- Buyers seek steep $15-20/t discounts on current offers
- South32 keeps manganese ore offers firm for Dec’25
India’s silico manganese export prices inched down amid lacklustre demand from key importing countries. Additionally, buyers sought discounted offers, further pressuring prices.
According to BigMint’s latest assessment on 10 November 2025, India’s silico manganese export prices edged lower amid weak buying interest from key importers such as the MENA region, Southeast Asia, and Italy. The 65-16 grade slipped by $3/t w-o-w to $928/t FOB from $931/t FOB on 3 November, while the 60-14 grade declined by $5/t to $832/t FOB.
Market review
Exporters face pricing strain amid low bids: Indian smelters faced increasing pricing pressure, as buyers delayed procurement amid an uncertain outlook. Buyers reportedly sought steep discounts of around $15-20/t on current offers, which were at around $832/t FOB Haldia/Vizag for the 60-14 grade and $928/t FOB for the 65-16 grade. While most smelters remained firm with their offers, a few deals concluded near $920/t FOB dragged prices lower.
A key Raipur-based smelter informed BigMint that overseas inquiries have declined recently as buyers have adopted a strategic, wait-and-watch approach, pushing for deeper discounts. Meanwhile, producers continued to face rising production costs due to high-priced imported manganese ore and a depreciating rupee, both of which were squeezing margins. Although smelters largely held their offers firm so far, further price softening cannot be ruled out as weak global steel tags continued to limit demand support.
South32 maintains Mn ore prices for Dec’25: South32 kept its December 2025 manganese ore offers flat m-o-m, with South African Mn 37% ore priced at $4.15/dmtu and Australian Mn 42% ore at $4.55/dmtu. Prices were kept steady amid balanced supply-demand conditions, stable alloy production costs, and steady Chinese procurement sentiment. While this stability supported short-term market balance, the sentiment remained cautious on a broader level, due to global demand uncertainties.
Outlook
Given the uncertain market conditions, Indian silico manganese export prices may witness a slight downward movement, as overseas buyers continue to seek steep discounts and delay procurement through strategic buying. However, rising imported manganese ore costs could compel smelters to adopt selective or reduced production strategies to manage thin margins, potentially limiting further price declines and balancing the market in the near term.
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