- Firm spot trades and bulk bookings support silico manganese prices
- High imported ore costs likely to sustain domestic price strength
Domestic silico manganese prices continued to firm up, driven by strong booking activity at higher levels by smelters. Elevated spot deal prices have provided solid support to the market. Meanwhile, sharply rising raw material costs have squeezed smelter margins, prompting producers to maintain prices at the higher end. Additionally, the unavailability of lower-priced material has limited any downside movement.
As per BigMint’s assessment on 27 January 2026, domestic silico manganese (60-14 grade) prices increased by an average of INR 500/t ($6/t) w-o-w across major markets, reflecting uptrend sentiment. In Raipur, prices rose by INR 700/t ($8/t) to INR 72,900/t exw ($795/t). Durgapur prices climbed by INR 500/t($5/t) to INR 72,300/t($789/t), while Vizag rates increased by INR 300/t ($3/t) to INR 72,100/t exw ($787/t). In Raigarh, prices gained INR 600/t ($7/t) to around INR 72,100/t exw ($786/t), indicating broad-based strength across regions.
Confirmed deals (as per BigMint)
Market overview
High-priced spot deals set benchmark for domestic market
Acceptance of higher-priced material has been a key factor supporting domestic silico manganese prices. In recent days, spot deals concluded at elevated levels around INR 73,000/t ex-works Raipur for 200-300 t have effectively set a benchmark rate for the market.
Additionally, key producers booked with bulk orders are largely absent from the spot market, which has tightened immediate availability and lent further support to spot prices.
According to a leading seller, prices continue to remain firm due to supply constraints coupled with rising raw material costs. Market participants anticipate further upside, as imported manganese ore prices show no signs of easing in the near term.
Exports hold firm w-o-w despite ore price swings
Indian silico manganese export prices edged higher in the week ended 27 January, supported by persistent supply tightness despite volatility in imported manganese ore prices. The uptick was largely driven by an ongoing ore crunch, as smelters faced delayed deliveries at elevated costs, prompting them to maintain firm offers. Market participants noted that minor fluctuations in ore prices had limited immediate impact on alloy pricing, while restricted spot availability continued to lend marginal support, keeping export sentiment slightly positive. BigMint’s assessment on 27 January 2026 showed prices moving higher w-o-w across grades, with the 65-16 variant assessed at $922/t FOB, up $10/t w-o-w, and the 60-14 grade at $825/t FOB, up $4/t w-o-w.
Mixed imported ore prices persist as rupee fall raises smelter costs
Imported manganese ore prices moved in a narrow range during the week ended 24 January amid mixed market sentiment, even as manganese alloy prices strengthened. However, rupee depreciation increased landed costs for smelters, adding cost pressure. Australian Mn 46% rose marginally to $5.53/dmtu CNF, while Gabonese Mn 44% edged up to $5.17/dmtu CNF. In contrast, South African Mn 37% lumps slipped slightly to $4.47/dmtu CNF Haldia/Vizag, India.
Outlook
The domestic silico manganese market is likely to remain firm in the near term, with further upside expected, supported by persistently high imported manganese ore prices and sustained cost pressures on smelters. Meanwhile, market participants are awaiting MOIL’s price announcement for February 2026 deliveries, which is expected to be a key determinant for the near-term price direction.
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