- Billet prices rebound, but holydays-driven liquidity constraints limit silico manganese trade
- Weak export orders add to supply pressure, market awaits steel demand pass-through
Domestic silico manganese prices declined in the week ended 20 October 2026, as subdued demand and uncertainty across downstream markets weighed on buying sentiment. Buyers remained cautious about fresh bookings amid concerns over near-term price direction, limiting trade activity and increasing pressure on sellers to negotiate. With demand recovery yet to gain momentum, prices are likely to remain under pressure in the near term.
Domestic silico manganese prices declined marginally by INR 1,300/t ($ 14/t) across Raipur, Vizag, Durgapur and Raigarh, reflecting subdued buying interest amid cautious procurement by steelmakers. Prices eased to INR 82,800/t ($875/t) ex-works Raipur, INR 82,600/t ($874/t) in Vizag, INR 82,600/t ($874/t) in Durgapur and INR 82,100/t ($869/t) in Raigarh.
Market updates
Billet price recovery offers hope, but silico manganese buying remains cautious: Downstream market weakness and liquidity constraints amid holidays across key markets weighed on silico manganese demand last week. However, sentiment has started recovering, with BigMint’s billet index rising by INR 250/t w-o-w to INR 44,300/t exw-Raipur on 21 October 2026, supported by improved buying interest and moderate bookings. Despite the recovery in the steel market, silico manganese prices have yet to respond, as cautious procurement and continued uncertainty limit fresh bookings.
A key Raipur-based seller informed BigMint that elevated raw material costs are providing underlying price support, but weak demand and panic selling continue to restrict price realisation. The seller expects silico manganese prices to remain capped at around INR 83,000/t exw-Raipur in the near term, while anticipating a gradual strengthening as downstream demand improves and selling pressure eases. The key factor remains whether the recovery in billet trade translates into sustained alloy buying rather than short-term restocking.
Weak export absorption keeps domestic market under pressure: Export demand for 65-grade silico manganese remained sluggish, with fresh bulk bookings limited and buyer indications below $980/t FOB. High ocean freight costs have widened the gap between buyers’ bids and sellers’ expectations, keeping negotiations stalled. With export deals failing to materialise at prevailing offer levels, overseas demand is providing limited support to domestic prices, while available material continues to weigh on the local market amid cautious buying. As per BigMint’s assessment, export prices were down by an average of $16/t w-o-w for both major grades. The 60-14 grade decreased by $25/t to $886/t FOB Vizag/Haldia. Meanwhile, 65-16 grade prices declined by 6/t to $989/t FOB Vizag/Haldia.
Outlook
Domestic prices may remain under pressure despite rising steel prices, as limited export bookings and cautious buying continue to weigh on demand. However, sustained gains in billet prices could improve downstream buying sentiment and help ease selling pressure, supporting a gradual recovery in silico manganese prices.
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