- High offers face resistance as buyers limit procurement
- Need-based buying likely to cap sharp domestic price gains
Indian silico manganese prices remained stable this week despite fluctuations in imported manganese ore prices. Acceptance of higher-priced material was limited, as most domestic buyers maintained adequate inventories and adopted a strategic procurement approach, keeping prices relatively steady.
As per BigMint’s assessment on 10 February 2026, domestic silico manganese (60-14 grade) prices showed only a marginal uptick of about INR 150/t ($2/t) w-o-w across major markets, reflecting firm but balanced sentiment. In Raipur, prices increased by INR 300/t ($3/t) to INR 74,300/t ex-works ($818/t). Durgapur prices stood at INR 73,100/t ($809/t), while in Vizag prices rose by INR 100/t ($1/t) to INR 73,300/t ex-works ($810/t). In Raigarh, prices gained INR 200/t ($2/t) to reach around INR 73,100/t ex-works ($806/t), indicating that the market is entering a saturation phase.
Confirmed deals (as per BigMint)
Market overview
Ample mill inventory restricts price momentum: Smelters faced difficulty selling material at higher offer levels as most mills had already built sufficient inventories and limited fresh purchases. Instead of active restocking, buyers followed a cautious and strategic procurement approach, entering the market only for immediate requirements and resisting higher offers. This muted buying interest restricted upward price movement despite firm producer intentions.
On the supply side, smelters maintained their offer levels and showed limited willingness to negotiate, as raw material costs continued to show a mixed trend. While some input prices softened, certain higher-grade or premium raw materials remained elevated, preventing producers from reducing finished alloy prices aggressively. This cost-side pressure, combined with steady production levels, kept sellers firm in their pricing stance even as transaction volumes remained moderate.
Stable ore prices keep alloy market in check: Imported manganese ore prices showed a mixed trend this week. A marginal slowdown in inquiries for high-grade manganese alloys led to a slight softening in high-grade manganese ore prices, while mid-grade material edged up. Australian high-grade ore (Mn 46%) declined by $0.02/dmtu w-o-w to $5.54/dmtu CNF Haldia/Vizag, and Gabonese high-grade ore (Mn 44%) also eased by $0.02/dmtu to $5.18/dmtu. In contrast, South African lumps (Mn 37%) rose by $0.08/dmtu w-o-w to $4.62/dmtu CNF Haldia/Vizag. These mixed movements in imported ore prices capped further upside in domestic silico manganese prices.
Outlook
The near-term outlook for the domestic silico manganese market remains steady. Prices are likely to move within a narrow range as buyers continue need-based procurement while monitoring raw material trends and finished steel demand. Any sustained rise in imported manganese ore costs or fresh hikes from miners could lend upward support to silico prices. However, comfortable inventories at mills and cautious purchasing strategies may cap sharp gains.
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