India: Silico manganese prices dip w-o-w on weak steel market sentiments
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- Market awaits MOIL Manganese oreMarch prices for directional cues
- Panic selling hits billet prices across regions
Domestic silico manganese prices edged down slightly on 24 February 2026, pressured by surplus availability in the market and softer steel prices. Amid prevailing market uncertainty, steel mills continued with strategic, need-based procurement of raw materials to limit further losses, keeping demand subdued.
As per BigMint's assessment on 25 February, silico manganese (60-14 grade) prices witnessed a downtrend w-o-w across major markets. In Raipur, prices declined by INR 600/t ($7/t) to INR 73,300/t ex-works ($806/t). Durgapur prices fell by INR 700/t ($8) to INR 72,500/t ($798/t), while in Vizag, rates down by INR 300 at INR 73,000/t ex-works ($803/t). Meanwhile, in Raigarh, prices fell slightly by INR 400/t ($5/t) to around INR 72,600/t ex-works ($799/t), indicating the market may be entering a downward phase.
Confirmed deals (as per BigMint)
Market overview
Low bids, surplus supply weigh on sentiment: Buyers' dominance has pressured silico manganese prices as domestic supply rose partly due to fewer export deals and lower asking rates. Raipur asking is below INR 73,000/t exw and Durgapur is below INR 72,000/t exw. Smelters face rising inventories and have trimmed offers to conclude requirement-based deals.
A smelter from Durgapur informed BigMint that the market is trending slightly downward, as higher offers are seeing limited acceptance and declining steel prices have added pressure. Market talk about a possible reduction in power tariffs in Visakhapatnam from INR 7/unit to INR 6/unit has further strengthened buyers' negotiating power.
Fareast holiday lull drags export prices down: Silico manganese export prices remained under pressure due to lower bids from overseas buyers, despite stable imported manganese ore prices. Need-based buying and fewer inquiries during the Lunar New Year in the Far East markets further limited pricing power, with a few lower-priced deals setting a softer benchmark. As per BigMint's assessment on 23 February, export prices fell by around $8/t w-o-w, with 65-16 grade at $918/t FOB and 60-14 grade at $821/t FOB.
Billet market slumps:BigMint's billet index declined sharply by INR 600/t w-o-w to INR 39,900/t exw-Raipur on 25 February on weak sentiment and thin enquiries. Despite lower spot offers, buying interest remained muted, forcing sellers to cut prices aggressively. The correction triggered panic selling in some regions, while limited deals were concluded on a need-basis as participants stayed cautious ahead of festive transport disruptions. Ongoing weakness in finished steel demand continues to weigh on prices, also pressuring domestic silico manganese prices.
Outlook
Domestic silico manganese prices are likely to fluctuate with a mild downward bias in the near term due to surplus supply. However, the upcoming price release by MOIL for March will provide directional cues. A firmer MOIL price could revive enquiries and help keep spot rates range-bound, while a weak announcement may prolong the softening.
