- Tight spot availability, deals at higher levels keep domestic prices firm
- Steel price gains offer support but cautious buyer sentiment impacts prices
Indian silico manganese prices edged up w-o-w, supported by improved acceptance of higher offers and firm price positions maintained by smelters. Rising manganese ore prices and limited availability in the market continued to lend support to alloy prices. In addition, a modest recovery in the steel sector provided further upside.
Silico manganese (60-14 grade) prices increased by an average of INR 1,000/t ($11/t) w-o-w across major markets, reaching a two-month high. In Raipur, prices rose by INR 900/t to INR 71,100/t exw, a level last seen on 19 November 2025. Durgapur prices climbed by INR 1,100/t to INR 71,100/t, while Vizag rates increased by INR 900/t to INR 70,700/t exw. In Raigarh, prices rose by INR 1,000/t to around INR 70,400/t exw, reflecting strong market sentiment across regions.
The premium 60-15 grade remained increased by 400/t ($4/t) w-o-w to INR 71,800/t ($798/t) and are currently hovering at around 72,500/t exw Raipur, but no deal has been concluded at this level.
Confirmed deals (as per BigMint)
Market overview
MOIL lifts manganese ore prices for Jan’26: State-owned miner MOIL has announced a revision in its manganese ore prices, effective 1 January. Prices for all ferro grades—both above and below Mn 44%—have been increased by 3%. M-o-m, prices for SMGR Mn30% have been raised by 5%, while SMGR Mn25% prices have been reduced by 5% and SMGR Mn20% by 10%.
Silico prices firm as key smelters report deals at elevated levels: Smelters continued to maintain firm price levels, supported by sustained acceptance of higher-priced material and the absence of successful transactions at discounted rates. Key producers concluded trades at around INR 71,300/t exw Raipur and Durgapur, which effectively set a market benchmark. Other major domestic smelters subsequently aligned their offers comparably, reinforcing market-wide price discipline. Furthermore, reports of several smelters being fully booked until March surfaced, which threatens spot availability, creating a supply-side tightness that has provided additional support to prices.
An official with a major smelter in Raipur informed BigMint that prices were likely to rise to around INR 72,500/t exw in the near term, supported by an expected increase in inquiries from overseas. He added that improving domestic consumption is also anticipated to provide strong support to prices.
Export prices firm w-o-w on cost pressure: Indian silico manganese export prices edged up w-o-w, supported by rising imported manganese ore costs, limited ore availability at exporting ports, and a modest recovery in domestic steel prices. Renewed bulk booking inquiries from Japan further strengthened market sentiment.
As per BigMint’s assessment on 5 January, export prices increased across grades, with 65-16 assessed at $908/t FOB, up $11/t w-o-w, while 60-14 rose by $3/t w-o-w to $811/t FOB.
Steel prices rise but cautious buying caps upside: BigMint’s billet index rose by INR 850/t w-o-w to INR 40,250/t exw-Raipur, supported by selective trades amid cautious market participation. However, buying interest remained limited as most buyers had already covered their requirements at lower levels and paused fresh bookings due to rising prices.
Market sentiment stayed cautious despite sellers attempting to raise spot offers, as weak support from the finished steel segment and subdued demand across regions capped further upside, even as supply tightness and firm raw material prices provided short-term support. This explains the uptrend in silico prices.
Outlook
Domestic prices are likely to trend upward in the coming week following concerns over limited supply and rising import prices. However, the recent modest recovery in steel prices may either provide further upside or keep prices largely stable.
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