- Market struggles amid tepid steel demand
- Imported manganese ore prices ease w-o-w
India’s silico manganese prices remained largely stagnant w-o-w, with a marginal decline of INR 100/tonne (t) ($1/t) to approximately INR 71,400-72,100/t ($830-838/t) exw as of 3 June 2025, according to BigMint’s latest assessment. The price stability reflects softening demand in the steel segment, which kept alloy buyers cautious and market sentiment subdued. Meanwhile, market participants awaited the impact of MOIL’s price reductions for manganese ore in June 2025.
The premium 60-15 grade remained stable w-o-w at around INR 74,000-74,800/t ($873-879/t) exw in Durgapur and Raipur compared to INR 74,000-74,500/t ($867-873/t) last week. Deals for around 2,900 t of the 60-14 grade were concluded, exw-Raipur, during 28 May-3 June 2025.
Confirmed deals (as per BigMint)
Market review
Steel sector slowdown weighs on SiMn procurement: Indian steelmakers have been navigating a challenging environment marked by shrinking profit margins and sluggish sales of finished steel products. As a result, they have adopted a cautious procurement strategy, purchasing only limited volumes of silico manganese and resisting any upward price revisions from alloy producers.
This conservative buying behaviour is directly impacting the silico manganese market, which relies heavily on consistent offtake from steel manufacturers. The situation is further compounded by a decline in steel billet prices, a key semi-finished product in the steelmaking process. According to BigMint, the daily steel billet index was assessed at INR 38,900/t ($463/t) exw Raipur on 4 June 2025, marking a w-o-w drop of INR 500/t ($5/t). This price dip reflects the broader market sentiment and highlights the ongoing demand-side constraints.
MOIL cuts manganese ore prices for June deliveries: MOIL, the state-owned mining enterprise, revised prices of manganese ore, effective 1 June 2025. The company implemented a 5% reduction in prices of ferro grades exceeding and below Mn 44%. Additionally, all SMGR grades, including Mn 30% and Mn 25%, saw an m-o-m decline of 5% and 10-15%, respectively. However, it remains to be seen how much of an impact this price cut will have on silico manganese production costs and offers.
Imported ore prices soften amid sluggish demand, supply adjustments: Imported manganese ore prices in India recorded a slight w-o-w decline across major grades. Australian high-grade ore (46% Mn) fell by $0.07/dmtu to $4.73/dmtu, while Gabonese high-grade ore (44% Mn) also dropped by $0.07/dmtu to $4.42/dmtu, despite rising logistics and production costs. South African lumps (37% Mn) saw a sharper dip of $0.11/dmtu to $3.91/dmtu, driven by limited buying interest from smelters. Easing ore prices exerted mild downward pressure on silico manganese prices in key domestic markets.
Outlook
Silico manganese prices are expected to remain steady in the near term. Monsoon-related disruptions in transportation may tighten supply chains, supporting prices despite weak demand.
Meanwhile, uncertainty in the steel market, driven by volatile pricing and cautious procurement, will continue to influence alloy pricing. While demand may stay muted, supply-side constraints could help maintain price stability.
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