- Limited Chinese inquiries restrict the manganese price rally globally
- Weekly imported cargo arrival increases at Indian port
Imported manganese ore prices have shown steady movement amid cautious trends in domestic manganese alloy prices in the week ended 20 February. Alloy prices have seen a slight recovery due to need-based demand from steel mills. Additionally, Chinese inquiries have remained muted owing to the Lunar New Year period, which will end on 24 February 2026. This has limited further price increases and has helped keep the market relatively stable.
- Australian high-grade ore (Mn 46%): remained unchanged w-o-w at $5.55/dmtu CNF Haldia/Vizag.
- Gabonese high-grade ore (Mn 44%): remained unchanged w-o-w stood at $5.19/dmtu CNF Haldia/Vizag.
- South African lumps (Mn 37%): remained unchanged w-o-w stood at $4.62/dmtu CNF Haldia/Vizag.
Market Overview
Festive slowdown caps volatility in global ore market: The Lunar New Year holiday period in China has once again demonstrated its strong seasonal influence on the imported manganese ore market. During this festive phase, industrial activity typically slows, alloy producers reduce spot purchases, and trading desks operate with minimal staff. As a result, inquiries from Chinese buyers declined noticeably, limiting fresh transactions in the seaborne market.
Since China accounts for a dominant share of global manganese ore imports, even short-term pauses in its buying activity tend to ripple across international pricing benchmarks. Traders and miners often hold offers steady rather than cutting prices aggressively, anticipating demand recovery once post-holiday operations resume. This subdued Chinese participation has indirectly stabilised imported manganese ore prices in India. With limited volatility in global offers and no strong bullish triggers, Indian buyers have largely adopted a wait-and-watch approach, booking cargoes only to meet immediate requirements. Consequently, prices have moved within a narrow band instead of showing sharp fluctuations.
Liquidity constraints nudge alloy offers downward: Indian manganese alloys prices edged down slightly w-o-w amid improved supplies, cautious buying and limited liquidity. Silico manganese (60-14) prices declined by INR 525/t ($6/t) to INR 73,000–73,700/t ($805–812/t) across Durgapur, Raipur, Vizag, and Raigarh, as steel mills continued need-based procurement and some sellers trimmed offers due to tight liquidity. Export HC 65-16 SiMn prices also eased by $4/t to $920/t FOB Vizag/Haldia. Meanwhile, 70% ferro manganese prices slipped by INR 800/t to INR 73,700/t ($812/t) in Raipur and by INR 300/t ($3/t) to INR 73,500/t ($810/t) in Durgapur, with weak acceptance of higher quotes limiting trades. However, export prices for 75 grade FeMn remained unchanged at $909/t FOB Vizag/Haldia, indicating stable overseas benchmarks despite domestic softness.
Imported manganese ore cargo arrivals rise: Weekly manganese ore cargo arrivals (Mn37%, Mn44%, and Mn46%) to India increased by 160% to 156,738 t over 5-11 February 2026 against 60,220 t in the previous week.
Outlook
We expect imported manganese ore prices in India to remain muted in the near term, as subdued post-holiday demand from China and cautious spot buying may limit sharp price movements. Unless fresh bulk inquiries or supply disruptions emerge, the market is likely to stay stable with mild fluctuations.
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