- China inventory build sparks global manganese ore supply crunch
- Weekly cargo arrivals down at Indian port
Imported manganese ore prices maintained an uptrend across grades in the week ended 31 January, supported by rising bulk inquiries from China. Increased buying interest from the world’s largest importer has tightened global supply, lending firm support to prices.
Chinese buyers, who were earlier purchasing strategically on a hand-to-mouth basis, have now begun building inventories. This shift in procurement behavior has pushed raw material prices higher and intensified supply tightness in the global manganese ore market.
- Australian high-grade ore (Mn 46%): Up $0.03/dmtu w-o-w to $5.56/dmtu CNF Haldia/Vizag, reaching an over 10-month high. Similar price levels were last observed in the final week of March 2025.
- Gabonese high-grade ore (Mn 44%): Up $0.03/dmtu w-o-w to $5.20/dmtu CNF Haldia/Vizag
- South African lumps (Mn 37%): Up $0.07/dmtu w-o-w to $4.54/dmtu CNF Haldia/Vizag.
Market overview
China’s bulk buying creates imported ore shortage in Indian market: Chinese smelters have begun bulk purchasing to rebuild inventories, significantly tightening global manganese ore supply. As the world’s largest importer, China sources around 32 million tonnes (mnt) of imported manganese ore annually. This increased procurement has reduced availability in other regions, particularly India the second-largest buyer at around 7 mnt per year, contributing to a supply squeeze and robust ore pricing in overseas markets.
The surge in demand has left suppliers facing limited material at ports, underpinning stronger price momentum. A leading smelter from Durgapur told BigMint that manganese ore costs have become notably more expensive, especially as the Indian rupee has weakened against the U.S. dollar exchange rates are INR91.6-91.9 per USD increasing INR-based import costs and pressuring margins.
“Ore costs are rising sharply due to currency depreciation and supply tightness, which is panicking procurement,” the smelter said, adding that manganese alloy prices are expected to climb in the coming weeks. Market participants are also looking for bulk orders from the European region, where demand has remained subdued so far; renewed activity there could further support price strengthening.
Indian manganese alloys show mixed trend; silico manganese hits over 6 month high: Indian manganese alloys showed mixed sentiment on a weekly basis. Silico manganese (60-14) prices rose by INR 350/t ($4/t) w-o-w to INR 72,200–73,100/t ($787–797/t) across key markets, reaching a over six-month high, last seen in July 2025, supported by strong smelter bookings, firm spot deals, and higher raw material costs.
In contrast, HC 65-16 silico manganese export prices fell by $11/t to $910/t FOB Vizag/Haldia. Ferro manganese (70%) prices slipped by INR 200/t to INR 72,300/t in Durgapur but edged up INR 100/t to INR 72,600/t in Raipur, amid muted trading activity. Meanwhile, 75-grade export prices declined by $10/t w-o-w to $900/t FOB Vizag/Haldia.
Imported manganese ore cargo arrivals down w-o-w: Weekly manganese ore cargo arrivals (Mn37%, Mn44%, and Mn46%) to India fell by 6% to 145,370 t over 15-21 January 2026 against 154,611 t in the previous week.
Outlook
Mn ore prices are expected to remain firm in the near term, supported by continued bulk buying from China, tight port-side availability, and a weaker INR. Limited global supply and elevated demand are likely to keep prices at higher levels, with only minor corrections possible if Chinese buying slows.
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