India: Imported manganese ore prices extend decline w-o-w as MOIL's price cut slows trade

• Buyers' inventories sufficient, several bulk cargoes booked earlier
  
  
• Softer alloy prices, mills' need-based buying weigh on manganese ore
  
  

India's imported manganese ore prices continued their downward trend as smelters adopted a wait-and-watch approach, supported by comfortable inventory levels and weakening manganese alloy prices amid slower trading activity. Additionally, MOIL's reduction in domestic ore prices for July has further dampened the appetite for imported ore, with buyers preferring to assess domestic procurement opportunities before booking fresh overseas cargoes.

• Australian high-grade ore (Mn 46%) inched down by $0.08/dmtu w-o-w to $5.60/dmtu CNF Haldia/Vizag.
  
  
• Gabonese high-grade ore (Mn 44%) decreased $0.10/dmtu w-o-w to $5.30/dmtu CNF Haldia/Vizag.
  
  
• South African lumps (Mn 37%) were down by $0.3/dmtu w-o-w to $4.65/dmtu CNF Haldia/Vizag.
  
  

Market overview

Ample inventories, MOIL price cut weigh on imported ore demand: Indian smelters deferred fresh imported manganese ore bookings during the month as most maintained comfortable inventories, while several bulk cargoes booked earlier are yet to arrive at Indian ports. The subdued buying interest prompted key overseas miners to lower ore prices in an effort to revive demand and ease inventory build-up at export terminals.

Adding to the bearish sentiment, state-owned MOIL Limited reduced its manganese ore prices, effective 1 July 2026. Prices of ferro-grade ores with more than 44% Mn and below 44% Mn were cut by 5%, while SMGR grades, including 30% Mn, 25% Mn, fines, and chemical-grade ores, witnessed price reductions of 5-10%, further reducing the need for smelters to procure imported ore.

Weak alloy market keeps imported manganese ore buying subdued: Weakness in the domestic manganese alloy market further weighed on imported manganese ore demand during the week. Indian 60-14 grade silico manganese prices declined by INR 475/t ($5/t) w-o-w to INR 75,800-76,300/t ($803-808/t) across key markets amid sluggish buying interest.

Steel mills continued need-based procurement, while comfortable alloy availability prompted some producers to lower offers to secure bookings.

Meanwhile, HC 65-16 silico manganese export prices edged up by $1/t to $924/t FOB Vizag/Haldia, supported by export deals.

However, domestic 70% high-carbon ferro manganese prices softened, declining by INR 200/t ($2/t) to INR 79,000/t ($837/t) in Raipur and by INR 500/t ($5/t) to INR 78,800/t ($834/t) in Durgapur, as subdued buying and adequate availability kept market sentiment weak. Export prices of 75% ferro manganese remained unchanged at $930/t FOB Vizag/Haldia.

The correction in domestic alloy prices reduced smelters' urgency to replenish imported manganese ore, reinforcing their wait-and-watch approach.

Imported manganese ore arrivals rise w-o-w: Weekly manganese ore cargo arrivals (Mn37%, Mn44%, and Mn46%) to India remained increased by 10% to 177,450 t over 21 -27 June 2026 against 135,010 t in the previous week.Outlook

Imported manganese ore prices are likely to remain under pressure in the near term amid comfortable inventories, weaker manganese alloy prices, and MOIL's July price cuts. However, a recovery in alloy demand or export activity could provide support to prices.