Key Numbers
- SiMn (Ex-Raipur): ₹75,500 (↑ ~2.0–2.5% WoW)
- SiMn (Raigarh): ₹75,000 (↑ ~1.8–2.3% WoW)
- Trend: Second consecutive weekly gain
- Global Mn Ore: ~$6.0/dmtu CIF China (Australia, May shipment)
- Domestic Ore Outlook: MOIL price hike expected from 1st April
- Steel Prices: Expected to strengthen
- Market Sentiment: Firm to bullish
Price Trend & Market Movement
The India domestic SiMn (Ex-Raipur) index increased to ₹75,500 this week, registering a gain of approximately 2.0–2.5% week-on-week, while Raigarh prices also moved up to ₹75,000, maintaining a similar trajectory. The market has now recorded its second consecutive weekly increase, with prices sustaining firmly above the ₹74,000 level that previously acted as a resistance zone. The steady nature of this rise reflects a stable and well-supported uptrend, with buyers continuing to accept higher offers without significant resistance.
Raw Material Dynamics
The strengthening of manganese ore prices remains the primary driver of the current rally. Recent offers from international suppliers indicate that Australian manganese ore (Mn >46%) lumps are being quoted at around $6.0/dmtu CIF China for May shipments, highlighting firmness in global benchmarks. This trend is expected to translate into higher replacement costs for Indian alloy producers. At the domestic level, market participants are anticipating a price revision from MOIL effective 1st April, which is likely to further push input costs upward and reinforce the cost-driven price movement in the SiMn market.
Steel Market Linkage
The demand environment for SiMn is showing signs of improvement, supported by expectations of a recovery in steel prices. As steel realizations strengthen, producers are likely to maintain steady procurement of alloys, ensuring consistent demand. The buying pattern in the market is gradually shifting from purely need-based procurement to a more forward-looking approach, with participants securing material in anticipation of higher prices in the coming weeks.
Supply-Side Dynamics
Supply conditions in the Raipur market remain balanced, with producers maintaining controlled dispatches despite rising prices. There is no visible pressure from excess inventory, and overall availability remains aligned with current demand levels. Traders are also exhibiting a holding strategy, choosing to retain stocks in expectation of further price increases rather than liquidating positions at current levels, which is contributing to overall market firmness.
Market Continuity & Momentum
Following the breakout observed in the previous week, the market has successfully sustained above key price levels without any notable correction. The continuation of this upward movement indicates that the rally is supported by underlying fundamentals rather than short-term speculative activity. The consistency in price movement across both Raipur and Raigarh further reinforces the strength and uniformity of the current trend.
Outlook
The near-term outlook for the SiMn market remains positive, supported by firm global manganese ore prices, the anticipated domestic price hike by MOIL, improving steel price expectations, and disciplined supply conditions. Market participants are expected to remain active in the coming week, particularly ahead of the April pricing cycle. As cost pressures and demand recovery continue to align, the market is likely to witness further upward movement in prices in the short term.