- Firm smelter offers, tight supply bolster prices
- Absence of bulk deals leads to demand concerns
Indian export prices recorded a marginal uptick on a w-o-w basis, supported by steady market activity and a few deals concluded at higher prices. However, higher offers from some other smelters witnessed limited acceptance in overseas markets.
According to BigMint’s latest assessment dated 3 November 2025, export prices of the 65-16 grade rose by $5/tonne (t) w-o-w to $931/t FOB, from $926/t FOB recorded on 28 October 2025. Meanwhile, the 60-14 grade registered a $3/t w-o-w increase to $835/t FOB.
Market review
Smelters lift offers amid restricted spot supply: Higher offers from smelters supported Indian export prices, although acceptance of these elevated levels remained limited among overseas buyers. Market participants indicated that several key smelters were focused on completing earlier contractual obligations, resulting in restricted spot availability of material at ports.
A leading smelter informed BigMint that prices are expected to remain firm in the short term, citing rising raw material costs and the impact of unfavourable currency exchange rates. The smelter expects 60-14 grade silico manganese to climb higher to around $850/t FOB India in the coming sessions.
Conversely, a few traders highlighted that the market currently lacks bulk procurement activity, suggesting that prices could remain stable or ease slightly if demand does not improve in the near term.
Eramet’s manganese ore output drops y-o-y in Q3CY’25: Eramet, the world’s leading manganese ore producer, reported an 8% fall in output to 1.87 mnt in Q3CY’25 when compared to 2.04 mnt in Q3CY’24. The company reduced annual manganese ore transportation guidance to 6.1-6.3 mnt from the 6.5-7 mnt announced earlier.
Chinese silico manganese prices inch up w-o-w amid firm ore prices: Chinese silico manganese (Mn: 65%, Si: 17%) prices remained largely stable this week, edging up by RMB 20/t ($3/t) w-o-w to RMB 5,590-5,860/t ($785-823/t) ex-works, including taxes. The market maintained a steady tone with a mild upward bias, supported by firm South African ore prices and relatively tight supply conditions.
However, the arrival of higher volumes of Australian ore increased inventory pressure, while weak downstream demand from the steel sector and sluggish spot market activity continue to limit further price gains.
Outlook
Export prices are expected to stay firm to range-bound in the short term amid limited port inventories and elevated input costs. However, if overseas demand remains weak and bulk orders fail to materialise, a minor correction in export offers cannot be ruled out.
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