India: Imported manganese ore prices gain on supply crunch, firm Chinese demand

• Eramet hikes prices in Dec amid lower ore output
• Manganese alloy prices show mixed trends w-o-w

India’s imported manganese ore prices increased w-o-w, especially across higher grades, extending the uptrend seen in previous weeks. This was driven by tightening global supply as output from key miners declined. The situation was further compounded by increased buying interest from China.

• Australian high-grade ore (46% Mn): Prices increased slightly by $0.23/dmtu w-o-w to $4.99/dmtu CNF Haldia/Vizag.
• Gabonese high-grade ore (44% Mn): Prices rose by $0.21/dmtu w-o-w to $4.66/dmtu CNF Haldia/Vizag.
• South African lumps (37% Mn): Prices remained largely stable with a slight dip of $0.01/dmtu w-o-w at $4.25/dmtu CNF Haldia/Vizag.

Market review

Eramet posts 8% y-o-y drop in output in Q3CY’25: Key global miners have witnessed a notable reduction in output in recent months, tightening manganese ore availability in the seaborne market.

Eramet, the world’s leading manganese ore producer, reported an 8% y-o-y fall in output to 1.87 million tonnes (mnt) in Q3CY’25, compared with 2.04 mnt in Q3CY’24. The company also revised its annual manganese ore transportation guidance downward to 6.1-6.3 mnt, from 6.5-7 mnt announced earlier.

Eramet Comilog’s price hike lifts Indian import offers: Eramet Comilog, a leading manganese ore exporter from Gabon, set its December 2025 shipment prices at $4.50/dmtu CIF China for Mn 44.5% lumps and $4.30/dmtu for Mn 43% chips, both up by $0.15/dmtu m-o-m. The price hike comes amid firm Chinese demand and tightening global supply conditions, which in turn have pushed Indian imported manganese ore prices higher.

Ferro manganese prices rise on tight supply, silico manganese steady w-o-w: Indian manganese alloy prices remained largely firm on a w-o-w basis. Prices of high-carbon ferro manganese (70%) increased by INR 1,200/t ($14/t) w-o-w to INR 73,200/t ($826/t) ex-Durgapur and by INR 1,000/t ($11/t) to INR 73,100/t ($825/t) ex-Raipur. The uptrend was primarily driven by supply shortages in the domestic market.

Meanwhile, silico manganese (60-14) prices remained mostly stable with a marginal dip of INR 50/t ($1/t) w-o-w to INR 71,800-72,000/t ($810-812/t) across Durgapur, Raipur, and Vizag. The slight decline was attributed to muted spot demand and cautious buying sentiment, despite restricted supply from key producers.

Outlook

Tight global supply and firm Chinese demand are expected to keep manganese ore prices supported in the near term. However, any improvement in output from major miners or a slowdown in Chinese buying activity could limit further upside in prices.

Imported cargo arrivals rise w-o-w: Weekly manganese ore cargo arrivals (Mn37%, Mn44%, and Mn46%) to India inched up by 2% to 55,908 t over 22-28 October against 54,470 t in the previous week.