- Imported manganese ore prices rise on tight inflows, firm inquiries
- Billet prices rise on strong bookings, support silico manganese uptrend
Domestic silico manganese prices rose sharply w-o-w on 30 March 2026, with Raipur rates at a nine-month high, amid ongoing market uncertainty and escalating manganese ore costs. Imported ore quotations increased, with global miners maintaining firm offers, as per sources. Additionally, the depreciation of the Indian rupee, which recently reached around 95 against the dollar due to ongoing geopolitical tensions, has significantly increased procurement costs for Indian smelters, further adding to overall production expenses and supporting higher alloy prices.
As per BigMint’s assessment on 31 March, domestic silico manganese (60-14) prices moved up across key markets compared to 23 March. In Raipur, prices rose by INR 4,600/t to INR 79,600/t ex-works ($846/t). Durgapur saw an increase of INR 4,400/t to INR 79,000/t ($840/t), while Vizag gained INR 3,800/t to INR 78,600/t ($835/t). Raigarh prices also climbed by INR 4,400/t to around INR 79,300/t ($843/t). Prices in Raipur stood at a nine-month high, as per data maintained with BigMint. The uptrend was primarily driven by elevated raw material costs.
Meanwhile, trade activity slowed during the assessment window. “Although offers have climbed to INR 81,000/t exw in Raipur and Durgapur for SiMn 60-14, limited deals have been concluded. Many bulk buyers had booked volumes last week, so they are not active in the market currently,” said an industry source.
Confirmed deals (as per BigMint)
Factors driving price hike in manganese alloys
Imported ore prices climb up as cargo delays tighten market: India’s imported manganese ore prices extended their upward trajectory in the week ending 28 March 2026, supported by firm buying interest and tightening portside availability. Supply constraints intensified as global miners continued to prioritise bulk shipments to Chinese buyers, limiting cargo flow to India. Additionally, logistical disruptions and shipment delays — amid escalating geopolitical tensions affecting key ocean routes — further tightened supply, sustaining a bullish market sentiment.
Australian high-grade ore (Mn 46%) increased by $0.22/dmtu w-o-w to $6.14/dmtu CNF Haldia/Vizag, while Gabonese high-grade ore (Mn 44%) rose by $0.21/dmtu to $5.74/dmtu. South African lumps (Mn 37%) saw the sharpest gain, up $0.25/dmtu w-o-w to $5.31/dmtu.
Portside shortages deepened during the week, with disruptions across major export hubs such as Durban (South Africa), Port Elizabeth (South Africa), and Libreville (Gabon) delaying shipments and constraining arrivals at Indian ports, thereby reinforcing the prevailing bullish undertone.
Rupee slide amplifies smelter cost pressures: The depreciation of the Indian rupee has significantly amplified the cost pressure on high-priced imported manganese ore. Currently, the INR is hovering around 93-95 per US dollar, compared to levels of around 82-83 a year ago, indicating a steady weakening trend. This sharp depreciation has inflated the landed cost of imported ore, as Indian buyers pay more in rupee terms for dollar-denominated cargoes. Consequently, even moderate increases in global ore prices are translating into disproportionately higher input costs for domestic smelters, tightening margins and supporting the upward movement in silico manganese prices.
Rising billet prices support silico manganese uptrend: Rising steel prices also lent some support to domestic silico manganese prices. BigMint’s billet index rose by INR 1,000/t w-o-w to INR 41,800/t exw-Raipur on 31 March 2026, supported by improved bookings in prior sessions and firm demand from neighbouring regions. Market sentiment remained volatile yet positive on 31 March, driven by strong weekend bookings and better offtake across key markets. Demand from Maharashtra, Gujarat, and Telangana lent support, with buyers preferring billets from central India due to tight scrap availability and relatively lower freight costs. However, intraday buying remained subdued as the sharp rise in offers prompted caution among buyers, with participants adopting a wait-and-watch approach despite earlier demand momentum.
Outlook
Domestic silico manganese prices are expected to remain firm next week, supported by elevated manganese ore costs, tight imported supply, and a weak rupee. While demand from the steel sector offers base support, intermittent buying resistance at higher levels may keep the market volatile. The market is awaiting MOIL’s manganese ore price announcement for April deliveries.
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