- Cautious sentiment weighs on Indian billet tags
- Export slowdown pressures domestic market
Indian silico manganese prices dipped w-o-w amid a softening market and fluctuating steel prices. Weak buying sentiment and limited support from the finished steel segment weighed on demand, while mills across key consuming regions remained cautious, capping any upward price momentum and pulling domestic prices slightly lower.
As per BigMint’s assessment on 11 November 2025, domestic prices of silico manganese (60-14 grade) witnessed a slight dip across key regions. In Raipur, prices reached INR 71,900/tonne (t) ($814/t) exw, reflecting a w-o-w decrease of INR 300/t ($3/t).
In Durgapur, rates were assessed at INR 71,800/t ($810/t), down by INR 100/t ($1/t). Prices in Vizag also dipped by INR 200/t ($2/t) to INR 71,600/t ($808/t). Meanwhile, Raigarh fell INR 300/t ($3/t) to INR 70,600/t ($800/t) exw.
The premium 60-15 grade was largely stable w-o-w, trading between INR 73,500-74,000/t ($824-834/t), with some deals concluded at INR 73,250/t exw Raipur. Meanwhile, in Raipur, weekly trade volumes declined by around 500 t to 1,900 t from the previous week’s 2,400 t.
Confirmed deals (as per BigMint)
Market highlights
Billet prices dip w-o-w amid cautious market sentiment: Billet prices recorded a marginal decline of INR 400/t ($6/t) w-o-w, reflecting softer and cautious market sentiment. As of 12 November 2025, BigMint’s billet index stood at INR 35,000/t ($392/t) exw-Raipur. The slight correction observed in recent days was driven by limited buying activity and subdued demand from downstream sectors.
Export prices ease w-o-w amid weak overseas demand: Silico manganese export prices inched down w-o-w, weighed down by subdued demand from key importing regions and buyers’ preference for discounted offers. According to BigMint’s latest assessment on 10 November 2025, export prices of the 65-16 grade slipped by $3/t w-o-w to $928/t FOB, while the 60-14 grade declined by $5/t to $832/t FOB.
Demand from major importers, including the MENA region, Southeast Asia, and Italy, remained weak as buyers delayed fresh bookings amid an uncertain outlook. Several overseas buyers reportedly sought discounts of $15-20/t on prevailing offers, prompting a few deals for the 65-16 grade to close near $920/t FOB. Although most Indian smelters held firm on offers, limited spot trades exerted mild downward pressure on overall price levels.
Outlook
Prices are likely to remain range-bound in the near term as the market continues to grapple with weak demand from the steel sector and cautious procurement by end-users. However, any improvement in finished steel demand or firming of raw material costs could lend temporary support to market sentiment.
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