India: Silico manganese prices fall w-o-w on lukewarm domestic, export market sentiments

• Domestic market wobbles as EU safeguard clouds outlook
  
  
• Market eyes further dip, ore prices key to stability
  
  

Silico manganese prices in India dropped by INR 600/t ($7/t) w-o-w due to weak domestic demand from steel mills. Export inquiries also saw a slight dip amid uncertainty over EU safeguard duties, though no clear implementation timeline has emerged yet.

According to BigMint's assessment on 5 August 2025, domestic prices of the 60-14 grade were recorded as follows: ex-works prices in Raipur were at INR 71,700/t ($818/t), while tags in Durgapur stood at around INR 71,600/t ($816/t). In Vizag, prices were at INR 71,600/t ($816/t).

Meanwhile, the premium 60-15 grade was also down slightly w-o-w, trading in the range of INR 72,700-73,600/t ($828-839/t). In Raipur, trade volumes dropped to 2,500 t from 3,100 t the previous week, indicating weaker buying interest.

Confirmed deals (as per BigMint)

Market overview

Surplus supply, safeguard rumors trigger panic selling: Domestic silico manganese sellers are struggling to secure deals at higher prices due topersistent surplus supplyandneed-based buyingfrom steel mills. In response, many sellers have beguncutting prices in panicto close deals.

The situation is further aggravated by market rumors surrounding EU safeguard duties, which have created uncertainty. As India is a 40% export-centric market, this uncertainty is significantly impacting domestic sentiment.

As a result,domestic prices have continued to decline, driven by both oversupply and weakened export confidence.

Steel mills hit pause button on alloy purchases amid uncertainty: Steel mills that previously purchased silico manganese at higher rates now holdample inventory, with large stockpiles in hand. In light of theuncertain market conditions, they are adopting astrategic buying approach limiting new purchases to avoid further financial losses. This cautious stance from major buyers is contributing to thecontinued pressure on domestic silico manganese prices, as demand remains subdued.

Billet prices in India remained largely stable w-o-w with a marginal rise of INR 200/t ($3/t), though softening was seen in recent days. As of 06 August 2025, BigMint's billet index stood at INR 37,700/t ($428/t) ex-Raipur. Weak demand for finished steel and limited buying interest continue to dampen market sentiment and spot activity.

Export grades see minor price cuts: Indian silico manganese export prices saw aslight week-on-week decline, driven by reduced inquiries from international buyers. Both the65-16 gradeand60-14 gradeexperienced marginal corrections, with cautious sentiment prevailing in the market. According to BigMint, the 65-16 grade dropped by$6/t to $932/t FOB, while the 60-14 grade fell$5/t to $855/t FOBsince the last assessment on28 July.

Outlook

Domestic silico manganese prices may face further pressure in the near term due to declining bookings from steel mills and subdued overseas demand. However, any upward movement in imported manganese ore prices could provide limited support, potentially stabilising silico manganese prices within a narrow range.