- Buyers show reluctance to higher prices
- Global manganese ore prices rise w-o-w
Indian silico manganese export prices edged down w-o-w, amid subdued demand, with most buyers having fulfilled their material requirements in February, in expectation of price hikes for March deliveries. Procurement was limited, as buyers adopted a wait-and-watch approach, closely monitoring future market trends.
Notably, although global manganese ore prices increased, weak demand led to a price drop in silico manganese, causing market uncertainty and caution.
BigMint’s assessment on 18 March 2025 of export prices of the 65-16 grade stood at $947/tonne (t) FOB, down slightly by $7/t w-o-w. Meanwhile, the 60-14 variant also edged down by the same quantum to $850/t FOB.
Factors impacting prices
Buying remains limited amid muted demand: Indian silico manganese prices have been on a downward trend since the end of February, mainly due to reduced demand from key importing countries. Additionally, certain traders also offered strategic discounts. While sellers attempted to maintain offers at $850-860/t FOB for the 60-14 variant, discounts of $10-20/t FOB led to price adjustments, causing uncertainty among buyers. The lower pricing options made buyers more cautious and hesitant to accept higher quotes, contributing to market stagnation.
Global manganese ore prices increase w-o-w: Prices of imported manganese ore (Mn 37-46%) rose w-o-w across grades. Mn44% from Gabon stood at $5.45/dry metric tonne unit (dmtu), up by $0.51/dmtu. Mn37% from South Africa was assessed at $4.63/dmtu, up by $0.06/dmtu w-o-w, and Mn46% from Australia was at $5.83/dmtu CIF India, rising by $0.54/dmtu.
The increase in manganese ore prices has placed producers in a dilemma given that silico manganese demand is weak. They are closely monitoring market trends to assess whether it would be feasible to offer higher prices.
Chinese silico manganese tags edge down: Chinese silico manganese (Mn: 65%, Si: 17%) prices witnessed a slight decline of RMB 35/t ($5/t) to RMB 5,950-6,330/t ($822-$875/t) exw, including taxes.
Silico manganese prices were relatively stable, barring the slight drop, largely due to consistent output from key production areas. While some manufacturers in Inner Mongolia undertook maintenance and large producers in Ningxia continued to reduce production, overall supply was steady. Despite this, market sentiment was cautious, and price fluctuations were limited.
Outlook
Silico manganese export prices are expected to remain under pressure in the near term. Rising manganese ore prices will likely provide cost support, but declining manganese alloys demand and cautious decision-making from buyers are expected to keep prices on a downward price trajectory.
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