India: Silico manganese export prices inch down w-o-w amid limited inquiries

• Durgapur’s offers fall, traders seal deals at lower values
• Prices of imported manganese ore edge down w-o-w

Indian silico manganese export prices dipped this week due to reduced inquiries and a slight drop in imported manganese ore prices. This led to a cautious sentiment in the market.

BigMint’s assessment on 25 March 2025 of export prices of the 65-16 grade stood at $941/tonne (t) FOB, down slightly by $6/t w-o-w. Meanwhile, the 60-14 variant also edged down by $4/t w-o-w to $850/t FOB.

A key smelter and exporter from Raipur observed, “Export prices of Indian silico manganese were under pressure this week. Lower offers from the Durgapur region and traders finalising deals at reduced rates of around $930-940/t FOB Haldia (for the 65-16 grade) led overseas buyers to lower their asking rates, further affecting the market.”

Factors impacting prices

Imported Mn ore prices decline amid weak demand: Imported manganese ore prices saw a slight decline w-o-w. This was due to reduced inquiries and lower purchase volumes, driven by weak export markets for Indian manganese alloys. Australian high-grade ore (46% Mn) dropped by $0.30/dmtu w-o-w to $5.53/dmtu, while the same variant of Gabonese origin (44% Mn) decreased by $0.28/dmtu w-o-w to $5.02/dmtu. Additionally, South African lumps (37% Mn) fell by $0.15/dmtu w-o-w to $4.48/dmtu.

Chinese SiMn prices hold steady amid market caution: Chinese silico manganese (Mn: 65%, Si: 17%) prices remained mostly steady this week, dipping slightly by RMB 20/t ($3/t) to RMB 5,930-6,310/t ($818-$870/t) exw, including taxes. Futures weakened, with the main contract seeing increased positions, followed by a downtrend. This volatility led to fewer active quotations from factories, reflecting a cautious market sentiment.

INR appreciates against USD: The Indian rupee strengthened against the US dollar over the past week. The rupee is currently trading at 85.7 compared to around 86.5 a week before.

Outlook

Silico manganese export prices may remain firm in the near term, despite limited overseas inquiries and fluctuating imported manganese ore tags. This is because suppliers are unwilling to further reduce their offers. However, subdued market sentiments and competitive offers from other suppliers could exert downward pressure on Indian prices.