India: Silico manganese export prices remain stable amid shifting market dynamics

• Improving overseas demand boosts exports
• Lower ore costs cap the price upside

Indian silico manganese export prices remained unchanged w-o-w in the week ended 1 September 2026, with 60-14 grade at $810/t FOB Vizag/Haldia and 65-16 grade at $886/t FOB Vizag/Haldia.

The market remained stable as improving demand signals in some overseas markets were offset by softer manganese ore benchmarks and continued price sensitivity among buyers.

Improving overseas enquiries support Indian export sentiment

Demand signals from key Asian markets have shown some improvement, with stronger Chinese steel-mill tenders providing support to regional SiMn sentiment. HBIS Group settled its August SiMn procurement at RMB 5,880/t ($874/t), above its initial enquiry of RMB 5,800/t ($863/t), with procurement volume rising to 16,600 t. Enquiries from Japan and Turkey have also shown some improvement, although buyers continue to compare offers closely before confirming volumes.

An Indian exporter said enquiries have picked up for near-term requirements, while competition from Malaysia, Norway and other Asian suppliers continues to limit scope for aggressive price increases.

Lower ore offers cap upside despite improving demand

Recent reductions in manganese ore offers by South32 and Eramet Comilog have strengthened expectations of lower replacement costs, making buyers more resistant to higher SiMn offers. With ore prices easing and availability remaining comfortable, buyers have greater scope to negotiate, limiting the ability of Indian exporters to pass on any increase despite improving overseas demand.

• Australian high-grade manganese ore (Mn 46%) declined by $0.16/dmtu w-o-w to $5.12/dmtu CNF Haldia/Vizag.
• Gabonese high-grade manganese ore (Mn 44%) fell by $0.19/dmtu w-o-w to $4.82/dmtu CNF Haldia/Vizag.
• South African manganese lumps (Mn 37%) eased by $0.06/dmtu w-o-w to $4.22/dmtu CNF Haldia/Vizag.

Outlook

Silico manganese export prices are likely to remain rangebound with a stable-to-positive bias, as improving overseas enquiries and stronger Chinese steel-mill tenders could support demand. However, softer manganese ore costs and competitive offers may continue to limit significant upside.