- Cautious buying leads to marginal correction in billet prices
- MOIL cuts August manganese ore prices up to 5% m-o-m
Domestic silico manganese prices remained largely stable in the week ended 4 August 2026 amid limited trading activity. Although MOIL’s August ore price reduction eased raw material costs, it failed to exert significant downward pressure on alloy prices. Meanwhile, largely stable domestic steel prices and balanced market fundamentals kept prices range-bound. While a few producers anticipated a recovery on the back of improving sentiment, ample spot availability and need-based buying continued to cap any upside.
According to BigMint’s assessment, domestic silico manganese prices remained largely stable w-o-w across major markets, with only marginal fluctuations. Raipur prices edged up by INR 100/t ($1/t) to INR 74,300/t ($772/t) ex-works, while in Vizag and Durgapur prices declined by INR 200/t ($2/t) to INR 73,900/t ($768/t) and INR 74,000/t ($770/t), respectively. Prices also eased in Raigarh by INR 100/t to INR 73,300/t ($763/t), reflecting a largely range-bound market.
Confirmed deals (as per BigMint)
Market overview
Billet market subdued as weak demand caps price gains: Domestic silico manganese prices remained largely range-bound as weakness in the downstream steel market continued to cap buying interest. BigMint’s billet index declined by INR 50/t w-o-w to INR 38,900/t exw-Raipur on 5 August, reflecting subdued finished steel demand and cautious procurement by rerollers. The absence of meaningful restocking in the semi-finished steel segment limited fresh alloy consumption, while ample spot availability kept silico manganese prices from gaining despite producers’ efforts to maintain offers. Consequently, balanced supply-demand fundamentals and stable billet prices resulted in only marginal movement in the domestic silico manganese market.
MOIL trims August ore prices amid easing seaborne offers: State-owned MOIL Limited revised its manganese ore prices effective 1 August, reducing prices across most grades in line with softer global manganese ore trends. Prices of ferro-grade ores containing more than 44% Mn were cut by 4%, while ferro grades below 44% Mn, along with silico manganese grade (SMGR) fines and chemical-grade ores, were lowered by 5%. The revision follows consecutive price reductions by major seaborne suppliers, including Eramet Comilog, and increased production from global miners such as South32 and Jupiter Mines, which have improved ore availability and pressured international offer prices. Aligning domestic ore prices with weaker imported offers is expected to enhance the competitiveness of MOIL’s material amid subdued alloy demand and cautious procurement by domestic smelters.
Outlook
Domestic silico manganese prices are expected to remain largely range-bound in the near term, with a downside risk of around INR 300-700/t, as subdued steel demand and need-based procurement continue to weigh on buying sentiment. Although MOIL’s August manganese ore price cut (4-5%) and easing global ore prices have softened raw material costs.
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