- Imported high-grade ore prices inch up m-o-m in Oct
- Supply constraints, firm demand lead to steady prices
India’s manganese miners have largely maintained stable offers in November 2025, closely mirroring MOIL’s price stability, while a few have raised their offers slightly.
State-owned MOIL Ltd. has announced that manganese ore prices will remain unchanged in November 2025, effective 1 November. Prices of all ferro grades, including those above and below 44% manganese, and all SMGR categories, such as Mn30% and Mn25%, were maintained at October 2025 levels. The decision follows last month’s increases of 6.4% for ferro grades and 5.2% for SMGR and reflects a balanced market outlook and stable demand-supply conditions.
Region-wise price adjustments
Madhya Pradesh: In Madhya Pradesh, manganese ore grade offers in the 30-32% Mn range saw a modest 1% m-o-m rise in November 2025, largely tracking the price trend set by leading producers.
Miners attributed the increase not only to prevailing market levels but also to a temporary supply constraint caused by labour shortages during regional holidays. The combination of price signals driven by leading producers and reduced operational workforce contributed to the upward adjustment.
Odisha: Movements in manganese ore offers in Odisha were limited to a narrow range in November 2025. Prices of 30-32% Mn grades rose by approximately 2% m-o-m, while 28-30% Mn grades remained unchanged. The moderate increase was primarily driven by firm demand from steel mills and limited high-grade ore availability, rather than labour shortages.
A key miner noted that “tight inventories and consistent off-take from domestic buyers supported stable pricing,” reflecting cautious market sentiment amid steady consumption and controlled supply in the region.
Andhra Pradesh: In Andhra Pradesh, manganese ore offers for November 2025 remained flat m-o-m, as buyers refused to accept higher quotes. Miners, producing only low-grade ore, reported that Vizag’s export-centric market limited any price movement.
A key miner noted, “For low-grade ore, attempts to raise offers were consistently rejected, keeping prices unchanged amid cautious overseas buyer sentiment.”
Factors influencing manganese ore prices
Imported high-grade ore prices inch up m-o-m: Imported high-grade manganese ore prices remained largely stable m-o-m. South African-origin 37% ore averaged $4.21/dmtu in October, marginally higher than $4.18/dmtu in September. Similarly, Australian-origin 46% ore edged up to $4.76/dmtu from $4.73/dmtu, while Gabon-origin Mn44% ore recorded a modest uptick to $4.45/dmtu, compared with $4.42/dmtu in the prior month. The narrow price movements underscore a steady and range-bound market, supported by stable demand and consistent portside inventories in China.
Domestic silico manganese prices inch up m-o-m: Domestic prices of 60-14 grade silico manganese inched up by INR 1,700/t ($19/t) m-o-m to around INR 71,200/t ($802/t) exw Raipur in October, compared with INR 69,500/t ($791/t) in September, as per BigMint’s assessment. Silico manganese prices in India edged up due to raw material shortages and monsoon-related transport disruptions, which tightened supply chains amid steady demand.
India’s SiMn export offers edge higher m-o-m: Silico manganese (60-14) export offers edged up by $7/t m-o-m to $826/t FOB India in October, compared with $819/t in September. Meanwhile, the 65-16 grade also inched up by $6/t m-o-m at $921/t FOB India in October. Indian silico manganese export prices edged higher, supported by increased inquiries from overseas buyers. A few deals were finalised at higher levels, further boosting market sentiment.
Global miners’ Nov manganese ore offers edge up: Global manganese ore producers raised prices for November 2025. South32 lifted offers for South African 37% and Australian 42% ores by $0.05/dmtu m-o-m to $4.15 and $4.55/dmtu, respectively, supported by improved sentiment and stable Chinese portside prices. Eramet Comilog raised its Gabon-origin Mn44.5% and Mn43% ore offers by $0.08/dmtu to $4.35 and $4.15/dmtu, citing firm Chinese demand and tightening supply.
Outlook
Prices are expected to remain stable, with some upside possible due to minor supply disruptions. However, cautious market sentiment may weigh on prices, while export-driven dynamics will shape key markets such as Andhra Pradesh and Odisha.
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