- Soft steel fundamentals and billet correction keep domestic prices under pressure
- Weak export enquiries and softer ore outlook pressure prices
Domestic silico manganese prices remained under pressure, extending their downtrend as weak procurement by domestic steel mills continued to dampen market sentiment. Sluggish finished steel demand and comfortable alloy inventories at mills reduced the urgency for fresh bookings, while ample spot availability intensified competition among producers. Additionally, buyers remained resistant to higher offer levels, limiting sellers’ pricing power and keeping transaction volumes subdued.
According to BigMint’s assessment, domestic silico manganese prices fell by INR 1,100/t ($11/t) w-o-w across key Indian markets, touching nearly two-month low, as producers trimmed offers to improve sales amid weak downstream demand and sufficient spot availability. Nevertheless, firm raw material and power costs constrained sharper price declines despite the subdued market sentiment. Raipur witnessed the sharpest correction, with prices falling by INR 1,100/t to INR 74,800/t ($777/t) ex-works. Prices in Vizag eased by INR 1,000/t to INR 74,700/t ($776/t), while Durgapur and Raigarh recorded declines of INR 1,100/t and INR 1,000/t to INR 74,800/t ($777/t) and INR 74,100/t ($770/t), respectively.
Confirmed deals (as per BigMint)
Market Overview
Weak billet sentiment and muted steel demand weigh on domestic SiMn market: BigMint’s billet index declined by INR 350/t w-o-w to INR 37,600/t exw-Raipur on 15 July 2026, as subdued buying interest and persistent weakness in downstream steel demand continued to pressure the semi-finished steel market. Lower enquiry levels and cautious procurement kept trading activity muted, while competitive offers from neighbouring markets prompted producers to reduce spot prices to attract buyers. Market participation remained limited throughout the session, with buyers largely restricting purchases to immediate requirements. Many consumers had already secured material at lower prices earlier in the week and therefore refrained from fresh bookings.
Soft export demand and freight challenges drag prices lower: Indian silico manganese export prices remained under pressure during the week, with BigMint’s 65-16 grade assessment declining by $6/t w-o-w to $915/t FOB and 60-14 grade falling by $10/t to $821/t FOB Haldia/Vizag. The decline was driven by subdued trading activity, as overseas buyers adopted a cautious procurement strategy following major miners’ cuts to August 2026 manganese ore offer prices, expecting further softening in alloy prices. At the same time, aggressive offers from traders in key export markets intensified competition, restricting Indian exporters’ ability to maintain higher price levels. Persistent shipment delays, logistical disruptions, and elevated ocean freight costs further eroded export competitiveness, resulting in limited deal activity and continued weak market sentiment.
Outlook
Domestic silico manganese prices are likely to trade with a weak bias in the near term, amid subdued steel mill procurement, ample spot availability, and soft billet prices. While sluggish downstream demand may continue to weigh on market sentiment, firm production costs and disciplined producer offers are expected to prevent any significant price correction in the absence of stronger demand recovery.
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