- Alloy prices rise but fail to support imported ore offers
- South32, Eramet reduce Jul’26 offers amid muted demand
Imported manganese ore prices remained under pressure in the week ended 6 June 2026, amid muted trade activity, persistent container shortages, and depreciation of the Indian rupee, which dampened buying interest and limited fresh bookings.
Weak demand prompted key overseas miners to scale back July shipment allocations, while recent bulk transactions concluded at lower levels have established a softer benchmark for the market.
Despite the subdued ore sentiment, manganese alloy prices edged higher, supported by increased landed costs of imported ore due to a weak rupee and elevated input costs.
- Australian high-grade ore (Mn 46%) fell by $0.40/dmtu w-o-w to $5.8/dmtu CNF Haldia/Vizag.
- Gabonese high-grade ore (Mn 44%) decreased $0.11/dmtu w-o-w to $5.69/dmtu CNF Haldia/Vizag.
- South African lumps (Mn 37%) were down by $0.9/dmtu w-o-w to $4.78/dmtu CNF Haldia/Vizag.
Market overview
Ore demand muted amid currency depreciation, logistics constraints: Imported manganese ore demand remained subdued in the domestic market during the week ended 6 June 2026, due to persistent container shortages and the depreciation of the Indian rupee.
The USD/INR exchange rate weakened to around INR 95.39/USD as of 5 June 2026, compared with levels below INR 94/USD a month earlier, increasing the rupee-denominated cost of ore and squeezing smelter margins.
In response to the higher cost environment, alloy producers maintained firm offers to pass through rising input costs, which provided cost-push support to manganese alloy prices and led to a marginal improvement during the week.
Key miners cut Jul’26 Mn ore offers amid weak overseas demand: Weak overseas demand prompted key miners to revise down their July 2026 offers, reflecting a cautious sentiment in the global manganese ore market.
South32 reduced its Mn 37% offer by $0.15/dmtu m-o-m to $4.85/dmtu, while Eramet Comilog lowered its Mn 44.5% and Mn 43% offers by $0.27/dmtu each to $5.18/dmtu and $4.98/dmtu, respectively.
The downward revisions, coupled with recent bulk transactions concluded at discounted levels, suggest that suppliers are prioritising shipment placements and volume offtake over price realisations amid subdued buying interest.
Manganese alloy prices gain despite MOIL’s ore price cuts: Indian manganese alloy prices moved up on a weekly basis, supported by improved domestic and export demand. Silico manganese 60-14 prices rose by INR 425/t ($4/t) w-o-w to INR 74,400-75,400/t, while high-carbon silico manganese 65-16 export prices edged up by $1/t to $906/t FOB Vizag/Haldia. Ferro manganese 70% prices also increased marginally by INR 300-400/t across key markets, with 75% grade export prices gaining $4/t to $912/t FOB Vizag/Haldia.
Firm buying interest and higher input costs supported seller confidence and enabled smelters to maintain firm offers. Meanwhile, state-owned MOIL cut manganese ore prices effective 1 June, reducing ferro-grade ore prices by 5-6%, which may provide some relief to alloy producers in the near term.
Imported manganese ore arrivals rise w-o-w: Weekly manganese ore cargo arrivals (Mn37%, Mn44%, and Mn46%) to India increased by 17% to 214,703 t over 24-30 May 2026 against 182,84 t in the previous week.
Outlook
BigMint expects imported manganese ore prices to remain weak-to-stable, as subdued buying and lower overseas offers weigh on sentiment, while higher landed costs due to container shortages and a weaker rupee limit downside risks.
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