India: MOIL cuts manganese ore prices by 4% m-o-m for May 2026

• • Ferro alloys under pressure across key segments

• • Prices soften amid weak demand fundamentals globally

State-owned MOIL Limited has eased manganese ore prices, effective 1 May 2026. Prices of ferro grades with over 44% Mn content have been 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 lowered by 4%.

Notably, last month MOIL had announced a sharp hike in the last two years, and offers were increased upto 17.5% m-o-m for Apr’26 deliveries.

Factors affecting prices:

Domestic silico manganese prices drop to 1-month low after steep rally: Domestic silico manganese (60-14) prices fell sharply across key Indian markets to a one-month low towards end Apr’26, pressured by weak downstream steel demand and sluggish export bookings. Reduced export opportunities diverted additional material into the domestic market, resulting in surplus supply across major hubs. This oversupply, along with cautious buyer sentiment and sufficient inventories, intensified competitive pricing among suppliers. Although raw material costs continued to offer some support, subdued consumption fundamentals and excess domestic availability outweighed cost pressures, dragging prices lower across regions.

Indian silico manganese (60-14) prices have declined sharply from a peak of nearly INR 88,000/t ($928/t) in week 15 of 2026 to around INR 79,000/t ($833/t), marking a steep fall of about INR 9,000/t in Raipur. Prices declined due to weak steel demand, sluggish exports, and surplus domestic supply, as reduced export opportunities diverted material into local markets, intensifying downward pressure across key hubs.

Meanwhile, HC 65-16 silico manganese export prices saw a sharp downturn, plunging from $1,005/t FOB in week 15 to $927/t FOB Vizag/Haldia, erasing $78/t amid persistent weakness in export demand.

South32 cuts manganese ore prices for Jun’26 shipments – South32 decreased Jun’26 manganese ore offers, with prices of South African Mn37% material at $5/dmtu, down by $0.4/dmtu. Price cut driven by weaker Chinese demand, oversupply conditions, and pressure from lower buying interest at elevated import cost levels.

Indian billet prices edge up m-o-m: Domestic billet prices edged up by 2% m-o-m to INR 42,500/t ($450/t) exw-Raipur in April, compared with INR 41,600/t ($440/t) in March.

Outlook:

Further sharp downside appears unlikely, with key producers indicating prices have likely bottomed out and limited room remains for additional correction.