- Tepid steel demand clouds manganese ore price outlook
- Global miners’ offers for Oct’25 reflect divergent trends
Manganese ore offers from Indian miners witnessed an uptick in October 2025, largely aligned with MOIL’s recent price revision.
State-owned miner MOIL raised the prices of its manganese ore, effective 01 October 2025. According to the official release, prices of all ferro grades — both with manganese content above and below 44% — were increased by 6.4%. Likewise, prices across all SMGR categories, including Mn30% and Mn25%, were raised by 5.2% m-o-m.
Region-wise price adjustments
Madhya Pradesh: Manganese ore grades in the 30-32% Mn range registered a modest increase of 7% m-o-m in October 2025, largely following the price direction set by leading producers. The upward revision came despite subdued export inquiries, cautious domestic buying, and weak sentiment from downstream sectors.
Miners in the region voiced concerns over what they described as a coordinated move by major suppliers to maintain elevated prices, even as market fundamentals remain soft. “The hike does not reflect actual demand-supply dynamics. Domestic consumption is sluggish, and overseas buyers are negotiating hard,” said one local producer. Others pointed out that ore quality from larger suppliers has seen a gradual decline, making the higher prices even harder to absorb.
Odisha: Manganese ore offers in the state recorded a modest uptick in October. Grades in the 30-32% Mn range rose by around 1%, while 28-30% Mn grades saw a more noticeable increase of approximately 3%. However, these adjustments remained partially out of sync with MOIL’s recently revised price levels, as market resistance to higher offers persisted.
Local miners cited subdued demand and buyer caution as key factors limiting their ability to fully align with MOIL’s pricing. Additionally, some miners also cited reduced offtake from the ferro alloys industry, increased input costs, and logistical challenges as reasons why the price increase felt out of sync with ground realities. Many smaller operators were facing financial pressures, with difficulties in matching benchmark prices and maintaining margins.
Andhra Pradesh: Manganese ore miners in the state raised their offers by approximately 6% m-o-m in October. The hike was largely driven by the tightening availability of export-grade material, prompting buyers to shift preference towards locally sourced ore. Additionally, prices had remained unchanged for several months, leading miners to revise offers to offset mounting cost pressures.
“We are still not fully able to extract healthy margins from current sales,” remarked one miner, “but the upward revisions by global suppliers and MOIL have lent some support to market sentiment.” However, concerns linger over the sustainability of this price rise, as demand from the downstream steel sector remains sluggish. “The longevity of this upward trend is uncertain; it really depends on how soon steel sector demand revives,” the miner added.
Factors influencing manganese ore prices
Global miners’ offers reflect mixed trends in Oct’25: In October 2025, United Manganese of Kalahari (UMK), a major South African manganese ore producer, reduced its offer for 36% grade semi-carbonate lumps to $4/dmtu CIF China, marking a $0.05/dmtu m-o-m decline.
In contrast, South32 raised its offers, increasing South African 37% ore to $4.1/dmtu and Australian 42% ore to $4.5/dmtu. Jupiter Mines Limited maintained its October offer for 36.5% high-grade semi-carbonate ore at $4.05/dmtu, unchanged from the previous month. Similarly, Eramet Comilog kept its Gabon-origin offers flat at $4.27/dmtu (Mn44.5%) and $4.07/dmtu (Mn43%).
Imported high-grade ore prices maintain stability m-o-m: South African-origin manganese ore (37%) prices increased slightly to a monthly average of $4.18/dry metric tonne unit (dmtu) in September, compared with $4.17/dmtu in August. Meanwhile, for manganese ore of Australian (46%) origin, prices rose to $4.73/dmtu in September as against $4.71/dmtu in August. Gabon-origin ore (Mn44%) also moved up to $4.42/dmtu in September, as against $4.4/dmtu in August.
Domestic silico manganese prices edge down m-o-m: Domestic prices of 60-14 grade silico manganese inched down by INR 1,400/t ($16/t) m-o-m to around INR 69,500/t ($783/t) exw Raipur in September, compared with INR 70,900/t ($799/t) in August, as per BigMint’s assessment.
Hampered by weak demand from the downstream steel industry, the market remained subdued. Participants largely attributed the downturn to monsoonal disruptions, which impeded logistics and constrained material flow across major consumption hubs.
India’s SiMn export offers inch down m-o-m: India’s silico manganese export prices edged down m-o-m, pressured by subdued bids from international buyers, which exerted downward pressure on the market. Silico manganese (60-14) export offers edged down by $28/t m-o-m to $819/t FOB India in September, compared with $847/t in August. Meanwhile, the 65-16 grade also dipped by $18/t m-o-m to $913/t FOB India in September.
Indian billet prices dip m-o-m: Domestic billet prices edged down by 2% m-o-m to INR 36,800/t ($415/t) exw-Raipur in September, compared with INR 37,400/t ($421/t) in August.
Outlook
Despite recent price hikes, supported by global trends and domestic revisions, the outlook for manganese ore remains cautious. Persistent weak demand from the steel and ferro alloys sectors could limit further upside, raising concerns about price sustainability.
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