- Smelters resist price cuts amid rising import costs
- Billet tags see mild uptick despite weak sentiment
Indian silico manganese prices edged up w-o-w, as smelters refrained from offering discounts. Several key producers are either fully booked or have shifted to other commodities, limiting supply both in the domestic and overseas markets and lending slight support to prices.
As per BigMint’s assessment on 04 November 2025, domestic prices of silico manganese (60-14 grade) witnessed an uptrend across key regions. In Raipur, prices reached INR 72,200/tonne (t) ($814/t) exw, reflecting a w-o-w increase of INR 500/t ($6/t).
Durgapur followed, with rates assessed at INR 71,900/t ($810/t), up by INR 200/t ($3/t). Prices in Vizag also edged higher by INR 100/t ($1/t) to INR 71,600/t ($808/t). Meanwhile, Raigarh remained stable at INR 70,900/t ($800/t) exw.
The premium 60-15 grade was up slightly w-o-w, trading between INR 73,500-73,800/t ($830-833/t). Meanwhile, in Raipur, trade activity slightly up, with weekly volumes holding around 2,400 t, slightly up from the previous week’s 1,600 t. The steady offtake reflects consistent demand from alloy consumers and stable market sentiment.
Confirmed deals (as per BigMint)
Market scenario
Imported ore, currency pressures keep smelter margins tight: Indian smelters found little room to cut prices as their heavy reliance on imported manganese ore of around 50% continued to weigh on production costs. A weaker rupee and price hikes by major global miners for November 2025 further added to the cost burden, pushing domestic offers higher. Meanwhile, MOIL’s decision to maintain its November 2025 delivery prices in line with global parity across grades provided a floor to the market, lending mild support and keeping sentiment slightly upbeat despite the prevailing cautious trade environment.
Billet prices edge up despite weak sentiment: Billet prices remained largely stable w-o-w, inching up by INR 500/t ($6/t), though a slight correction was observed in recent days. As of 5 November 2025, BigMint’s billet index stood at INR 34,800/t ($392/t) exw-Raipur.
The market saw minor price adjustments towards the day’s close as participants stayed cautious amid continued weakness in finished steel demand. Limited buying momentum and sluggish downstream activity kept spot offers under pressure, while negative cues from neighbouring markets further weighed on sentiment. However, the impact on the domestic silico manganese market remained limited.
Indian silico manganese export prices record marginal w-o-w uptick: Indian export prices witnessed a slight increase w-o-w, supported by steady market activity and a few deals concluded at higher levels. However, higher offers from some smelters met with limited acceptance in overseas markets.
According to BigMint’s latest assessment dated 3 November 2025, export prices of the 65-16 grade rose by $5/t w-o-w to $931/t FOB from $926/t FOB recorded on 28 October 2025. Meanwhile, the 60-14 grade registered a $3/t w-o-w increase to $835/t FOB.
Outlook
Prices are likely to stay range-bound as smelters face limited scope for discounts amid elevated imported raw material costs.
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