- Market stability driven by steady supply, cautious demand
- Muted downstream consumption to limit price upside
State-owned miner MOIL Ltd. has announced a 3% increase in manganese ore prices for December 2025, effective 1 December 2025. The revision applies to all ferro-grade ores-both above and below 44% Mn content-as well as the entire SMGR range, including Mn30% and Mn25% categories.
Factors affecting prices
Imported high-grade ore prices inch up m-o-m: Imported high-grade manganese ore prices edged up m-o-m. South African-origin 37% ore averaged $4.25/dmtu in November, marginally higher than $4.21/dmtu in October. Similarly, Australian-origin 46% ore edged up to $4.95/dmtu from $4.76/dmtu, meanwhile Gabon-origin Mn44% ore recorded a modest uptick to $4.62/dmtu, compared with $4.45/dmtu in the prior month. Tight ore supply and sluggish port logistics lifted imported manganese ore prices slightly, despite weaker alloy demand and fluctuating steel market sentiment.
Domestic silico manganese prices remain flat m-o-m: Domestic prices of 60-14 grade silico manganese remained unchanged m-o-m at INR 71,200/t ($797/t) exw Raipur in November, as per BigMint’s assessment. The price stability stems from buyers’ resistance to higher quotes, leading to limited price movements and cautious market behaviour.
India’s silico manganese export offers edge up m-o-m: Silico manganese (60-14) export offers edged up by $3/t m-o-m to $829/t FOB India in November, compared with $826/t in October. Meanwhile, the 65-16 grade also inched up by $2/t m-o-m to $924/t FOB India in November. Meanwhile, India’s silico manganese export market remained stable this week, supported by consistent trade flows and limited competitive pressure.
Global miners’ Dec offers reflect mixed trends: Global manganese ore producers’ December 2025 pricing showed mixed trends. South32 kept offers unchanged at $4.15/dmtu for South African Mn37% and $4.55/dmtu for Australian Mn42%, citing balanced supply-demand and steady Chinese buying. UMK also held its 36% lumps at $4.10/dmtu CIF China. Eramet Comilog raised prices by $0.15/dmtu to $4.50/dmtu for Mn44.5% lumps and $4.30/dmtu for Mn43% chips. Jupiter Mines set its high-grade 36.5% lumps at $4.10/dmtu CIF China.
Indian billet prices rise marginally m-o-m: Domestic billet prices were up by 1% m-o-m at INR 35,500/t ($397/t) exw-Raipur in November, compared with INR 35,100/t ($393/t) in October. The m-o-m stability was due to limited buying activity and subdued demand from downstream sectors.
Outlook
The market is expected to remain stable, supported by steady ore supply, cautious smelter procurement, and subdued downstream steel demand, with only marginal fluctuations likely in ore, alloy, and billet prices.
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