- Cautious buying, high stocks push down steel billet prices
- Imported ore arrivals decline 38% w-o-w
India’s imported manganese ore prices declined for the third consecutive week, hitting a three-month low. This drop is primarily due to weak demand for manganese alloys both domestically and internationally. Buyers have become more cautious, leading to reduced purchase volumes and contributing to the softening of ore prices.
Price assessments
- Gabonese high-grade ore (44%) was at $4.6/dry metric tonne unit (dmtu), down by $0.09/dmtu, due to weak demand for high-grade manganese alloys.
- Australian high-grade ore (46%) prices fell by $0.10/dmtu to $4.92/dmtu, indicating a continuous potential softening in demand.
- South African Mn 37% lumps fell by $0.02/dmtu to $3.92/dmtu.
Market updates
Silico manganese prices hold steady, ferro manganese sees sharp decline: Silico manganese prices in India remained largely stable, slipping slightly by INR 225/t ($3/t) w-o-w to INR 70,250-70,700/t ($831-834/t) across key hubs like Durgapur, Raipur, and Vizag. Steel mills, holding adequate inventories, have slowed procurement, prompting smelters to offer more competitive rates. Meanwhile, ferro manganese (HC 70%) prices saw a steeper decline, falling by INR 700-800/t ($8-9/t) to INR 73,000/t ($863/t) ex-Durgapur and INR 73,200/t ($865/t) ex-Raipur, amid subdued downstream demand.
Steel billet index falls on inventory pressure: The domestic steel billet index dropped by INR 750/t ($4/t) w-o-w to INR 40,250/t ($464/t) ex-Raipur as of 2 May 2025. This decline reflects ongoing cautious buying behaviour in the market. Steel mills are grappling with rising inventory levels and subdued demand, which continues to exert downward pressure on prices.
Imported cargo arrivals fall 38% w-o-w: Manganese ore cargo arrivals to India decreased by 38% (for Mn37%, Mn44%, and Mn46%), with weekly shipments totalling 114,048 t over 16-22 April against 180,452 t in the previous week.
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