India: Domestic silico manganese prices rise w-o-w in recent deals

• Smelters booked with export orders till mid-Apr

  
  
  

• Production costs up on rising manganese ore tags
  
  

India's prices of domestic 60-14 grade silico manganese increased by INR 1,100/tonne (t) ($13/t) w-o-w to around INR 73,150-74,400/t ($842-857/t) exw on 18 February 2025, as per BigMint's assessment. This rise follows an increase in export offers due to higher demand and limited supply, which led to deals for domestic material being closed at higher values.

In Raipur and Vizag, some smelters offered material at slightly higher levels of INR 73,700-74,200/t ($849-854/t) exw. Some deals were also concluded at these values.

The premium 60-15 grade also saw a slight w-o-w increase to around INR 75,500-76,500/t ($870-876/t) exw in Durgapur and Raipur compared to INR 74,500-76,000/t ($858-875/t) last week.

Confirmed deals (as per BigMint)

Market overview

High offers persist amid limited supply: Indian smelters maintained relatively high offers at approximately INR 74,500/t ($788/t) exw in Raipur and Vizag, supported by substantial bookings for export orders extending until mid-April 2025, squeezing material availability in the market.

Additionally, most smelters curtailed production in response to rising manganese ore prices, which increased raw material costs. The use of higher-priced imported ore also pushed up production expenses, lifting silico manganese prices.

Besides this, other strategic production cuts helped minimise oversupply.

Export offers hit 7-month high: India's silico manganese export prices rose w-o-w due to limited material availability and the market's acceptance of higher offers. Strong overseas demand also contributed to the increase.

On 18 February, BigMint assessed export prices of the 65-16 grade at $974/t FOB, up by $13/t w-o-w. This marks a seven-month high, comparable to mid-July 2024 levels. Similarly, the 60-14 variant saw a $13/t w-o-w increase, to $875/t FOB.

Outlook

Domestic silico manganese prices may experience slight fluctuations in the near term, as the market remains sensitive to changes in steel prices. These fluctuations could exert downward pressure on silico manganese pricing. Market participants should closely monitor steel price movements to gauge their impact on the silico manganese segment.