Indian manganese ore prices fall m-o-m in Jun'26 on weak domestic fundamentals

• Domestic silico manganese prices fall m-o-m in May
  
  
• Global manganese ore miners trim Jun'26 offers
  
  

Indian manganese ore miners continued to revise offers downward in June 2026, reflecting weak alloy market sentiment, lower international ore benchmarks, and recent price cuts by major suppliers, including MOIL.

Notably, state-owned MOIL Limited has cut manganese ore prices, effective 1 June 2026. Prices of ferro grades with over 44% Mn content were decreased by 6%, while grades below 44% saw a 5% drop. Within the SMGR segment, prices of Mn 30%, Mn 25%, fines, and chemical grades were also reduced by 5%.

Region-wise price adjustments

Madhya Pradesh

Madhya Pradesh witnessed relatively modest price corrections compared to other regions. Mn 28-30% ore declined by 7% m-o-m to INR 7,600/t ($79/t), while Mn 30-32% fell 4% to INR 11,000/t ($115/t). Higher grades showed resilience, with Mn 37% remaining unchanged at INR 21,300/t ($222/t) and Mn 44-46% easing only 1% to INR 22,900/t ($239/t). The limited correction in premium grades indicates stable demand from ferro manganese producers, while lower-grade ore prices softened due to weak silico manganese margins, cautious procurement, and the broader downtrend in imported manganese ore prices.

Odisha

Odisha recorded the sharpest decline among key producing states, reflecting weaker buying interest and higher market sensitivity to global price movements. Mn 24-26% ore dropped 15% to INR 8,900/t ($93/t), Mn 28-30% declined 9% to INR 11,500/t ($120/t), and Mn 30-32% registered the steepest fall of 16% to INR 11,700/t ($122/t). The sharper corrections suggest miners adjusted offers aggressively to stimulate demand amid subdued alloy production, lower alloy export realisations, and abundant ore availability. Reduced overseas manganese ore prices further pressured domestic miners to realign quotations with prevailing market conditions, one key miner indicated.

Andhra Pradesh

Andhra Pradesh displayed a relatively stable pricing trend, with ore below 25% Mn content declining only 3% m-o-m to INR 6,100/t ($64/t). The moderate correction reflects the already lower value of sub-25% grade material and relatively balanced regional demand-supply conditions. However, weaker procurement from alloy producers and cautious inventory management amid declining manganese alloy prices continued to weigh on sentiment. Miners appear to have adopted a measured pricing strategy, avoiding deeper cuts while remaining competitive against softer offers from other producing regions.

Factors affecting prices

Imported high-grade ore prices dip m-o-m: In May 2026, imported high-grade manganese ore prices edged down m-o-m, as weak alloy demand and high dollar rates weighed on imported ore. South African 37% grade averaged $5.23/dmtu, down $0.3/dmtu from April; Australian 46% ore dipped $0.05/dmtu m-o-m to $6.38/dmtu; and Gabonese 44% material dropped by $0.05/dmtu to $5.97/dmtu. Downside pressure persisted in Indias imported manganese ore prices, as inquiries remained weak, tracking the continued decline in manganese alloy prices.

Domestic silico manganese prices decrease m-o-m: Domestic prices of 60-14 grade silico manganese fell by INR 8,000/t (84/t) m-o-m to INR 75,800/t ($792/t) exw Raipur in May, according to BigMint's assessment. Prices declined amid low-priced bulk deals in the spot market and auctions, while weak steelmaker demand and expectations of further corrections kept buyers cautious.

India's silico manganese export offers drop sharply: Silico manganese export offers declined, with 60-14 grade prices down by $77/t m-o-m to $825/t FOB India from $902/t in May. Prices of the higher-grade 65-16 material also decreased by $61/t m-o-m to $905/t FOB India. The correction reflected weak overseas buying interest, cautious steel mill procurement, sluggish steel demand, and geopolitical uncertainty.

Global manganese ore miners trim Jun'26 offers: Major manganese ore suppliers reduced their June 2026 offers to China. South32 Ltd reduced its Mn37% South African semi-carbonated lump ore price by $0.4/dmtu m-o-m to $5/dmtu CIF China, while Eramet Comilog cut prices for Mn44.5% lumps and Mn43% chips by $0.3/dmtu each to $5.45/dmtu and $5.25/dmtu CIF China, respectively.

Indian billet prices drop m-o-m: Domestic billet prices fell by 5% m-o-m to INR 40,100/t ($419/t) exw-Raipur in May, compared with INR 42,400/t ($443/t) in April.

Outlook

Manganese ore prices are likely to remain under mild pressure in the near term. Unless ferro alloy demand improves materially, miners may continue offering discounts, though further declines in high-grade ore are expected to remain limited due to relatively stable demand.