Indian silico manganese export prices inch up on manganese ore support

• Need-based buying keeps sharp price hike in check
  
  
• Jupiter Mines' Mar'25 Mn ore offers at $4.1/dmtu
  
  

Indian silico manganese export prices inched up today after remaining largely stable, on weekly basis due to need-based demand. However, ongoing supply shortages in the market are keeping prices at slightly upward levels.

As per BigMint's assessment on 21 January 2025, the 65-16 grade price in the export market was recorded at $940/t FOB up by $8/t w-o-w, while the 60-14 variant inched up by $6/t w-o-w to $841/t FOB.

Confirmed deals (as per BigMint)

Factors keeping prices supported

Global ore prices rise amid higher operational costs: Global manganese ore prices recently increased due to rising operational costs faced by producers. Australian high-grade ore saw a slight increase to $4.54/dmtu, while Gabonese high-grade ore rose to $4.40/dmtu due to production and handling costs. South African lump ore also experienced a minor price rise. Despite these fluctuations, the export prices of silico manganese remained stable and robust in the overseas market.

Additionally, supply shortages of Gabonese grades Mn44% have been escalating, leading miners to offer higher prices of around $4.45/dmtu CNF Vizag/Haldia, which has supported smelters in maintaining firm offers, sources informed.

Chinese silico manganese holds steady in dull market: Chinese silico manganese (Mn: 65%, Si: 17%) prices remained unchanged w-o-w at RMB 6,030-6,430/t ($822-$877/t) ex-works, including taxes. This week, the silico manganese market experienced a period of stagnation, with prices holding steady. Trading activity has been characterised by limited quotes from silico manganese factories, as market participants closely monitor upstream and downstream trends, particularly the bidding activity of steel mills.

Outlook

Given the rising trend in imported manganese ore rates, prices are expected to increase in the near term. Overseas inquiries and global market dynamics will play a crucial role in impacting export prices.

Jupiter Mines Limited has set the offer for March 2025 shipments of its high-grade Mn36.5% semi-carbonate lumps at $4.1/dmtu CIF China. No offers have been issued for February shipments, which has the potential to support export prices of silico manganese.