- Cautious buyers delay purchases in anticipation of lower prices
- Tight prompt supply, firm seller offers fail to support prices
India’s silico manganese market remained under pressure during the week ended 28 July 2026, as weak buying sentiment outweighed tight near-term availability. Although sellers maintained firm offers due to pending deliveries, cautious buyers delayed purchases in anticipation of further price corrections, keeping transaction activity subdued.
According to BigMint’s assessment, domestic silico manganese prices corrected by up to INR 250/t ($3/t) w-o-w across major markets. Raipur prices declined by INR 200/t ($2/t) to INR 74,200/t ($771/t) ex-works, while Vizag eased by INR 200/t ($2/t) to INR 74,100/t ($770/t). Durgapur fell by INR 200/t ($2/t) to INR 74,100/t ($770/t), and Raigarh recorded the sharpest decline of INR 400/t ($4/t) to INR 73,400/t ($763/t).
Market overview
Tight prompt supply fails to lift market sentiment: Despite limited prompt availability, the market failed to gain upward momentum. Several producers have already committed material through mid-August, restricting immediate supplies and keeping fresh offers firm.
However, this tightness has not translated into stronger prices, as buyers remain unconvinced about near-term demand. Most spot offers were heard in the INR 74,000-74,500/t range, but concluded deals largely occurred at lower negotiated levels, reflecting buyers’ stronger bargaining position.
Buyers delay purchases expecting further price corrections: Procurement activity remained largely need-based as alloy consumers refrained from aggressive stocking. Market participants expect additional downside amid softened steel demand and improving raw material availability, prompting many buyers to postpone purchases wherever possible.
A key seller told BigMint, “Customers are enquiring regularly, but very few are converting into bookings. Buyers believe prices could soften further, so they are purchasing only immediate requirements despite limited nearby availability.” Consequently, transaction volumes remained thin throughout the week.
Weak export demand caps domestic price recovery: Export enquiries remained sluggish, limiting producers’ ability to divert material outside the domestic market. Competitive overseas offers and cautious international buying sentiment continued to weigh on Indian exporters. At the same time, domestic steel mills maintained measured procurement, preventing any meaningful recovery in prices. While sellers largely resisted steep discounts due to healthy order books extending into August, subdued downstream demand continued to exert pressure on overall market sentiment.
As per BigMint’s assessment, 65-16 grade prices fell by $6/t w-o-w to $907/t FOB, while 60-14 grade remained unchanged at $813/t FOB Haldia/Vizag.
Outlook
BigMint expects domestic silico manganese prices to remain under pressure in the near term. While tight producer availability may limit sharp declines, cautious buying, weak steel demand, and sluggish exports are likely to keep prices range-bound with a softer bias.
Additionally, the upcoming MOIL manganese ore price revision for August will also be closely watched, as it could influence raw material costs and determine the market’s near-term price direction.
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