India: Silico manganese export prices dip w-o-w amid limited trade activity

• Rising sea freights, insurance concerns impact global buying
  
  
• Ore price rally fails to translate into silico manganese price gains
  
  

Indias silico manganese export prices edged down during the week amid limited trade activity and continued pressure from lower bids by overseas buyers. Exporters reported that most inquiries were strictly need-based, with buyers unwilling to accept previous offer levels.

Demand from the MENA region has also been impacted due to rising geopolitical tensions between Israel and Iran, which have created uncertainty in trade flows and delayed procurement decisions. Additionally, growing concerns over potential increases in sea freight and insurance costs have further influenced buying sentiment, making overseas customers more cautious in committing to bulk volumes. As a result, export prices may remain under mild pressure in the near term unless fresh demand emerges.

BigMint's assessment on 3 March 2026 reveals silico manganese export prices were down slightly by $4/t across grades. The 65-16 variant stood at $911/t FOB, down by $7/t w-o-w from $918/t FOB on 24 February, while the 60-14 grade was assessed at $813/t FOB, down $7/t w-o-w.

Market overview

Rising freight costs, lower bids curb trading: Trade activity from the MENA and Gulf Cooperation Council (GCC) regions remained limited in recent days amid escalating geopolitical tensions between Israel and Iran, which have disrupted sentiment and slowed procurement decisions. Overseas buyers are currently placing bids at lower levels, around $900/t FOB Vizag/Haldia for 65-16 grade, reflecting their cautious stance and stronger negotiating position. Additionally, freights surged. The combined impact of lower bids and elevated freight costs significantly curtailed export trade.

A key smelter from Raipur told BigMint that exporting material to the Gulf has become difficult amid the ongoing war situation, as major maritime insurers have cancelled war-risk coverage and suspended insurance protection for vessels operating in the Gulf and adjacent waters because of the escalating conflict between Israel and Iran, making it hard to secure export cargo insurance for shipments there. As a result, the company is now largely focusing on Southeast Asian markets where insurance cover and shipping access remain more viable.

Ore price surge fails to support silico manganese export prices: Despite the recent rise in imported manganese ore prices, the increase has not translated into higher silico manganese export prices due to limited trade activity.

Australian high-grade ore (Mn 46%) increased by $0.08/dmtu w-o-w to $5.63/dmtu CNF Haldia/Vizag, reaching an 11-month high, last seen on 22 March 2025. Similarly, Gabonese high-grade ore (Mn 44%) rose by $0.07/dmtu to $5.26/dmtu, touching levels comparable to 15 March 2025. South African lumps (Mn 37%) also gained $0.07/dmtu to $4.69/dmtu CNF Haldia/Vizag, marking anover 11-month high last recorded on 15 March 2025.

However, the upward movement in raw material costs has not supported silico manganese prices recently, as export transactions remain sparse and buyers continue to place cautious, need-based orders. Weak overseas bids and logistical uncertainties have outweighed the cost push from higher ore prices, keeping alloy prices under pressure in the near term.

Outlook

Export prices are expected to stay under pressure in the near term amid limited trade activity and cautious overseas buying. Elevated freight and insurance costs continue to restrict fresh deal closures. Although imported manganese ore prices have increased, weak demand and need-based procurement are likely to keep prices subdued unless export inquiries show a meaningful recovery.