- Billet prices hit 7-month high, finished steel offtake improves
- Sellers keep offers firm on rising manganese ore prices
Indian domestic silico manganese prices edged up w-o-w, supported by a modest recovery in the steel sector. Improved acceptance of slightly higher-priced material by steel mills lent support to prices. However, subdued buying interest in the overseas market continued to cap any sharp upside in domestic prices.
Silico manganese (60-14 grade) prices were up by an average INR 300/t ($3/t) w-o-w across markets. In Raipur, prices increased by INR 500/t ($5/t) to INR 69,900/t ($773/t) exw. In Durgapur, prices inched up by INR 100/t ($1/t), settling at INR 69,800/t ($778/t). Rates in Vizag moved up by INR 200/t ($2/t) to INR 69,600/t ($773/t), while prices in Raigarh rose by INR 400/t ($4/t) to nearly INR 69,000/t ($764/t) exw.
The premium 60-15 grade remained flat w-o-w at INR 71,400/t ($795/t).
Confirmed deals (as per BigMint)
Market overview
Steel market rally drives silico manganese prices higher in India: BigMint’s billet index increased sharply by INR 1,300/t w-o-w to INR 39,000/t exw-Raipur on 31 December 2025, reaching its highest level in over seven months, last seen in May 2025. The surge was driven by improved buying activity and stronger billet demand from neighbouring regional markets, which pushed spot offers higher.
Market sentiment remained volatile yet firmly positive, supported by a strong rally in finished steel prices and improved offtake across major consuming regions. This encouraged market participants to step up bookings in the semi-finished steel segment. Sustained strength in finished steel prices boosted buyer confidence, leading to renewed optimism around near-term market stability and forward bookings at varied prices.
This positive momentum in the steel and billet markets provided support to domestic silico manganese prices.
Sellers keep silico manganese offers firm: Smelters remained firm on prices, as bids below INR 69,500/t were close to the cost of production and could not be accommodated amid rising manganese ore prices. The surge in steel prices further boosted market sentiment, with a few higher-priced deals concluded at around INR 70,200/t exw-Raipur. As a result, smelters continued to maintain a robust pricing stance.
Imported manganese ore prices remained largely stable w-o-w, with only marginal movements. Smelters continued need-based buying amid subdued manganese alloy demand in both domestic and export markets, while winter holidays limited port-side inquiries and kept trading activity muted.
Australian Mn 46%: Stable at $5.23/dmtu CNF Haldia/Vizag, Gabonese Mn 44%: Stable at $4.89/dmtu CNF Haldia/Vizag, South African Mn 37% lumps: Slightly lower at $4.27/dmtu CNF Haldia/Vizag
Additionally, a key smelter from Raipur informed BigMint that prices are expected to rise in the near term, supported by anticipated bulk inquiries from Japan. Market participants also noted that China, being the largest producer and consumer of manganese alloys, has seen a reduction in export volumes routed through third countries by some trading firms. This is linked with lower silico manganese production in China, driven by muted demand for the material due to a subdued steel market.
This decline in Chinese supply is expected to create opportunities for Indian producers, potentially lending further support to prices going forward.
Outlook
Domestic prices are likely to witness a slight uptrend in the coming days, supported mainly by the recovery in steel prices and rising concerns over manganese ore costs. Additionally, the market is waiting for MOIL’s price announcements for January 2026, which could provide further support to silico manganese prices.
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