- Abundant stockpiles discourage immediate purchases
- Key importers remain cautious amid Indo-Pak tensions
India’s silico manganese export prices remained largely stable w-o-w, as muted inquiries and sufficient inventories with buyers led to a slowdown in trade. Buyers’ resistance to higher offers also made it difficult for sellers to hold firm on quotations.
BigMint’s assessment placed export prices of the 65-16 grade at $931/tonne (t) FOB on 12 May 2025, unchanged w-o-w. Meanwhile, the 60-14 grade held largely steady at $840/t FOB, dipping by $2/t.
Market review
Ample stocks, geopolitical tensions reduce buying interest: Sufficient inventories with key importers from Europe, Egypt, the MENA region, and Southeast Asia reduced the urgency for fresh bookings, keeping buyers largely inactive in the market.
Additionally, many market participants opted to observe rather than engage, especially amid ongoing tensions between India and Pakistan. This cautious stance led to steady prices, as buyers adopted a conservative approach, expecting potential disruptions or price shifts from regional instability.
Imported Mn ore prices dip w-o-w: India’s imported manganese ore prices decreased slightly w-o-w, hitting a four-month low. This decline is primarily due to weaker demand for manganese alloys in both domestic and international markets.
Sluggish market conditions, combined with sufficient inventory levels, led to reduced purchasing activity. Buyers adopted a cautious approach, opting for smaller volumes or delaying purchases. W-o-w, price movements were as follows:
- Gabonese high-grade ore (44%): $4.58/dry metric tonne unit (dmtu), down by $0.02/dmtu
- Australian high-grade ore (46%): $4.9/dmtu, down by $0.02/dmtu
- South African Mn 37% lumps: $3.89/dmtu, down by $0.03/dmtu
Outlook
The market is expected to remain largely stable in the near term, with subdued demand, sufficient inventories, and geopolitical tensions prompting buyers to adopt a wait-and-watch approach and limiting price movements.
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