Indian silico manganese export prices steady w-o-w amid thin overseas demand

• Imported Mn ore sees mild correction, Indian export market faces selling pressure
• Fresh bulk deals to set direction as SiMn prices stay stable

India’s silico manganese export prices remained largely stable on weekly basis amid limited buying interest from overseas markets. Key producers were primarily engaged in fulfilling earlier commitments, which constrained spot availability in the export market and helped keep prices within a narrow range, despite a marginal decline. Meanwhile, imported manganese ore prices softened slightly for higher-grade material last week, while lower-grade ore prices remained unchanged. This cost stability prevented a sharp downside in silico manganese prices. However, in the absence of fresh export bookings, the market continues to face underlying selling pressure.

According to BigMint’s assessment dated 22 December, Indias silico manganese export prices registered a down w-o-w of roughly $2/t across both major grades. The 65-16 variant slipped to $900/t FOB from $901/t FOB on 15 December, while the 60-14 grade down by $3/t to $807/t FOB.

Market Overview

Imported Mn ore sees mild correction; January 2026 offers lend support: Imported manganese ore prices for high-grade material (Mn 44% and 46%) edged down w-o-w, while Mn 37% prices remained stable. The slight correction in high-grade prices was driven by cautious buying in the overseas manganese alloys market, though firm January 2026 offers from major miners supported overall sentiment.

• Australian Mn 46%: Down $0.02/dmtu to $5.22/dmtu CNF Haldia/Vizag
• Gabonese Mn 44%: Down $0.02/dmtu to $4.88/dmtu CNF Haldia/Vizag
• South African Mn 37%: Stable at $4.29/dmtu CNF Haldia/Vizag

A key producer from Raipur indicated that prices are likely to find support, with an upward trend expected in the near term. Smelters have limited scope to offer discounts as higher manganese ore costs and a depreciating INR continue to increase production expenses, leaving sellers little flexibility to soften prices. Current asking prices are around $800/t FOB for SiMn 60-14 and $885/t FOB for SiMn 65-16 from Haldia/Vizag. However, while fresh orders remain limited, smelters are strategically managing output to balance the supply-demand equation.

Chinese silico manganese prices (Mn 65%, Si 17%) remained largely stable w-o-w at RMB 5,570–5,840/t ($791–822/t) exw, inclusive of taxes. Firm manganese ore prices and higher overseas miner quotations continued to support prices by pushing up smelters’ production costs, despite sluggish spot demand. Additional cost pressure from coke and auxiliary materials, along with limited availability of high-grade ore, has strengthened miners’ bargaining power. As a result, strong selling resistance persists, and cost-side support is expected to keep prices stable in the near term.

Outlook

While fresh bulk bookings could boost prices over the course of December and early January 2026, elevated ore costs continue to limit the scope for further price discounts.