- Export market dynamics impact regional offers
- Steel market weakness limits price growth
India’s manganese ore market in December 2025 has been exhibiting a mix of stable offers and slight price adjustments. MOIL Ltd. increased its manganese ore prices by 3%, effective from 1 December 2025, which applies to all ferro-grade ores (both above and below 44% Mn content) and includes categories such as Mn30% and Mn25%. Despite MOIL’s price hike, regional miners have generally maintained their offers, reflecting a nuanced market environment.
Region-wise price adjustments
Madhya Pradesh: In Madhya Pradesh, offers for manganese ore in the Mn30-32% range remained largely unchanged m-o-m in December 2025. Prices held steady at INR 9,250/t, consistent with the trend observed in November. While some producers had earlier noted a modest 1% m-o-m price increase in November, the market remained stable through December, reflecting cautious optimism. Local miners noted that although labour shortages during regional holidays had temporarily affected supply, the overall market sentiment remained neutral.
A key miner observed, “Price levels continue to follow trends set by larger producers, though supply constraints were briefly noted.”
Odisha: In Odisha, manganese ore prices for Mn30-32% grades experienced a 3% decline in December, dropping to INR 11,400/t from INR 11,750/t in November. Despite an increase in global price tags, local miners struggled to push prices higher due to buyer resistance and weak demand. A miner noted that global price hikes were not reflected locally, as buyers were unwilling to accept higher quotes amid cautious market sentiments.
Andhra Pradesh: In Andhra Pradesh, manganese ore prices showed limited movement in December. The below Mn25% grade was priced at INR 5,000/t, reflecting a 2% decline from November.
Notably, subdued domestic steel demand and the downturn in manganese alloys prices had a significant impact. Local miners noted that steel consumption has not picked up and, as a result, manganese ore bookings were very low. One miner explained, “Weak steel demand and the decline in manganese alloys prices have made it challenging to increase offers. Buyers are hesitant, and no one is booking significant quantities.”
Factors affecting prices
Imported high-grade ore prices inch up: Imported high-grade manganese ore prices edged up m-o-m. South African-origin 37% ore averaged $4.25/dmtu in November, marginally higher than $4.21/dmtu in October. Similarly, Australian-origin Mn46% ore edged up to $4.95/dmtu from $4.76/dmtu, meanwhile Gabon-origin Mn44% ore recorded a modest uptick to $4.62/dmtu, compared with $4.45/dmtu in the prior month. Tight ore supply and sluggish port logistics lifted imported manganese ore prices slightly, despite weaker alloy demand and fluctuating steel market sentiment.
Domestic silico manganese flat m-o-m: Domestic prices of 60-14 grade silico manganese remained unchanged m-o-m at INR 71,200/t ($797/t) exw Raipur in November, as per BigMint’s assessment. The price stability stems from buyers’ resistance to higher quotes, leading to limited price movements and cautious market behaviour.
Silico manganese export offers edge up: Silico manganese (60-14) export offers edged up by $3/t m-o-m to $829/t FOB India in November, compared with $826/t in October. Meanwhile, the 65-16 grade also inched up by $2/t m-o-m to $924/t FOB India in November. Meanwhile, India’s silico manganese export market remained stable this week, supported by consistent trade flows and limited competitive pressure.
Global miners’ Dec’25 offers reflect mixed trends: Global manganese ore producers’ December pricing showed mixed trends. South32 kept offers unchanged at $4.15/dmtu for South African Mn37% and $4.55/dmtu for Australian Mn42%, citing balanced supply-demand and steady Chinese buying. UMK also held its 36% lumps at $4.10/dmtu CIF China. Eramet Comilog raised prices by $0.15/dmtu to $4.50/dmtu for Mn44.5% lumps and $4.30/dmtu for Mn43% chips. Jupiter Mines set its high-grade 36.5% lumps at $4.10/dmtu CIF China.
Outlook
The domestic manganese ore market is expected to remain stable in the short term, with cautious buyer sentiment continuing to influence regional offers while export dynamics plays a key role in price movements.
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