India: Imported manganese ore prices soften amid cautious procurement

• • Chinese, Indian demand slows due to ample inventories

• • Indian manganese alloys prices hit multi-week lows

Indian imported manganese ore prices declined during the week ending on 25 July 2026, pressured by subdued buying interest from key alloy producers amid weak downstream steel demand. Smelters largely refrained from fresh bookings, preferring to monitor cargo availability at exporting ports before committing to new purchases. Meanwhile, Chinese buyers remained largely absent from the seaborne market due to comfortable port inventories, reducing bulk procurement activity. The slowdown in buying from both India and China prompted major overseas miners to lower offer prices to stimulate demand.

• • Australian high-grade ore (Mn 46%)inched down by $0.07/dmtu w-o-w to $5.28/dmtu CNF Haldia/Vizag.

• • Gabonese high-grade ore (Mn 44%)decreased $0.01/dmtu w-o-w to $5.09/dmtu CNF Haldia/Vizag.

• • South African lumps (Mn 37%) were down by $0.10/dmtu w-o-w to $4.50/dmtu CNF Haldia/Vizag.

Market overview:

Ample inventories, cautious procurement pressure imported ore prices: Imported manganese ore prices remained under pressure as buying interest from both China and India weakened simultaneously, shifting market leverage decisively towards buyers.

In China, comfortable port inventories and weak downstream silico manganese consumption have significantly reduced the need for bulk seaborne purchases, with smelters relying largely on existing stocks and adopting a need-based procurement strategy.

Meanwhile, market participants indicated that several Indian alloy producers had already secured adequate cargoes in earlier booking cycles, resulting in sufficient raw material coverage and limiting fresh import requirements.

Persistent uncertainty in the manganese alloy and steel markets, coupled with declining alloy prices and cautious production planning, further dampened procurement activity.

With demand from China easing, major overseas miners increasingly targeted India — the second-largest global importer of manganese ore — to place cargoes. However, subdued buying appetite from Indian smelters intensified competition among suppliers, compelling miners to revise offer prices lower to secure orders and maintain shipment volumes.

Sluggish domestic, export demand push manganese alloy prices to multi-week lows: Indian manganese alloy prices extended their decline w-o-w, weighed down by weak domestic and export demand, persistent oversupply, and cautious, need-based procurement.

Domestic silico manganese (60-14) prices fell by INR 375/t ($4/t) w-o-w to INR 73,700-74,400/t ($766-773/t), reaching a two-month low as ample spot availability and aggressive producer offers continued to pressure the market. Export HC 65-16 silico manganese prices also declined by $7/t to $907/t FOB Vizag/Haldia amid subdued overseas buying and competitive global offers.

Domestic ferro manganese (70%) prices remained broadly stable, easing marginally by INR 100-200/t w-o-w to INR 78,000-78,200/t ($810-813/t), supported by balanced supply despite limited steel mill procurement. However, comfortable inventories and muted export demand kept market sentiment subdued. Export HC ferro manganese (75%) prices also edged down by $2/t to $918/t FOB Vizag/Haldia, reflecting weak overseas inquiries and continued pricing pressure.

Imported manganese ore arrivals up w-o-w: Weekly manganese ore cargo arrivals (Mn37%, Mn44%, and Mn46%) to India increased by 123% to 218,804 t over 12-18 July 2026 against 97,938 t in the previous week.

Outlook:

The imported manganese ore market is likely to remain buyer-driven, with need-based procurement from India and China expected to keep seaborne demand subdued. Miners may continue offering discounts to secure cargo bookings unless alloy demand shows signs of recovery.