- Cautious buying offsets impact of rising ore costs
- Middle East tensions continue to impact exports
Indian silico manganese export prices remained largely stable with a slight uptick amid rising imported manganese ore prices, as smelters attempted to push offers marginally higher. However, escalating geopolitical tensions have hampered export market activity. Despite the increase in production costs, the impact on export offers has remained limited due to subdued demand and cautious overseas buying.
BigMint’s assessment on 9 March 2026 indicates that Indian silico manganese export prices remained largely stable, with a slight uptick across grades. The 65-16 grade was assessed at $916/t FOB, up by $2/t w-o-w from $914/t FOB on 2 March, while the 60-14 grade was assessed at $820/t FOB, rising by $3/t w-o-w.
Market overview
Smelters attempt price push as imported ore prices climb: Silico manganese export prices remained relatively firm, as Indian smelters attempted to keep offers stable amid rising imported manganese ore costs. However, limited trade activity in the export market restricted buyer acceptance of higher prices. India relies on exports for nearly 40% of its total silico manganese production. In CY’25, shipments to the MENA region stood at around 0.27 mnt, accounting for nearly 21% of India’s total silico manganese exports. However, export volumes have slowed in recent weeks due to escalating geopolitical tensions. Key buyers from the MENA and Gulf Cooperation Council (GCC) regions have reduced procurement, partly due to logistical disruptions such as container shortages and limited insurance coverage for CIF shipments amid rising geopolitical risks. This created uncertainty in the market, prompting cautious buying and resulting in a buildup of surplus supply in the domestic market.
Imported manganese ore prices climb as smelters secure material amid logistics issues: India’s imported manganese ore prices increased w-o-w amid rising concerns over supply constraints. Indian smelters stepped up procurement due to persistent supply tightness and container shortages linked to ongoing geopolitical tensions. At the same time, higher offers from key miners have supported buying activity, as smelters anticipated further pressure on supply and costs in the near term.
Australian high-grade ore (Mn 46%) rose by $0.23/dmtu w-o-w to $5.86/dmtu CNF Haldia/Vizag, reaching over a one-year high last seen on 15 March 2025. Gabonese high-grade ore (Mn 44%) increased by $0.22/dmtu to $5.48/dmtu CNF Haldia/Vizag, also touching a one-year high, while South African lumps (Mn 37%) gained $0.20/dmtu to $4.89/dmtu CNF Haldia/Vizag, marking a more than 1.5-year high, with a similar level last recorded on 20 July 2024.
Tight ore supply pushes Chinese silico manganese prices higher: Chinese silico manganese prices (Mn 65%, Si 17%) edged up by RMB 165/t ($24/t) w-o-w to RMB 5,910-6,210/t ($857-900/t) ex-works, inclusive of taxes, as of 6 March 2026. The uptick was mainly supported by firm raw material costs and tight manganese ore supply. Additionally, rising freight and electricity costs further increased production expenses for smelters. However, demand remained subdued as steel mills continued cautious, need-based procurement amid weak profitability, limiting stronger price gains in the market.
Outlook
Indian silico manganese export prices are expected to remain largely stable in the near term. Rising imported manganese ore costs may continue to support offers from smelters; however, weak overseas demand and cautious buying from key markets may limit significant price gains. Ongoing geopolitical tensions and logistical disruptions could further slow export activity, potentially keeping trade volumes subdued.
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