- Improved supply keeps prices stable
- Steel demand curbs price fluctuations
India’s domestic prices of 60-14 grade silico manganese were mostly stable with a slight w-o-w decline of INR 100/tonne (t) ($1/t) seen, at INR 72,200-73,600/t ($829-845/t) exw on 25 February 2025, as per BigMint’s assessment. The price stability stems from buyers’ resistance to higher quotes, leading to limited price movement and cautious market behaviour.
In Raipur, offers mainly hovered at around INR 73,000/t ($838/t), while in Vizag, these ranged between INR 73,500-74,000/t ($844-849/t) exw, with only a limited number of deals closing at these rates.
Meanwhile, the premium 60-15 grade also saw stability w-o-w at around INR 75,000-76,000/t ($861-873/t) exw in Durgapur and Raipur.
Confirmed deals (as per BigMint)
Market overview
Buyers unwilling to agree to higher rates: One of the primary reasons for the stability in silico manganese prices in India w-o-w is the resistance from buyers to higher quotes, which has effectively curbed any upward pressure. This hesitation stems from the cautious approach buyers are taking due to uncertain market conditions, leading to limited demand at higher price levels. As a result, suppliers have been unable to push for significant price increases, contributing to the overall price stability.
Improved supply supports stable pricing conditions: The surplus supply in the market has been pivotal in maintaining price stability w-o-w. With plentiful of stock of silico manganese, the supply side remains balanced, effectively averting price hikes. As most producers resumed production, an improved supply situation emerged, leading sellers to offer price discounts to move inventory. This oversupply prevented any upward price movement.
Silico manganese export offers decline w-o-w: Limited inquiries from key importing countries such as EU, Japan, and South Korea contributed to the decrease in export prices. With reduced demand and fewer purchasing decisions from these major markets, price fluctuations remained minimal. BigMint’s assessment on 4 February 2025 of export prices of the 65-16 grade stood at $958/t FOB, down from $972/t w-o-w. Meanwhile, the 60-14 variant also saw a slight decline of $5/t w-o-w to $866/t FOB.
Stable steel demand further holds SiMn prices: Steady steel demand sustained a consistent need for SiMn in production, curbing significant price fluctuations. Additionally, price stability was supported by cautious purchasing from steel mills, with transaction activity remaining slow and only a few deals concluded at the offered prices. However, BigMint’s daily steel billet index closed at INR 40,450/t exw-Raipur on 5 March 2025, up by INR 500/t w-o-w.
Outlook
Domestic silico manganese prices may experience minor fluctuations in the short term, influenced by the persistent oversupply situation and cautious buying behaviour, which will continue to limit significant price movements.
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