- Rise in imported ore prices, weak rupee keep production costs high
- Indian market still waiting for demand to emerge from Europe
India’s silico manganese export prices increased slightly w-o-w on 17 February 2026, attributed to smelters’ rising cost pressures. Imported ore prices increased marginally, while landed costs remained elevated due to a weak rupee, though it has strengthened slightly over the past weeks. However, trading activity was limited in the export market. Buyers adopted a wait-and-watch approach and inventory build-up. Although buyers’ asking prices remained on the lower side, smelters were unwilling to offer discounts in view of rising imported manganese ore costs.
BigMint’s assessment on 16 February 2026 reveals silico manganese export prices rose slightly by $3/t across grades. The 65-16 variant stood at $924/t FOB, up by $2/t w-o-w from $922/t FOB on 9 February, while the 60-14 grade was assessed at $830/t FOB, up $4/t w-o-w.
Market overview
High-grade imported ore prices rise modestly: Indian imported manganese ore prices remained largely stable w-o-w on 14 February, as supply constraints continued across key exporting regions. Firm offers in the domestic manganese alloys segment further supported price stability. Australian high-grade ore (Mn 46%) edged up by $0.01/dmtu w-o-w to $5.55/dmtu CNF Haldia/Vizag, while Gabonese high-grade ore (Mn 44%) also rose marginally by $0.01/dmtu to $5.19/dmtu. Meanwhile, South African lumps (Mn 37%) remained unchanged w-o-w at $4.62/dmtu CNF Haldia/Vizag.
Slight rupee appreciation fails to ease cost burden for smelters: With the Indian rupee currently hovering around INR 90.7-90.8 per US dollar, the landed costs of imported manganese ore remained elevated. Although the rupee has strengthened slightly in recent weeks, the relief has been limited and has not provided meaningful cost support to smelters. While producers continue to hold firm on prices, citing still-high production expenses, buyers reduced their bids marginally due to the slight cost relief.
EU demand remains lacklustre: A key Durgapur-based player informed BigMint that the Indian market is still waiting for buying interest to emerge from Europe, noting that this is the first time since the quota regime that enquiries from the region have been largely absent. While demand from the Gulf Cooperation and Far East markets is currently supporting prices, participants expect the market to remain stable in the near term. However, lower asking prices from overseas buyers could exert downward pressure if this trend persists.
Outlook
Export prices will stay under pressure amid cautious buying sentiment. However, rising manganese ore costs are likely to lend support, keeping prices broadly within the current range despite subdued demand.
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