ferrosilicon prices shows that the tariff barriers introduced by the European Union have helped protect the internal market from low-cost competition from China. European prices for ferrosilicon with a silicon content above 55% by weight are on average about 300 euros per ton higher than Chinese FOB export prices.

Conclusions

The analysis of the three ferroalloy types considered reveals common price levels and dynamics across regional markets. Chinese customs prices for ferrochrome and ferrosilicon are slightly lower than their European counterparts. In the case of ferrosilicon, this difference can also be attributed to the anti-dumping duties imposed by the European Union on imports from China.
A comparison between European and U.S. ferromanganese prices shows essentially similar levels, with price differences generally below 200 euros per ton for the European price—except in 2022, when U.S. prices recorded a much larger gap exceeding 200 euros per ton.