India: Silico manganese prices continue to drop amid sluggish trade, aggressive spot offers

• Traders undercut smelters' offers amid ample stocks of cheaper material
  
  
• Margin squeeze deepens for smelters amid rising imported manganese ore costs
  
  

India's domestic silico manganese prices declined w-o-w on 22 April 2026 amid subdued trade activity and ample inventory availability with traders, particularly at lower price levels. Competitive offers from traders pressured smelter quotes, while higher-priced material saw limited bookings. The presence of discounted spot cargoes further restricted upward price movement, keeping market sentiment weak.

As per BigMints assessment on 22 April 2026, domestic silico manganese (60-14) prices fell across key markets compared to 14 April 2026, reflecting weakening market sentiment. In Raipur, prices declined by INR 1,300/t to INR 82,700/t ex-works ($882/t), while Durgapur saw a sharper drop of INR 2,400/t to INR 82,100/t ($875/t). Similarly, Vizag prices fell by INR 2,500/t to INR 82,100/t ($875/t), and Raigarh's prices decreased by INR 2,000/t to INR 81,800/t ($897/t), indicating broad-based pressure across regions.

Confirmed deals (as per BigMint)

Market overview

Smelters hit as traders undercut offers with cheaper stock: Traders continued to dominate the domestic silico manganese market by offering discounted material in the spot segment, undercutting smelter quotes. This was largely due to ample inventories of lower-priced stock procured in March 2026, when prices were around INR 74,000-75,000/t ex-works Raipur. Following escalating geopolitical tensions, prices surged to INR 89,000-90,000/t in early April, but have since corrected, leaving traders with a cost advantage over current market levels. As a result, smelters are facing intense pricing pressure, with limited acceptance for higher offers despite rising imported manganese ore costs. In response, some smelters have reduced prices to stay competitive.

A Raipur-based smelter informed BigMint that current prices are hovering close to production costs of around INR 82,000/t, while buyers are seeking even lower rates, forcing sales at minimal or no margins to sustain operations. If such conditions persist, producers may opt for planned maintenance shutdowns or curtail output in the near term.

Subdued demand weighs on silico manganese export market: India's silico manganese export prices eased w-o-w amid sluggish overseas demand, as buyers limited bulk purchases, expecting further corrections. As per BigMint's assessments, 65-16 grade prices fell by $5/t to $966/t FOB, while 60-14 declined by $5/t to $916/t. Trade activity remained restricted, with only select Far East markets showing limited buying interest. Meanwhile, elevated manganese ore costs continue to pressure smelter margins, prompting higher offers despite weak demand.

Outlook

BigMint expects domestic silico manganese prices to remain stable or weaken slightly amid low demand and trader discounts, with elevated ore costs capping significant downside.