- Madhya Pradesh, Andhra Pradesh see price gains
- Odisha prices steady amid lump shortage
India’s manganese ore offers remained mixed in February, with select states witnessing price increases driven by improved alloy demand and tighter supplies, while others remained stable amid balanced availability and cautious buying.
Region-wise price adjustments
Madhya Pradesh: Manganese ore offers in Madhya Pradesh moved up across grades in February. Prices for 28-30% Mn increased by INR 300/t to INR 7,500/t (up 4% m-o-m), while 30-32% Mn rose by INR 400/t to INR 9,900/t (up 4%). Higher-grade 37% Mn advanced by INR 1,000/t to INR 16,500/t (up 6%), and 44% Mn climbed by INR 750/t to INR 20,050/t (up 4%).
The rise was primarily driven by improved procurement from ferro alloy producers and tighter availability of better-grade material. Miners reported controlled dispatches and firm demand for mid- to high-grade ore, enabling them to push offers upward, especially for 37% Mn where supply remains structurally limited.
Odisha: Odisha prices remained largely stable m-o-m. Offers for 24-26% Mn held at INR 8,900/t (0% change), while 28-30% Mn and 30-32% Mn were steady at INR 10,500/t and INR 11,500/t, respectively. Most of the miners are holding offers for Feb’26 due to limited material availability.
The constrained availability of calibrated lump ore, particularly in the 30-32% Mn range, influenced trade dynamics, with buyers focusing only on immediate requirements. The shortage of ready-to-dispatch lump material kept transactions selective, preventing any sharp price movement despite steady demand. Market participants noted that a further squeeze in lump ore supply or stronger alloy production could trigger an upward revision in offers in the near term.
Andhra Pradesh: In Andhra Pradesh, offers for below 25% Mn grade increased by INR 250/t to INR 5,250/t, marking a 5% m-o-m rise. The price uptick reflects improved buying from small ferro alloy units and local traders seeking cost-effective blending material.
Supply in this low-grade segment has been relatively tight due to selective mining and prioritisation of higher-grade production. Miners indicated that logistics constraints and rising operational costs also supported higher offers. They remain cautiously optimistic, noting that sustained demand from regional alloy producers could keep prices firm, although bulk buying interest is still moderate compared to higher Mn grades.
Factors affecting prices
Imported high-grade ore prices rise m-o-m: Imported high grade manganese ore prices recorded m-o-m gains in January 2026, supported by limited availability at key exporting ports. Supply constraints stemmed from wet-season disruptions to mine output and logistical delays caused by infrastructure challenges in South Africa. South African-origin 37% ore averaged $4.39/dmtu, up $0.11/dmtu from December 2025. Australian-origin 46% ore rose by $0.27/dmtu to $5.45/dmtu, while Gabonese Mn44% ore increased $0.25/dmtu to $5.09/dmtu.
Domestic silico manganese prices went up m-o-m: Domestic prices of 60-14 grade silico manganese rose m-o-m by INR 2,300/t to INR 71,800/t ($781/t) exw Raipur in January, according to BigMint’s assessment. The increase was driven by higher manganese ore costs, especially for imported material, which exerted upward pressure on production costs. However, cautious procurement by steel mills limited buying interest, keeping transactions selective.
India’s silico manganese export offers inch up m-o-m: Silico manganese export offers strengthened in January, with 60-14 grade prices rising by $5/t m-o-m to $815/t FOB India, up from $810/t in December. Prices for the higher-grade 65-16 material also firmed, increasing by $8/t m-o-m to $912/t FOB India. The gains were primarily supported by a persistent ore shortage, as smelters continued to face delayed raw material deliveries at elevated costs, which in turn pushed alloy prices higher.
Global manganese ore miners raise February offers: Major manganese ore producers raised their February 2026 offer prices. South32 increased its offer for South African Mn 37% material to $4.40/dmtu, up by $0.25/dmtu month on month. Eramet Comilog, a key exporter from Gabon, set its February 2026 shipment prices at $4.90/dmtu CIF China for Mn 44.5% lumps and $4.70/dmtu for Mn 43% chips, both reflecting a $0.20/dmtu m-o-m increase. Meanwhile, Jupiter Mines Limited, operator of the Tshipi Borwa Manganese Mine in South Africa’s Kalahari manganese field, announced its February 2026 offer for high-grade (Mn 36.5%) semi-carbonate lumps at $4.32/dmtu CIF China, up by $0.17/dmtu.
Indian billet prices increase m-o-m: Domestic billet prices were up by 9% m-o-m at INR 40,500/t ($441/t) exw-Raipur in January, compared with INR 37,100/t ($404/t) in December. The rise was largely driven by higher raw material and energy costs, while steel demand remained subdued, limiting further upside in domestic prices.
Outlook
Manganese ore prices are expected to remain firm in the near term, supported by steady alloy demand and controlled supplies, while further upside will depend on steel production trends and availability of higher-grade material.
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