- Muted demand sinks steel index, ripples hit silico
- Domestic prices fluctuate, export revival awaited
Domestic silico manganese prices have stabilised this week following a previous upward trend seen in mid-June 2025 on production curtailments. Prices have come down slightly by INR 300/t over the last couple of days. The price drop is primarily attributed to softening demand and a decline in steel prices, which has significantly impacted pricing dynamics.
According to BigMint’s assessment dated 15 July, domestic prices for 60-14 grade silico manganese were recorded as follows: Ex-works prices in Raipur were reported at INR 73,200 per tonne ($847/t), while Durgapur prices hovered around INR 72,400/t. In Vizag, the rate stood steady at INR 72,800/t ($839/t), reflecting a stable pricing trend in the market.
Meanwhile, the premium 60-15 grade also held steady week-on-week, trading in the range of INR 74,000–75,300/t ($852–$861/t). During the period of 9-15 July, approximately 5,000 t of 60-14 grade silico manganese were transacted in Raipur, marking a slight increase from the previous week’s trade volume. This uptick indicates moderate market activity, suggesting that while demand remains cautious, there is still consistent buying interest in the region.
Confirmed deals (as per BigMint)
Market overview
Billet market cools off, silico prices follow wilt: BigMint’s billet index fell by INR 300/t d-o-d, settling at INR 36,500/t ex-works Raipur on 14 July 2025. Despite lower spot offers, buying interest remained subdued, reflecting a cautious market mood. The slowdown in momentum across the semi-finished steel segment, driven by weak demand and limited support from finished steel sales, led to restricted bookings. This lack of buyer participation not only pressured billet prices but also contributed to a slight downward push in domestic silico manganese prices.
Raipur smelters resist price pressure: Domestic smelters kept their offers steady w-o-w, resisting further discounts despite pressure from lower-priced Raigarh offers hovering at around INR 72,000-72,500/t exw. The decision was largely influenced by rising production costs, driven by increased manganese ore prices—particularly for the Mn 37 grade of South African origin which has seen inches up by $0.2/dmtu w-o-w to $4.03/dmtu CNF India. Traders also faced limited inventory, restricting their ability to offer price cuts. While Raigarh smelters attempted to push prices down with slightly lower offers, Raipur smelters maintained robust pricing, helping keep overall domestic silico manganese prices stable.
Outlook
Domestic silico manganese prices are likely to experience a slight decline in the near term, primarily due to softening demand from steel mills and competitive offers from key manufacturing regions. However, a potential recovery in export demand could provide support and help stabilise prices.
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