- Weakening rupee raises imported ore’s landed costs
- Tight margins make smelters wary on ore bookings
Imported manganese ore prices fluctuated within a narrow range during the week ended 24 January, reflecting mixed market sentiment even as manganese alloy prices moved higher. Further pressure came from currency depreciation, which raised smelters’ landed ore costs.
- Australian high-grade ore (Mn 46%): Up $0.01/dmtu w-o-w to $5.53/dmtu CNF Haldia/Vizag.
- Gabonese high-grade ore (Mn 44%): Up $0.01/dmtu w-o-w to $5.17/dmtu CNF Haldia/Vizag.
- South African lumps (Mn 37%): Down $0.01/dmtu w-o-w to $4.47/dmtu CNF Haldia/Vizag.
Market overview
Imported manganese ore prices fluctuate amid mixed sentiment: Imported manganese ore prices showed divergent trends on a w-o-w basis amid mixed market sentiment. Although rising manganese alloy prices provided some support, buying activity from smelters stayed selective.
The situation was further influenced by the continued depreciation of the Indian rupee, with the INR-USD exchange rate hovering around INR 91.6 per $1. This sharp depreciation significantly increased the landed cost of imported manganese ore, despite limited movement in dollar-denominated prices.
As a result, smelters faced margin pressure and remained cautious about fresh bookings, with many opting to defer purchases or negotiate harder on prices. Overall, currency weakness, coupled with alloy price movements and near-term demand visibility, kept the manganese ore market range-bound.
Manganese alloys prices gain w-o-w on firm demand, tight supply: Indian manganese alloy prices moved higher on a w-o-w basis, supported by firm domestic demand, tight material availability, and rising imported manganese ore costs. Silico manganese (60-14) prices increased by INR 875/t ($10/t) w-o-w to INR 71,900-72,700/t ($785-794/t) across key markets, including Durgapur, Raipur, Vizag, and Raigarh. Despite cautious buying from steel mills, improving acceptance of higher offers reflected a gradually strengthening market outlook.
Export sentiment also remained positive, with HC 65-16 silico manganese prices rising by $13/t w-o-w to $921/t FOB Vizag/Haldia. In China, HBIS raised its January 2026 silico manganese tender price by RMB 150/t to RMB 5,920/t, further supporting global sentiment. Meanwhile, ferro manganese (70%) prices in the domestic market increased by INR 600/t ($7/t) w-o-w to INR 72,500/t ($791/t) in Durgapur and Raipur, driven by firmer seller offers and steady demand. Export prices of 75% grade ferro manganese also advanced by $13/t w-o-w to $910/t FOB Vizag/Haldia, indicating stable to positive market conditions.
Imported cargo arrivals rise w-o-w: Weekly manganese ore cargo arrivals (Mn37%, Mn44%, and Mn46%) to India increased by 29% to 154,611 t over 08-14 January 2026 against 120,048 t in the previous week.
Outlook
Imported manganese ore prices in India are expected to remain volatile in the near term, with movements largely guided by manganese alloy realizations and currency fluctuations. While firm domestic and export alloy prices may lend some support to ore demand, sustained depreciation of the Indian rupee is likely to keep landed costs elevated, limiting aggressive buying by smelters.
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