- Fragile steel demand weighs on market, prices under pressure
- Export prices dip as global buyers stay on the sidelines
Indian silico manganese prices declined w-o-w as buying activity from steel mills slowed down. The instability in finished steel prices has led to cautious procurement, with many buyers resisting higher offer prices from producers. This hesitation has reduced trade volumes in key regions.
On the export side, sentiment remained weak. Overseas inquiries continued to be limited, with major buyers holding back as they await fresh booking opportunities. However, no significant new orders have been heard so far.
As per BigMint’s assessment on 25 November 2025, domestic prices of silico manganese (60-14 grade) witnessed a slight dip across regions. In Raipur, prices reached INR 70,300/tonne (t) ($789/t) exw, reflecting a w-o-w decrease of INR 1,100/t ($13/t). Prices have hit over one-month low, as similar levels were seen in early Oct’25, as per data maintained with BigMint.
In Durgapur, rates were assessed at INR 70,800/t ($806/t), down by INR 500/t ($6/t). Prices in Vizag also dipped by INR 400/t ($5/t) to INR 69,900/t ($803/t). Meanwhile, prices in Raigarh fell by INR 1,100/t ($13/t) to INR 69,300/t ($776/t) exw.
The premium 60-15 grade remained stable w-o-w, trading near INR 73,000/t ($818/t), although a few deals were concluded at slightly lower levels. In Raipur, weekly trade volumes improved to around 3,100 t, rising sharply from last week’s 1,200 t despite overall cautious market sentiment.
Confirmed deals (as per BigMint)
Market overview
Uncertainty persists as steel prices remain tepid: Billet prices showed only a marginal improvement this week, ticking up by INR 450/t ($5/t) w-o-w, but the overall market remained weak. The slight rise failed to reflect genuine demand strength, as finished steel consumption stayed muted and buyers continued to operate cautiously. Moderate bookings only offered temporary support, while most sellers held firm mainly out of hope rather than actual market momentum.
The previous week’s volatility further highlighted market instability, with frequent price fluctuations creating uncertainty across value chains. As of 26 November, BigMint’s billet index stood at INR 36,150/t ($392/t) exw-Raipur.
Lack of bulk inquiries affects export offers: India’s silico manganese export market witnessed a mild downward trend this week reflecting continued weakness in international buying interest. Exporters reported a notable absence of bulk inquiries from major overseas buyers, which has kept overall market sentiment subdued and slowed fresh order placements.
According to BigMint’s latest assessment on 25 November, export prices recorded a slight w-o-w decline. The 65-16 grade slipped by $9/t, settling at $919/t FOB compared with $928/t FOB on 17 November. Similarly, the 60-14 grade eased by $7/t to $823/t FOB. The persistent softness in demand across key importing regions continues to weigh on prices and trading activity.
Outlook
The domestic silico manganese market is likely to stay under pressure in the near term as overseas buyers delay bookings and bulk inquiries remain limited. Weak sentiment in key regions may push suppliers to lower offers to boost trade. Until restocking improves or steel demand strengthens, prices are expected to remain soft, with only limited support possible from pre-holiday orders or a pickup in mill output.
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