Indian silico manganese export prices drop further on limited inquiries

• Smelters resist deeper discounts amid tightening margins and loss risks
• Export realizations seen weakening amid demand slowdown and cost mismatch

Indian silico manganese export prices declined w-o-w on 4 May 2026 across major grades, highlighting persistent weakness in export sentiment. Prices of 65-16 grade fell by $13/t to $920/t FOB from $933/t, while 60-14 grade dropped more sharply by $30/t to $850/t FOB, reflecting subdued overseas demand and rising pricing pressure, according to BigMint’s assessment.

The weekly decline underscores an increasingly bearish market outlook. Lower manganese ore prices by key miners have reduced cost support, while sluggish overseas demand and limited portside inquiries indicate weak trade activity. Additionally, ongoing liquidity constraints in the export market have compelled smelters to cut offers to secure deals, further reinforcing the downtrend.

Export market strain deepens as weak demand clashes with firm cost base : Smelters and export traders are facing mounting pressure amid weak overseas demand, with buyers indicating bids of $900-915/t for 65-16 grade significantly below prevailing offer levels. This gap reflects subdued global sentiment and cautious procurement. Although Mn 37% ore prices have corrected by around $0.04/dmtu, higher-grade ore continues to remain firm, limiting any meaningful cost relief. As a result, smelters are unable to align with lower bids without incurring losses. Feedback from Durgapur-based producers highlights tightening margins, as easing alloy prices are not fully offset by input cost corrections, reinforcing the current bearish undertone in the export market.

South32 slashes June ore offers as weak China sentiment weighs on Mn market: South32 reduced its Jun26 manganese ore offers for South African Mn37% material by $0.4/dmtu to $5/dmtu, reflecting mounting pressure from weaker Chinese demand, oversupply in the market, and subdued buying interest amid elevated import costs. The price cut highlights softening market fundamentals as cautious procurement and high landed costs continue to weigh on spot demand sentiment.

Outlook

Silico manganese export prices are likely to remain under pressure, driven by weak overseas demand and buyer bids below workable levels. Limited ore cost relief and firm high-grade inputs will cap aggressive discounts, keeping margins tight. Trade activity may stay subdued as smelters balance volume push with loss risks.