India: Silico manganese export prices slide further on weaker market sentiments

• Cautious sentiment, approaching winter holidays weigh on prices
• Lower offers from Malaysia, Ukraine, Norway lead to competitive pressure

India’s silico manganese export prices eased w-o-w on 8 December as overseas demand softened and buyers adopted a risk-averse, need-based procurement strategy. Limited pre-holiday inquiries, subdued global steel consumption, and restrained domestic purchasing kept trading sentiment muted.

According to BigMint’s assessment dated 8 December 2025, India’s silico manganese export prices registered a mild w-o-w decline of roughly $2/t across both major grades. The 65-16 variant slipped to $915/t FOB from $917/t FOB on 1 December, while the 60-14 grade similarly softened to $815/t FOB.

Market overview

Muted overseas inquiries curtail upward momentum: Overseas demand was lacklustre, with buyers continuing to delay sizeable bookings amid soft steel production in key importing regions. Limited buying appetite before the winter holidays, coupled with conservative purchasing by European and Asian buyers, kept liquidity thin. Weak demand prevented exporters from raising offers.

Weak domestic consumption adds additional pressure: Domestic alloy demand remained tepid, particularly from secondary steelmakers operating at reduced utilisation rates due to slow downstream orders. With limited restocking by mills and few spot tenders emerging, domestic sentiment failed to support firm pricing. The absence of sustained local demand created additional pressure on exporters, who adjusted FOB levels to remain competitive internationally.

Intensifying competition from alternative origins: Indian exporters also grappled with intensifying competition from Malaysia, Ukraine, and Norway, where silico manganese was available at $805-810/t FOB. Cost-conscious buyers have been increasingly redirecting orders to these origins, particularly for standard grades. This competitive pressure limited Indian suppliers’ ability to sustain or elevate their FOB prices, compelling them to adjust offers to remain attractive in the global market.

The presence of substitutes also kept buyers cautious, particularly in spot markets. Exporters had to often adjust offers downward to secure deals or risk losing orders.

Outlook

Indian silico manganese export prices are likely to remain near current levels, as cautious global demand and subdued domestic consumption continue to temper upward momentum in the upcoming week.