- BigMint’s export index falls by $10-15 w-o-w
- Global miners revise Jan’26 ore prices
India’s silico manganese export market has witnessed a lack of fresh overseas bookings, as participants remain cautious amid expectations of a potential price decline. The market was awaiting pre-Christmas bookings, which are typically inquired about during the first and second weeks of December; however, these usually involve limited bulk volumes. Meanwhile, imported manganese ore prices for January ’26 deliveries have increased sharply, but this rise has had minimal impact on export silico manganese prices, which largely depend on imported-grade ore costs.
According to BigMint’s assessment dated 15 December, India’s silico manganese export prices registered a down w-o-w of roughly $10/t across both major grades. The 65-16 variant slipped to $901/t FOB from $915/t FOB on 8 December, while the 60-14 grade down by $5/t to $815/t FOB.
“Although Indian manganese alloys export offers have fallen w-o-w, the INR has depreciated to an all-time low of 91 against the USD, which has somehow kept overall scenario balanced”, said a market source.
Market overview
Exporters face pricing stress, importers stay on sidelines: The export market continues to face subdued sentiment as major importing countries remain on the sidelines, delaying bulk procurement in anticipation of further price corrections. This cautious buying approach has significantly reduced spot inquiries, limiting trade liquidity. At the same time, sellers and exporters are under growing pressure to conclude deals, as overseas buyers are showing low acceptance of higher-priced offers. With limited room to pass on elevated raw material costs, exporters may need to reassess offer levels to remain competitive.
Selective miner hikes fail to lift manganese ore market: Global miners have set January 2026 manganese ore prices with mixed revisions. Eramet’s Comilog raised Gabonese Mn44.5% lumps to $4.70/dmtu and Mn43% chips to $4.50/dmtu CIF China, up $0.20/dmtu on firmer demand and tighter supply. Jupiter Mines increased its high-grade Mn6.5% semi-carbonate lumps to $4.15/dmtu CIF China, up $0.05/dmtu, while South32 kept South African Mn37% material unchanged at $4.15/dmtu. Despite expectations of a further uptrend, currency exchange fluctuations have limited market acceptance of Indian material at higher-priced offers. Also few of the believe that market has sufficient supply which is pulling down prices.
Outlook
Given current market sentiment, prices are expected to fluctuate slightly as higher imported manganese ore prices and currency volatility pressure production costs. Fresh demand could lend limited upside support, though overall sentiment remains mixed.
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