- Silico manganese prices inch up on supply tightness
- Billet prices soften amid subdued steel consumption
State-owned mining company MOIL Ltd. has announced that the prices of its manganese ore will remain unchanged for November 2025, effective 1 November 2025. The prices of all ferro grades – including variants with manganese content above and below 44%, as well as all SMGR categories, including Mn30% and Mn25% – have been maintained at the levels announced in October 2025.
The decision to hold prices steady reflects a balanced market outlook and follows the 6.4% (all ferro grades) and 5.2% (SMGR) price hikes implemented in the previous month.
Factors affecting prices
Imported high-grade ore prices inch up m-o-m: Imported high-grade manganese ore prices remained largely stable m-o-m. South African-origin 37% ore averaged $4.21/dmtu in October, marginally higher than $4.18/dmtu in September. Similarly, Australian-origin 46% ore edged up to $4.76/dmtu from $4.73/dmtu, while Gabon-origin Mn44% ore recorded a modest uptick to $4.45/dmtu, compared with $4.42/dmtu in the prior month. The narrow price movements underscore a steady and range-bound market, supported by stable demand and consistent portside inventories in China.
Domestic silico manganese prices inch up m-o-m: Domestic prices of 60-14 grade silico manganese inched up by INR 1,700/t ($19/t) m-o-m to around INR 71,200/t ($802/t) exw Raipur in October, compared with INR 69,500/t ($791/t) in September, as per BigMint’s assessment. Silico manganese prices in India edged up due to raw material shortages and monsoon-related transport disruptions, which tightened supply chains amid steady demand.
India’s SiMn export offers edge higher m-o-m: Silico manganese (60-14) export offers edged up m-o-m to $826/t FOB India in October, compared with $819/t in September. Meanwhile, the 65-16 grade also inched up by $6/t m-o-m at $921/t FOB India in October. Indian silico manganese export prices edged higher, supported by increased inquiries from overseas buyers. A few deals were finalised at higher levels, further boosting market sentiment.
Global miners’ Nov offers edge up: Global manganese ore producers’ pricing for November 2025 reflected divergent trends. South32 lifted offers for South African 37% and Australian 42% ores by $0.05/dmtu m-o-m to $4.15 and $4.55/dmtu, respectively, supported by improved sentiment and stable Chinese portside prices. Eramet Comilog raised its Gabon-origin Mn44.5% and Mn43% ore offers by $0.08/dmtu to $4.35 and $4.15/dmtu, citing firm Chinese demand and tightening supply.
Indian billet prices drop m-o-m: Domestic billet prices dipped by 4% m-o-m to INR 35,100/t ($395/t) exw-Raipur in October, compared with INR 36,800/t ($415/t) in September. The steel market has remained in a slump for an extended period, and uncertainty continues regarding the outlook, though there is hope for a rebound in November.
Outlook
Manganese ore prices are expected to remain stable in the near term, supported by balanced supply-demand fundamentals, while steel sector recovery and post-monsoon logistics improvement may foster gradual price optimism ahead.
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