Indian miners' manganese ore prices show mixed trends for May'26 deliveries

• Weak alloy demand pressures domestic ore prices
  
  
• Global market softness influences Indian miners' offers
  
  

Indian miners' manganese ore offers displayed a mixed trend in May 2026, with several miners maintaining stable quotations while select regions witnessed price cuts following softer global ore sentiment and recent reductions announced by major overseas suppliers.

Notably, state-owned MOIL Limited reduced manganese ore prices, effective 1 May 2026. Prices of ferro grades with over 44% Mn content were decreased by 4%, while grades below 44% also saw a 4% drop. Within the SMGR segment, prices of Mn 30%, Mn 25%, fines, and chemical grades were also reduced by 4%.

Region-wise price adjustments

Madhya Pradesh: High-grade ore prices decline amid sluggish alloy demand

Manganese ore offers in Madhya Pradesh largely moved downward during May, particularly in the lower and higher-grade segments. Prices of 28-30% Mn ore declined to INR 8,200/t ($86/t) from INR 8,500/t ($89/t), while 30-32% grade fell to INR 11,400/t ($119/t) from INR 11,900/t ($124/t). Similarly, 44-46% grade ore dropped by INR 1,000/t ($10/t) to INR 23,200/t ($242/t). However, 37% grade prices remained stable at INR 21,300/t ($222/t). Miners adopted a cautious pricing approach amid slower silico manganese procurement, weak alloy margins, and comfortable inventory levels at ferro alloy plants.

Odisha: Stable offers reflect balanced domestic trade

Odisha miners largely retained manganese ore offer prices unchanged in May, indicating relatively balanced regional demand-supply dynamics. Most miners have not announced fresh offers for May deliveries and continue to operate at last month's levels. Offers for 30-32% grade material remained at INR 12,600/t ($131/t), unchanged from April, while 24-26% grade stood steady at INR 10,500/t ($110/t). Market participants noted that stable procurement from integrated alloy producers and consistent local consumption supported price stability despite weak global sentiment. Miners avoided aggressive revisions, anticipating a gradual improvement in domestic alloy production activity in the coming weeks.

Andhra Pradesh: Limited buying activity keeps market under pressure

In Andhra Pradesh, offers for below 25% Mn ore softened to INR 6,300/t ($66/t) from INR 6,500/t ($68/t), reflecting a 3% m-o-m decline. The correction was primarily attributed to subdued demand from smaller ferro alloy units and slower movement in low-grade ore consumption. Buyers remained selective due to sufficient raw material availability and weak finished alloy demand. Miners preferred maintaining competitive offers to ensure material movement amid muted spot market activity and limited fresh enquiries from domestic consumers.

Factors affecting prices

Domestic silico manganese prices retreat after recent surge

Domestic silico manganese (60-14) prices declined sharply across key Indian markets, touching a one-month low towards the end of April 2026, following the steep rally observed earlier. The correction was primarily driven by weak downstream steel demand and subdued export bookings. Limited export opportunities redirected additional material into the domestic market, leading to excess supply across major trading hubs. The resulting oversupply, coupled with cautious buyer sentiment and comfortable inventory levels, intensified competitive pricing among suppliers. Although elevated raw material costs continued to provide some support, muted consumption trends and abundant domestic availability exerted stronger downward pressure on prices.

Domestic prices decline sharply across Raipur

Indian silico manganese (60-14) prices fell considerably from nearly INR 88,000/t ($928/t) to around INR 79,000/t ($833/t) in Raipur in week 15, marking a steep correction of approximately INR 9,000/t. The decline was largely attributed to sluggish steel sector demand, weak export activity, and surplus domestic supply conditions arising from reduced overseas offtake.

Global suppliers reduce manganese ore offers for June

Major manganese ore suppliers reduced June 2026 shipment prices amid weak Chinese demand and oversupply concerns. South32 reduced South African Mn37% ore offers by $0.4/dmtu to $5/dmtu, pressured by subdued buying interest and elevated import costs.

Similarly, Eramet Comilog cut its June offer prices by $0.3/dmtu m-o-m, with Mn44.5% lumps priced at $5.45/dmtu CIF China and Mn43% chips at $5.25/dmtu, reflecting weak alloy demand and ample market availability.

Outlook

Indian manganese ore prices are expected to remain largely stable in May, with domestic alloy demand, export market recovery, and global ore pricing trends likely to determine regional price direction.