India: Silico manganese export prices ease w-o-w as buyers push for discounts

• Overseas bulk bookings at lower prices weigh on export market
• South African manganese ore prices edge up on supply squeeze

Silico manganese export prices declined slightly w-o-w as lower asking rates from overseas buyers weighed on the market. However, major sellers from Durgapur and Vizag have refrained from further price cuts, citing the recent rise in imported manganese ore prices over the past few weeks, which has pushed up production costs.

As per BigMint’s latest assessment, export prices of the 65-16 grade edged down by $6/tonne (t) w-o-w to $906/t FOB. Moreover, the 60-14 variant registered a dip of $1/t to $814/t FOB.

Overview

Export prices pressured by bulk deals at lower prices: Bulk buying by overseas buyers at reduced rates weighed heavily on silico manganese export prices. While transaction volumes improved, aggressive bidding dragged market levels lower, restricting sellers from maintaining firm offers.

Notably, a few bulk deals of around 2,000 t of SiMn 60-14 grade were concluded at $812/t FOB Haldia/Vizag, setting a lower benchmark in the export market.

Export sentiment remains cautious as buyers continue to negotiate aggressively, while rising manganese ore costs keep producers under margin pressure.

Imported ore prices stable but South African grades see uptick: Imported manganese ore prices remained largely stable across grades amid an uncertain market outlook. Limited portside availability and a few bulk bookings at higher levels supported a minor uptick in South African ore prices, particularly for the 37% Mn grade.

• Australian high-grade ore (46% Mn): Unchanged at $4.72/dmtu w-o-w
• Gabonese high-grade ore (44% Mn): Stable at $4.41/dmtu w-o-w
• South African lumps (37% Mn): Up by $0.04/dmtu w-o-w to $4.20/dmtu

Market participants remain cautious, with sentiment clouded by weak near-term demand outlook, though supply tightness in select origins could lend marginal support.

Jupiter Mines keeps Oct’25 offers steady: Jupiter Mines Limited, operator of the Tshipi Borwa Manganese Mine in South Africa’s Kalahari manganese field, has maintained its offer price for October shipments of high-grade 36.5% Mn semi-carbonate lumps at $4.05/dmtu CIF China, unchanged m-o-m.

Market participants noted that the steady pricing was largely expected, as China’s peak demand season is yet to commence. Sellers appear cautious in adjusting offers, keeping a close watch on Chinese alloy demand and portside inventories.

Outlook
Silico manganese export prices are expected to remain firm, as imported manganese ore shows no signs of further downside. Prices may fluctuate in line with any improvement in alloy demand and a possible uptick in ore costs, keeping the market balanced in the near term.