- Export market stays flat as EU developments stir mixed sentiment
- Pressure likely to remain on export prices amid cautious buying
Indian silico manganese export prices remained rangebound w-o-w across grades, as the market awaits fresh orders. Sentiment is mixed, with talks suggesting that the EU’s “safe to EC” development could open up new buying interest. Exporters continue to face limited inquiries for new contracts, and ongoing shipments from previously booked orders are currently keeping trade activity afloat, some keeping the prices stable.
According to BigMint’s latest assessment on 17 November 2025, India’s silico manganese export market remained largely stable with only slight fluctuations. The 65-16 grade inched up by $2/t w-o-w to $928/t FOB from $926/t FOB recorded on 3 November, while the 60-14 grade held steady at $832/t FOB.
Market overview
Exporters face pressure as inquiries decline: Exporters are increasingly facing downward pressure as inquiries from major importing regions—including the UAE, Southeast Asia, and MENA—have weakened noticeably. Buyers in these markets are putting forward significantly lower price expectations, reflecting both a cautious buying approach and ample availability of regional material. This mismatch between buyer bids and exporter offers has slowed negotiation momentum, leading to quieter market activity.
On the supply side, Indian smelters are attempting to hold prices firm for the time being, supported by steady production costs and limited willingness to sell at lower margins. However, with nearly 45% of India’s silico manganese output dependent on export markets, smelters may eventually be pushed to offer discounts if inquiries do not pick up and inventories start building. This imbalance is creating a growing sense of unease among exporters, who are caught between tightening buyer budgets and smelters’ resistance to price cuts.
Adding to the uncertainty, ongoing discussions surrounding the EU’s safeguard measures have created a temporary pause in trading activity. Many market participants are adopting a wait-and-watch approach, anticipating clarity on whether the safeguard framework will tighten, ease, or remain unchanged. This has contributed to softer sentiment overall, with exporters expressing concern that prolonged policy-related ambiguity could further delay fresh bookings and intensify price pressure in the coming weeks.
Outlook
Export prices are likely to remain under pressure in the near term as the market continues to see cautious buying across major importing regions. Key buyers are holding back fresh bookings and waiting for the final decision on the EU safeguard measures, which is expected to shape short-term trade flows and sentiment. Until clarity emerges, exporters may face increased pressure to offer discounts to stimulate demand and maintain shipment volumes.
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