- Earlier bookings at lower levels keep Indian smelters away
- Manganese alloys prices face pressure as demand recovery stalls
Imported manganese ore prices remained stable w-o-w on 24 October 2026 amid limited inquiries from Indian smelters, as manganese alloy producers adopted a cautious, requirement-based buying approach amid restricted export opportunities and subdued domestic demand. Most smelters have sufficient inventories, having secured material at lower prices earlier, reducing the need for fresh bookings.
- Australian high-grade manganese ore (Mn 46%) prices remained stable w-o-w at $5.40/dmtu CNF Haldia/Vizag.
- Gabonese high-grade manganese ore (Mn 44%) prices remained largely unchanged w-o-w at $5.02/dmtu CNF Haldia/Vizag.
- South African manganese ore lumps (Mn 37%) prices held steady w-o-w at $4.65/dmtu CNF Haldia/Vizag.
Ample low-cost inventories keep imported ore demand muted: Indian smelters deferred fresh bookings amid market uncertainty and relied on inventories secured at lower prices during August and September, when prices were around $4.25/dmtu CNF India for Mn 37%. These earlier bookings have reduced immediate procurement requirements, while rising ocean freight costs are increasing replacement costs and discouraging fresh purchases. With manganese alloy producers adopting a cautious, requirement-based buying strategy amid limited export opportunities and subdued domestic demand, fresh ore inquiries remain subdued. Smelters are likely to prioritise inventory consumption before returning to the market, keeping near-term demand muted despite higher freight-related cost pressures.
Manganese alloys remain under pressure as demand recovery stalls: Indian manganese alloy prices remained under pressure in the week, led by a decline in silico manganese (SiMn) amid weak demand and cautious buying. Domestic silico manganese prices fell by INR 1,025/t ($11/t) to INR 81,900-82,300/t, while export offers for 65-16 grade declined by $6/t to $983/t FOB Vizag/Haldia. Meanwhile, ferro manganese (FeMn) prices remained largely stable, easing marginally by INR 100/t ($1/t) w-o-w to INR 89,700/t exw Durgapur, while Raipur prices held unchanged at INR 89,800/t. Uncertainty across downstream markets continued to limit fresh bookings, with buyers resisting current offers and sellers facing increasing difficulty in securing price acceptance. Silico manganese prices are likely to remain under downward pressure in the near term, while ferro manganese may remain relatively stable as sellers resist further price cuts despite subdued buying interest.
Imported manganese ore arrivals in India rise w-o-w: Weekly manganese ore cargo arrivals (Mn37%, Mn44%, and Mn46%) to India increased by 88% to 195,479 t over 11 – 17 October 2026 against 103,740 t in the previous week.
Outlook
Imported manganese ore prices are expected to remain largely firm. Limited fresh inquiries and ample low-cost inventories are likely to cap price gains, while rising ocean freight costs may support offers and discourage fresh bookings. Subdued manganese alloy demand will continue to limit significant price gains in the near term.
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