India: Silico manganese prices stay firm w-o-w; exports rise 13% y-o-y in H1FY’26

• Geopolitical tensions weigh on export prices this week
• Firm demand lifts exports in H1 despite INR fluctuations

Indian silico manganese export prices remained largely range-bound this week, supported by stable demand from Asia and the Middle East. Meanwhile, Indian exports grew 13% y-o-y in H1FY’26, due to firm global demand.

Indian export prices remain firm w-o-w

As per BigMint’s latest assessment, export prices of the 65-16 grade remained largely stable, edging down by $1/tonne (t) w-o-w to $929/t FOB. Meanwhile, the 60-14 variant registered an increase of $2/t w-o-w to $835/t FOB.

Although overall market sentiment stayed stable, a few major importing nations witnessed marginal price reductions, primarily due to fluctuating currency exchange rates and heightened geopolitical tensions stemming from the ongoing conflict in the MENA region. These developments slightly disrupted trade activity and shipping schedules, particularly for shipments routed through the Red Sea and Suez Canal, leading to minor logistical delays and higher freight costs.

Indian silico manganese exports rise 13% y-o-y in H1FY’26

India’s silico manganese export market continued to display strength in the first half of FY’26 (April-September 2025), with total exports rising to 0.63 million tonnes (mnt) — a 13% y-o-y increase compared to 0.56 mnt in H1FY’25. The rise was largely supported by consistent demand from key importing nations, especially in Southeast Asia, alongside stable production levels and improved raw material availability.

Among major destinations, exports to Japan rose by 17% y-o-y to 0.07 mnt in H1FY’26 from 0.06 mnt a year earlier, reaffirming the country’s position as one of the leading buyers of Indian silico manganese. Other countries, such as Italy, the UAE, and Turkiye, also remained among the largest importers, sustaining steady procurement through long-term contracts. Competitive freight offers and efficient logistics further strengthened India’s export performance, allowing suppliers to expand their global reach despite currency fluctuations and geopolitical tensions in the MENA region.

The depreciation of the Indian rupee (INR) against the US dollar in recent months kept Indian export prices supported in H1FY’26. Notably, the Indian rupee fell 0.65% to 88.09 against the dollar towards end-August, responding to the additional tariffs imposed by the US.

Outlook

In the near term, India’s silico manganese export prices are likely to remain stable, supported by rising production and raw material costs that limit any price reduction by smelters. Although market demand is moderate, cost pressure and firm input prices are expected to keep export prices robust and range-bound in the coming weeks.