India: Silico manganese prices remain range-bound w-o-w amid soft demand

• Export weakness, billet price decline pressure market
  
  
• Prices to stay range-bound, further upside likely
  
  

Indian silico manganese prices experienced a slight uptick w-o-w, with the market continuing to trade within a confined range. Despite this incremental rise, buyers showed reluctance towards accepting elevated quotes, underscoring prevailing caution amid soft demand from the steel industry. Market participants are waiting for clearer signals before making significant procurement decisions.

According to BigMint's assessment on 16 September 2025, domestic silico manganese (60-14 grade) prices in Raipur stood at INR 69,400/tonne (t) ($791/t) exw, unchanged w-o-w, while in Durgapur, tags were at around INR 69,400/t ($791/t), up by INR 300/t ($3/t). Vizag also witnessed a rise of INR 200/t ($2/t) to INR 69,200/t ($789/t).

The premium 60-15 grade remained stable w-o-w, trading between INR 71,000-71,800/t ($808-817/t). Meanwhile, trade volumes in Raipur remained steady at approximately 2,200 t.

Confirmed deals (as per BigMint)

Market overview

Recent price rise faces resistance from buyers: While there was a slight uptick in silico manganese prices, buyers showed widespread resistance to higher quotes persisted. Buyers remained cautious, unwilling to procure at elevated prices amid tight margins and uncertain steel sector demand. Meanwhile, sellers noted that this resistance limited their ability to push prices beyond current levels.

Export demand fails to provide support: Export demand for Indian silico manganese remained weak, adding further pressure on domestic sellers. Global steel production uncertainties and competitive international pricing curbed export orders. This lack of overseas demand further contributed to subdued price momentum, as sellers could not rely on exports to balance domestic market sluggishness or justify higher rates.

As per BigMint's latest assessment, export prices of the 65-16 grade edged down by $5/t w-o-w to $915/t FOB. Moreover, the 60-14 variant registered a dip of $1/t to $820/t FOB.

Billet price drop dampens alloy demand: Demand from the domestic steel sector continued to lag, with w-o-w declines in billet prices keeping silico manganese consumption constrained. Special steel and alloy producers remained cautious in their procurement, driven by subdued downstream orders and tight inventory controls. Sellers pointed to persistent market caution, noting that despite marginal price hike attempts, strong buyer pushback and limited spot activity prevailed. Prolonged negotiations and the weak billet market suppressed buying urgency, suggesting recent price gains are unlikely to sustain without an improvement in demand.

BigMint's daily steel billet index was assessed at INR 36,500/t ($415/t) exw-Raipur on 17 September 2025, down by INR 600/t ($7/t) w-o-w.

Outlook

The silico manganese market is expected to remain range-bound with a slight upward bias in the near term. Smelters are strategically maintaining production levels, and a few recent bulk export inquiries could lend some support to prices, though the upside potential remains limited. On the downside, fluctuations in domestic steel prices may exert some pressure; however, the impact is likely to be contained.