India: Silico manganese prices inch up after MOIL lifts ore offers for Mar'26

• Stronger inquiries lift imported manganese ore prices w-o-w
  
  
• Steel market rally lifts billet prices, supports silico manganese
  
  

Domestic silico manganese prices edged up recently, supported by rising overseas raw material prices. Additionally, sellers are showing limited willingness to negotiate as domestic manganese ore prices from MOIL Limited have also increased slightly, pushing up production costs for smelters. The rise in input costs has provided some support to alloy prices in the domestic market.

As per BigMints assessment on 5 March, domestic silico manganese (60-14 grade) prices recorded a slight w-o-w uptick across major markets. In Raipur, prices rose by INR 400/t ($4/t) to INR 73,700/t exw ($804/t). Durgapur prices remained INR 72,500/t ($791/t), while Vizag prices edged up by INR 100/t to INR 73,100/t exw. Meanwhile, Raigarh prices also moved up by INR 100/t to around INR 72,700/t exw ($793/t), largely supported by higher raw material costs, though the market sentiment remains cautious.

Confirmed deals (as per BigMint)

Market overview

Inventory rebuild drives up imported manganese ore prices: Indias imported manganese ore prices increased w-o-w on 28 February, supported by stronger buying inquiries as alloy producers replenished inventories. Tight portside availability due to transport delays from mines also restricted spot supply, strengthening sellers pricing power. Additionally, renewed procurement by Chinese importers after the Lunar New Year holidays further supported the uptrend.

Australian Mn 46% ore rose $0.08/dmtu to $5.63/dmtu CNF Haldia/Vizag, while Gabonese Mn 44% increased $0.07/dmtu to $5.26/dmtu. South African Mn 37% lumps also gained $0.07/dmtu to $4.69/dmtu, with all grades touching over 11-month highs.

MOIL has revised manganese ore prices effective 1 March 2026, increasing rates for all ferro grades both above and below 44% Mn by 2%. Within the SMGR segment, Mn30% prices have also been raised by 2%, while Mn25% and Mn20% grades remain unchanged from February 2026 levels, indicating a selective upward revision across key categories.

Higher billet prices offer support to silico manganese market: BigMints billet index surged by INR 2,300/t w-o-w to INR 42,200/t ex-works Raipur on 5 March, driven by rising geopolitical tensions involving the US, Israel, and Iran, which raised concerns over potential disruptions in raw material supplies. The rally followed strong momentum in semi-finished and finished steel segments, supported by improved offtake and aggressive bookings that tightened availability.

However, buying activity remained cautious at higher levels, with limited enquiries and only selective deals concluded ahead of upcoming festive holidays. The sentiment-driven rally in steel has also provided some support to domestic silico manganese prices.

Outlook

Domestic silico manganese prices may witness a firm trend in the near term, supported by rising downstream steel prices and higher raw material costs, particularly manganese ore. Increased input costs and improved sentiment in the steel segment could lend support to alloy prices, though buying activity may remain cautious at elevated levels.