- Key importers almost done with procurement
- Slow steel demand fuels market uncertainties
Indian silico manganese export prices dropped marginally w-o-w, as buyers engaged in need-based procurement, driven by cautious sentiment and subdued downstream demand.
BigMint’s assessment on 11 March 2025 of export prices of the 65-16 grade stood at $954/tonne (t) FOB, down by $4/t w-o-w. Meanwhile, the 60-14 variant also saw a decline of $9/t w-o-w to $857/t FOB.
Confirmed deals
Factors impacting prices
Market sees need-driven buying: Indian export prices trended down w-o-w, with key importing nations nearing the completion of their purchases. Japan, for instance, has already finished its buying cycle. In Europe, sluggish steel demand led buyers to adopt a wait-and-watch approach. As a result, procurement was limited to immediate needs only.
Muted steel demand leads to market uncertainty: Global market uncertainty, driven by ongoing economic challenges and fluctuations in the steel sector, led to more cautious procurement strategies. This conservative approach reflects concerns over price volatility, shifting demand patterns, and the potential impact of global economic conditions on future supply and pricing trends.
Buyers exercised restraint, waiting for clearer market signals before committing to larger purchases. A European buyer stated, “We are purchasing only as needed due to uncertain market conditions. The segment is closely monitoring demand fluctuations and awaiting clarity on anti-dumping duties before making further procurement decisions.”
Additionally, buyers quoted lower bids, as approximately 600 t of material were booked last week at $950/t FOB for the 65-16 variant. This indicates a shift in price expectations, contributing to the downward pressure on the market.
Global manganese ore prices hold steady: Prices of imported manganese ore (Mn 37-46%) remained largely steady w-o-w across grades. Mn44% from Gabon stood at $4.94/dry metric tonne unit (dmtu), up by $0.01/dmtu. Mn37% from South Africa was assessed at $4.57/dmtu, down by $0.03/dmtu w-o-w, and Mn46% from Australia was at $5.29/dmtu CIF India, rising by $0.01/dmtu.
Chinese silico manganese offers remain firm: Chinese silico manganese (Mn: 65%, Si: 17%) prices were firm w-o-w at RMB 5,980-6,370/t ($827-$881/t) exw, including taxes.
The Chinese market was stable w-o-w, as participants adopted a cautious stance. Offers from producers were limited, signalling a more reserved approach. Participants monitored upstream and downstream market trends, as well as upcoming steel mill bidding activities, for greater clarity on future direction.
Outlook
The outlook for Indian silico manganese export prices remains cautious. Subdued demand and selective procurement are expected to continue amid global market uncertainty.
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