- Rising November ore offers reinforce firm export outlook
- Export market strengthens as deals validate higher price levels
Silico manganese export prices remained firm, with improving overseas inquiries providing demand-side support. On the cost side, higher manganese ore and other raw material prices have raised the production cost for producers. The increase in November 2026 ore offers from major miners has further strengthened cost expectations, reducing producers’ flexibility to lower alloy offers. With spot availability remaining relatively tight and replacement costs moving higher, exporters are maintaining firm price indications.
As per BigMint index export prices rose by an average of $20/t w-o-w, with both major grades reaching five-month highs. The 60-14 grade increased by $21/t to $858/t FOB Vizag/Haldia, its highest level since 30 April 2026. Meanwhile, 65-16 grade prices climbed by $19/t to $955/t FOB Vizag/Haldia, also reaching a five-month high.
Market Overview
South32, Eramet hikes put cost pressure on export prices: South32 increased its November offer for South African semi-carbonate lump manganese ore to $4.35/dmtu CIF China, up $0.15/dmtu m-o-m, setting a higher benchmark for upcoming shipments. Eramet Comilog raised its November offers for 44.5% Gabonese lump to $4.80/dmtu and 43% chips to $4.60/dmtu CIF China, both up $0.10/dmtu m-o-m.The higher offers indicate firmer manganese ore replacement costs ahead of November shipments. For Indian SiMn producers, this could add to raw-material cost pressure and support firm export offers, although the impact will depend on ore availability and downstream alloy demand.
Firm buyer acceptance supports higher export offers: Indian SiMn exporters maintained firm offers as rising input costs and improved overseas price acceptance strengthened the market. Recent transactions for 65-16 grade at $950–960/t FOB Haldia/Vizag have established a higher market benchmark. Market participants noted greater buyer acceptance at these levels, while producers remain reluctant to reduce offers amid higher manganese ore and other raw material costs. Firm domestic SiMn prices and production curtailments by key smelters have provided additional support to export offers, further limiting downward price pressure in the near term.
Outlook
SiMn export prices are expected to remain firm in the near term, supported by higher ore replacement costs, rising production expenses and improved overseas price acceptance. However, buyer resistance at elevated levels could limit further upside.
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