India: MOIL cuts manganese ore prices by 5-10% for May deliveries

• Imported ore tags fall m-o-m in Apr'25
  
  
• Global miners reduce offers for May shipments
  
  

MOIL, the state-owned mining enterprise, has revised the prices of manganese ore effective 01 May 2025. The company has implemented a 5% reduction in prices for ore grades exceeding Mn 44%, while prices for grades below Mn 44% have been cut by 10%. Additionally, all SMGR grades, including Mn 30% and Mn 25%, have seen a sharper m-o-m decline of 15%.

Factors affecting prices

Imported high-grade manganese ore prices dip m-o-m in April: South African-origin manganese ore (37%) prices declined at a monthly average of $4.07/dry metric tonne unit (dmtu) in April compared to $4.54/dmtu in March. Meanwhile, for manganese ore of Australian (46%) origin, prices shrank by 4% to $5.26/dmtu in April as against $5.48/dmtu in March. Gabon-origin ore (Mn44%) too moved down by 4% to $4.91/dmtu in April as against $5.12/dmtu in March.

Global miners reduce manganese ore offers for May: Eramet Comilog, a major manganese ore exporter from Gabon, has set its May'25 shipment prices for Mn 44.5% lumps at $4.8/dmtu, marking a $0.3/dmtu decrease m-o-m. Reduced Chinese steel demand and oversupply from South Africa led Eramet to cut its prices.

Additionally, South32, a leading global miner, has reduced prices of 37% grade South African semi-carbonated manganese ore lumps for May shipments by $0.6/dmtu m-o-m to $4.05/dmtu CIF China.

Domestic silico manganese prices edge down m-o-m: Domestic prices of 60-14 grade silico manganese inched down m-o-m to around INR 71,700/t ($841/t) exw Raipur in April compared to INR 72,800/t ($854/t) in March, as per BigMint's assessment. The domestic silico manganese market witnessed a marginal price correction m-o-m, largely attributed to subdued procurement by steel mills and intensified price competition among suppliers.

India's export offers largely steady m-o-m: Silico manganese (60-14) export prices fell by 1% to $845/t FOB India in April compared to $854/t in March. Meanwhile, the 65-16 grade also fell by 1% to $939/t FOB India in April as against $949/t in March. Silico manganese export prices registered a slight m-o-m decline, primarily influenced by reduced imported manganese ore prices, which lessened production costs and intensified price competition in the global market amid steady demand.

Indian billet prices maintain consistency: Domestic billet prices were largely steady m-o-m, with tags at INR 41,400/t ($486/t) exw-Raipur in April compared to INR 40,600/t ($476/t) in March, up by 2%. The price rise was driven by improved market sentiment post the government's safeguard duty announcement, impacting steel market sentiment. However, buying remained subdued as prior bookings limited the scope for new trades amid elevated spot price levels.

Outlook

Manganese ore prices may remain under pressure amid weak global demand, declining imported ore tags, and limited alloy buying, though policy support and stable steel prices could offer near-term stability.