India: Silico manganese export prices remain range-bound w-o-w amid drop in imported ore tags

• Import inquiries wane amid liquidity crunch
• Market to stay subdued amid cautious sentiment

India’s silico manganese export prices exhibited a range-bound trend w-o-w due to limited inquiries and falling imported manganese ore prices. Additionally, some deals were concluded at lower rates, which pushed down prices slightly.

BigMint’s assessment on 28 April 2025 placed export prices of the 65-16 grade at $932/tonne (t) FOB, reflecting an $8/t decrease w-o-w. Meanwhile, the 60-14 variant remained stable at $842/t FOB.

Market review

Export market hit by demand slump: Indian silico manganese exporters faced considerable pressure due to a decline in inquiries from key importing regions such as Europe, Egypt, the MENA region, and Southeast Asia. This downturn was driven by a liquidity crunch in these regions and ongoing supply-demand mismatches. The notable reduction in inquiries has created a panic situation in India, which relies on exports for up to 50% of its silico manganese market. Limited demand from these key markets poses a significant threat to exporters’ business stability.

Imported Mn ore prices dip w-o-w: Imported manganese ore prices edged down w-o-w, leading to downward pressure on silico manganese tags. The decline in ore prices was driven by a decrease in both domestic and overseas demand for manganese alloys across various grades. This weak demand prompted buyers to adopt a more cautious approach, resulting in reduced purchase commitments and, subsequently, softer ore prices.

W-o-w, price movements were as follows:

• Gabonese high-grade ore (44%): $4.69/dry metric tonne unit (dmtu), down by $0.22/dmtu
• Australian high-grade ore (46%): $5.02/dmtu, down by $0.23/dmtu
• South African Mn 37% lumps: $3.94/dmtu, down by $0.13/dmtu

Outlook

India’s silico manganese export prices may face downward pressure due to the lack of inquiries from international buyers and instability in manganese ore prices. The market remains subdued, as traders and producers await fresh demand signals from key importing countries. Any revival in inquiries could provide near-term support to prices, but until then, sentiment is likely to stay cautious with limited upward momentum.