- MOIL increases October manganese ore prices
- Global price revisions support domestic market
Indian manganese ore offers went up across key mining regions for October 2026. Notably, State-owned MOIL Ltd. raised manganese ore prices by 5% across all grades for October deliveries. Prices for ferro-grade ore with manganese content of 44% and above, as well as ferro-grade ore below Mn 44%, chemical grades, silico manganese grade (SMGR) material and fines, have all been revised upward by 5%.
Region-wise price adjustments
Madhya Pradesh
Manganese ore offers in Madhya Pradesh increased by around 5% m-o-m across all reported grades. Prices for 28-30% manganese ore rose to INR 7,250/t ($76/t) from INR 6,900/t ($72/t), while Mn 30-32% ore advanced to INR 11,000/t ($115/t) from INR 10,450/t ($110/t). The Mn 37% grade increased to INR 18,500/t ($194/t) from INR 17,600/t ($185/t), and Mn 44-46% ore rose to INR 21,800/t ($229/t) from INR 20,800/t ($218/t).
The uniform increase broadly aligns with the 5% October price hike announced by state-owned miner MOIL across its manganese ore grades, providing a clear benchmark for domestic pricing.
The revision indicates that miners are maintaining higher offer levels in line with the prevailing pricing structure. However, the increase should not be interpreted as evidence of stronger spot demand, with alloy producers cautious about fresh ore purchases, higher offers may not translate proportionately into transaction prices. The extent of buyer acceptance will therefore remain important in determining whether these levels can be sustained.
Odisha
Odisha miners raised offers by 4-8% m-o-m, with the degree of hike varying by grade. Prices for Mn 24-26% ore climbed to INR 8,500/t ($89/t) from INR 8,200/t ($86/t), while Mn 28-30% ore increased to INR 11,000/t ($115/t) from INR 10,500/t ($110/t). The Mn 30-32% grade recorded the steepest increase, rising to INR 11,600/t ($122/t) from INR 10,700/t ($112/t), a gain of INR 900/t ($9/t).
The differentiated revisions suggest that miners are adjusting offers according to grade-specific market conditions rather than applying a uniform increase. Previous BigMint market reporting has identified production curtailments, higher international offers and benchmark price revisions as factors influencing Odisha’s manganese ore pricing.
A key miner in Odisha indicated that the outlook remains largely stable, as buyers are reluctant to purchase additional ore. Any further price increase will depend on actual demand rather than higher offers alone Consequently, the stronger increase in Mn 30-32% ore does not necessarily indicate an equivalent improvement in realised prices or consumption.
Andhra Pradesh
In Andhra Pradesh, offers for manganese ore below Mn 25% increased by 8% m-o-m to INR 6,500/t ($68/t) from INR 6,000/t ($63/t), representing an absolute increase of INR 500/t ($5/t).
A key miner indicated that despite higher offers, buying interest remains subdued, with alloy producers reluctant to procure additional ore amid uncertain near-term demand. The miner expects prices to remain largely stable in the coming month, as further increases would depend on improved buying activity rather than higher offers alone.
Factors affecting prices
Global miners increase November offers: South32 and Eramet Comilog raised November manganese ore offers for China, with South32 up $0.15/dmtu and Comilog grades up $0.10/dmtu m-o-m. Higher offers reflect tighter spot availability and increased replacement costs, supporting stronger supplier price indications for upcoming cargoes despite cautious buyer interest.
Domestic silico manganese prices rise m-o-m: Domestic 60-14 grade silico manganese prices rose by INR 3,800/t ($40/t) m-o-m to INR 77,800/t ($812/t) exw Raipur in September. High power prices made grid sales more attractive than SiMn production, prompting several Raipur smelters to curtail output. Planned maintenance and committed October volumes further tightened spot availability, supporting prices.
Imported ore prices steady amid slight m-o-m correction: Imported high-grade manganese ore prices edged down in September compared to August, with South African 37% grade averaging $4.22/dmtu (down $0.08/dmtu), Australian 46% ore at $5.19/dmtu (down $0.03/dmtu), and Gabonese 44% material at $4.82/dmtu (down $0.13/dmtu).Prices inched down m-o-m, pressured by cautious buying, elevated landed costs and subdued downstream demand, while softer overseas quotations added further pressure.
Silico manganese export offers advance: Silico manganese export offers went up, with 60-14 grade prices rising by $27/t m-o-m to $836/t FOB India from $809/t in August. Meanwhile, prices of the higher-grade 65-16 material also moved up by 46/t m-o-m to $932/t FOB India. Strengthened market sentiment, along with constrained supply and elevated production expenses, encouraged exporters to raise offers across key grades.
Domestic billet prices strengthen m-o-m: Domestic billet prices increased by 10% m-o-m to INR 43,500/t ($454/t) exw-Raipur in September, supported by firm demand from sponge iron, pig iron and billet producers, along with higher raw material costs and constrained pellet availability.
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