India: Silico manganese export market remains slow during winter holidays but offers inch up

• Winter holidays cap trade, imported manganese ore prices firm
• Silico manganese export prices await post-holiday cues

Indian silico manganese export prices remained stable w-o-w despite rising concerns over imported manganese ore prices. However, lack of bulk bookings from overseas persisted due to the ongoing holidays. Exporters were unwilling to lower prices despite muted demand, as higher ore costs continued to pressure smelters. However, the hike in domestic offers has reflected in export offers too this week, resulting in a marginal uptick.

BigMint’s assessment on 29 December reveals silico manganese export prices remaining largely stable w-o-w across grades with slight uptick. The 65-16 variant stood at $902/t FOB, up by $5/t w-o-w from $897/t FOB on 22 December, while the 60-14 grade was assessed at $809/t FOB, up by $2/t w-o-w.

Market overview

Imported manganese ore prices remain unchanged: Imported manganese ore prices remained largely stable w-o-w, with only marginal variations seen. Smelters continued need-based buying due to subdued manganese alloy demand in domestic and overseas markets. Winter holidays limited inquiries at ports, keeping trading activity muted.

• Australian high-grade ore (Mn 46%): Stable w-o-w at ~$5.23/dmtu CNF Haldia/Vizag.
• Gabonese high-grade ore (Mn 44%): Stable w-o-w at ~$4.89/dmtu CNF Haldia/Vizag.
• South African lumps (Mn 37%): Down marginally by $0.02/dmtu w-o-w to ~$4.27/dmtu CNF Haldia/Vizag on limited buying by domestic mills.

Additionally, a key smelter in Durgapur informed BigMint that manganese ore prices are now being quoted above current index levels. The smelter indicated a bid of $5.01/dmtu CNF India for Gabon-origin Mn 44% due to limited supply at the exporting port. As a result, silico manganese export prices are expected to rise in the near term. Meanwhile, a recent recovery in domestic steel demand has provided some support to silico manganese prices.

China silico manganese prices edge up slightly: Chinese silico manganese prices (Mn 65%, Si 17%) remained largely stable w-o-w, edging up by RMB 40/t ($6/t) to RMB 5,610–5,880/t ($798–837/t) exw, including taxes. Prices were supported by elevated raw material costs, despite cautious buying due to weak downstream demand. Market activity remained muted, with trades largely confined to long-term contracts. Meanwhile, manganese ore prices stayed firm on limited overseas shipments and spot supply, as trader reluctance to sell and uncertainty over South African export policies and logistics disruptions extended delivery timelines, adding cost pressure for some producers.

Outlook

Export prices are expected to remain stable in the coming week due to limited overseas inquiries. Smelters anticipate an uptrend from the second week of January as export activity resumes, though price direction will depend on bulk inquiries and competing overseas supply.