- Strong miner sentiment and limited supply push prices higher
- Rising global ore prices, steady demand support gains
Manganese ore prices across key Indian states rose for April deliveries, driven by firm miner sentiment, controlled supply, and strong ferro alloy demand, with buyers accepting higher offers despite persistent margin pressures.
Additionally, state-owned MOIL Limited raised manganese ore prices sharply, effective 1 April 2026. This marked the highest increase in two years. Prices of ferro grades with over 44% Mn content were increased by 15%, while grades below 44% saw a 17.5% hike. Within the SMGR segment, prices of Mn 30%, Mn 25%, fines, and chemical grades were also raised by 17.5%.
Region-wise price adjustments
Madhya Pradesh
Manganese ore offers in Madhya Pradesh rose sharply for April deliveries, driven by MOIL’s steep 15-17.5% price hike, which set the domestic benchmark. Tight availability of mid- to high-grade ore (30-44% Mn), coupled with rising imported ore prices, further supported the uptrend.
Increased mining costs, including diesel, labor, and operational expenses, added pressure on suppliers. Ferro alloy producers resumed restocking amid low inventories, sustaining demand. Miners remain bullish, with some holding stocks anticipating further price increases.
Odisha
Odisha’s manganese ore offers for April increased, driven by aggressive upward revisions by miners amid strong realisation trends and limited high-grade availability. Unlike other regions, price gains were led by firm seller control, with miners pushing offers higher on the back of steady demand from nearby ferro alloy units.
Tight supply of 30% Mn grades and improved lifting at elevated levels supported the uptrend. Miners remain confident of sustaining higher prices, citing controlled releases and favorable market conditions.
Andhra Pradesh
In the Vizag market, manganese ore prices firmed due to higher landed costs of imported ore and strong port-side demand dynamics. Being a trading hub, offers were largely influenced by replacement cost pressures rather than mine output. Traders reported reduced inflows and firmer seller expectations. Miners and stockists highlighted that elevated freight and handling costs are squeezing margins, prompting higher offer levels. However, alloy producers are resisting aggressive buying, leading to slower deal closures despite overall firm market sentiment.
Factors affecting prices
Imported high-grade ore prices rise m-o-m: In March, imported high-grade manganese ore prices gained m-o-m, driven by geopolitical tensions and tight supply. South African 37% grade averaged $5.05/dmtu, up $0.41/dmtu from February; Australian 46% ore rose $0.37/dmtu m-o-m to $5.94/dmtu; and Gabonese 44% material increased $0.35/dmtu to $5.56/dmtu, reflecting supply constraints and elevated global risk factors impacting shipments.
Domestic silico manganese prices edge up m-o-m: Domestic prices of 60-14 grade silico manganese increased by INR 600/t ($6/t) m-o-m to INR 74,400/t ($793/t) exw Raipur in March, according to BigMint’s assessment. Strong smelter bookings at higher levels and elevated spot deals supported the market, while rising raw material costs and limited availability of cheaper material kept prices elevated.
India’s silico manganese export offers inch up: Silico manganese export offers rose marginally, with 60-14 grade prices edging up by $1/t m-o-m to $825/t FOB India from $824/t in February. Prices of the higher-grade 65-16 material also inched up by $1/t m-o-m to $921/t FOB India. Improved buying interest amid stable raw material costs and limited spot availability encouraged sellers to revise offers upward, resulting in modest gains across major export grades.
Global manganese ore miner raises April offers: Eramet Comilog, a major manganese ore exporter from Central Africa’s Gabon, lifted its price for 44.5% Mn content manganese lump ore by $0.27/dmtu m-o-m to $5.25/dmtu CIF China for April shipments, according to Mysteel.
Indian billet prices edge up m-o-m: Domestic billet prices edged up by 1% m-o-m to INR 41,500/t ($442/t) exw-Raipur in March, compared with INR 40,900/t ($436/t) in February.
Outlook
Manganese ore prices are expected to remain firm with an upward bias, supported by high import costs, MOIL benchmarks, and tight supply, though weak alloy margins may cap sharp increases.
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