- Global supply and demand dynamics drove prices
- Chinese buying sentiment influenced market movements
State-owned mining company MOIL has announced a revision in the prices of its manganese ore, effective from January 1, 2026. As per the official release, prices for all ferro grades-both with manganese content above and below 44%-have been increased by 3%. Meanwhile, prices across all SMGR categories, with Mn30% has been increased by 5%. However, SMGR Mn25%, have been decreased by 5% and Mn20% declined by 10% on a m-o-m basis.
Factors affecting prices
Imported high-grade ore prices edge up m-o-m: Imported high-grade manganese ore prices recorded modest m-o-m gains in December, supported by tightening global supply and stronger buying interest from China. South African-origin 37% ore averaged $4.28/dmtu, up slightly from $4.25/dmtu in November. Australian-origin 46% ore saw a firmer increase, rising to $5.18/dmtu from $4.95/dmtu, while Gabon-origin Mn44% ore also edged higher to $4.84/dmtu, compared with $4.62/dmtu in the previous month. The upward trend was primarily driven by reduced output from major mining operations, which constrained availability in the seaborne market.
Domestic silico manganese prices ease m-o-m: Domestic prices of 60-14 grade silico manganese inched down m-o-m by INR 1,700/t to INR 69,500/t ($773/t) exw Raipur in December, as per BigMint’s assessment. The slight downturn was driven by a softening market environment and volatility in steel prices. Weak buying sentiment and subdued demand from the finished steel segment prompted mills across key consuming regions to adopt a cautious procurement approach, limiting buying activity and exerting mild downward pressure on domestic prices.
India’s silico manganese export offers inch down m-o-m: Silico manganese (60-14) export offers edged down by $19/t m-o-m to $810/t FOB India in December, compared with $829/t in November. Meanwhile, the 65-16 grade also inched down by $20/t m-o-m to $904/t FOB India in December. India’s silico manganese exports slowed as buyers delayed bookings, remaining cautious amid expectations of price corrections during year-end holidays.
Global miners post mixed January offers: Global manganese ore producers reported mixed Jan’26 offers. South32 kept its South African Mn37% ore prices unchanged at $4.15/dmtu, supported by balanced supply-demand, stable alloy costs, and steady Chinese buying. In contrast, UMK and Jupiter Mines raised January offers for 36% and 36.5% semi-carbonate lumps by $0.05/dmtu to $4.15/dmtu CIF China. Meanwhile, Eramet Comilog increased Mn44.5% lump and Mn43% chip prices by $0.20/dmtu, citing stronger Chinese demand, tighter supply, higher costs, and firmer alloy sentiment.
Indian billet prices rise m-o-m: Domestic billet prices were up by 4% m-o-m at INR 37,000/t ($411/t) exw-Raipur in December, compared with INR 35,500/t ($395/t) in November. The m-o-m increase in domestic billet prices was driven by stronger demand for semi-finished steel amid a tightening supply environment.
Outlook
Manganese ore offers are likely to remain firm in the coming months, underpinned by tight global supply, steady Chinese buying, and resilient alloy market sentiment.
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