- Silico manganese market faces weak export demand
- Domestic billet prices remain largely stable m-o-m
State-owned miner MOIL has announced its manganese ore pricing effective from 1 September 2025. According to the company’s official release, prices for all ferro grades — both above and below 44% Mn content — remain unchanged. Similarly, prices for all SMGR categories, including Mn30% and Mn25%, have also been rolled over m-o-m.
Last month, MOIL raised ferro grade prices by 3% and cut SMGR grades, including Mn30% and Mn25%, by 3%.
Factors affecting prices
Domestic silico manganese prices drop significantly m-o-m: Domestic prices of 60-14 grade silico manganese decreased by INR 1,900/t ($22/t) m-o-m to around INR 71,000/t ($805/t) exw Raipur in August, compared with INR 72,900/t ($827/t) in July, as per BigMint’s assessment. Indian silico manganese prices recntly dropped to a 3-month low in Raipur, driven by weak export demand and limited inquiries.
India’s SiMn export offers edge down m-o-m: Silico manganese (60-14) export offers inched down by $7/t m-o-m to $848/t FOB India in August, compared with $855/t in July. Meanwhile, the 65-16 grade remained unchanged m-o-m at $932/t FOB India in August. India’s silico manganese export prices edged down m-o-m amid limited inquiries, as buyers from key markets remained cautious.
Imported high-grade ore prices edge up m-o-m: South African-origin manganese ore (37%) prices increased slightly to a monthly average of $4.18/dry metric tonne unit (dmtu) in August, compared with $4.06/dmtu in July. Meanwhile, for manganese ore of Australian (46%) origin, prices rose by 2% to $4.72/dmtu in August as against $4.62/dmtu in July. Gabon-origin ore (Mn44%) also moved up by 2% to $4.41/dmtu in August, as against $4.32/dmtu in July.
Global miners lift offers for Sep’25: In September 2025, major manganese ore suppliers raised their CIF China offers. Jupiter Mines and UMK set prices for 36-36.5% semi-carbonate lumps at $4.05/dmtu, up $0.15/dmtu m-o-m. Eramet Comilog increased offers for Mn44.5% and Mn43% Gabonese ore to $4.27/dmtu and $4.07/dmtu, respectively – each up $0.07/dmtu m-o-m. South32 raised its offers to $4.05/dmtu for South African 37% ore (up $0.15/dmtu) and $4.45/dmtu for Australian 42% ore (up $0.10/dmtu), reflecting a firmer global pricing trend.
Indian billet prices remain largely stable m-o-m: Domestic billet prices edged up by 1% m-o-m to INR 37,400/t ($424/t) exw-Raipur in August, compared with INR 37,000/t ($420/t) in July. The slight uptick was driven by steady domestic demand, some supply disruptions, and relatively firm sponge iron and scrap prices.
Outlook
Manganese ore prices are likely to remain stable in the near term, supported by supply constraints, but subdued domestic demand and cautious buyer activity may limit any significant upward movement.
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