- Imported manganese ore prices rise w-o-w
- Smelters struggle with depreciating rupee
India’s domestic prices of 60-14 grade silico manganese increased by INR 1,100/tonne (t) ($13/t) w-o-w to around INR 72,400-73,300/t ($834-844/t) exw on 11 February 2025, according to BigMint’s assessment. This follows a rise in export prices w-o-w due to increasing demand and limited supply.
In Raipur and Vizag, some smelters offered material at slightly higher levels of INR 73,000-73,500/t ($830-$834/t) exw, and some deals took place at these values.
The premium 60-15 grade was up slightly w-o-w, to around INR 74,500-76,000/t ($858-$876/t) exw in both Durgapur and Raipur.
Confirmed deal ( as per BigMint)
Key factors supporting prices
Imported Mn ore prices rise amid falling port stocks: Imported manganese ore prices edged up w-o-w due to declining port inventories and limited supplies from miners. Australian high-grade (46% Mn) ore increased by $0.37/dry metric tonne unit (dmtu) w-o-w to $5.16/dmtu, while Gabonese high-grade (44% Mn) ore rose by $0.35/dmtu w-o-w to $4.83/dmtu, driven by rising production costs and rail maintenance. South African lumps (37% Mn) saw a $0.20/dmtu increase w-o-w to $4.57/dmtu. All prices are based on CNF India.
Domestic smelters face higher ore costs amid rupee depreciation: On 10 February, the Indian rupee moved closer to the 88 mark against the US dollar. Notably, since April 2024, the rupee has depreciated by 5%, sources informed. This depreciation has added financial pressure on smelters, who are now paying higher prices for imported manganese ore. As a result, silico manganese prices have been impacted, given that India is a major buyer of imported ore after China.
Export prices rise w-o-w amid surging demand: Indian silico manganese export prices increased w-o-w due to rising inquiries for the material and limited supply for export bookings. According to BigMint’s assessment on 10 February 2025, export prices of the 65-16 grade stood at $961/t FOB, reflecting a $6/t increase w-o-w. Similarly, the 60-14 variant saw an increase of $7/t w-o-w to $862/t FOB. In the last couple of days, Indian exporters received inquiries for around 15,000 t of material from countries such as Japan, Egypt, and Turkey. This surge in demand contributed primarily to higher silico manganese export prices.
Outlook
Given the current market conditions, domestic silico manganese prices may experience a slight rise in the near term. This increase would primarily be driven by rising ore prices and the depreciating Indian rupee against the US dollar, which have been exerting pressure on smelters. However, fluctuations in steel prices and overall demand will also play a critical role in determining the final pricing dynamics for silico manganese in the coming weeks.
Leave a Reply