- Buyers cautious, portside activity remains limited
- Falling ore prices may impact SiMn export market
India’s silico manganese export prices remained largely stable with a slight drop seen this week, amid limited deals and subdued demand.
BigMint’s assessment of export prices of the 65-16 grade on 1 April 2025 stood at $943/tonne (t) FOB, down by $2/t w-o-w. Meanwhile, the 60-14 variant was down $3/t to $846/t FOB against last week.
Market review
Buyers cautious, global demand weak: Export prices have remained stable due to cautious buying behaviour, despite minor changes in imported ore prices. The overall market sentiment is subdued, with decreased inquiries and purchase volumes in manganese alloys. Key regions like Europe are reducing their consumption of silico manganese due to power scarcity and rising inflation, making it challenging for producers to finalise deals.
Imported ore prices drop amid subdued demand: The imported manganese ore market witnessed a decline last week, with minor price fluctuations observed in the higher grades. Prices of South African Mn37% at $4.42/dmtu, dropping a minor $0.06/dmtu w-o-w, while Gabonese Mn44% was at $4.97/dmtu while the Australian Mn46% grade was at $5.48/dmtu. Both the Gabonese and Australian grades experienced a slight decline of $0.05/dmtu each w-o-w.
Chinese silico manganese prices inch down w-o-w: Chinese silico manganese (Mn: 65%, Si: 17%) prices were largely steady w-o-w, with a slight decline of RMB 55/t ($8/t) to RMB 5,930-6,200/t ($817-$854/t) exw, including taxes. The silico manganese market overall remained stable. The futures market has seen a slight rebound, and coal has collectively shown positive movement, boosting market sentiment.
Outlook
Silico manganese export prices may fluctuate in the near term, but the recent decline in manganese ore prices could exert downward pressure on overall market dynamics.
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