[SMM Manganese Ore Weekly Review] Pre-Holiday Stockpiling Falls Short of Expectations Spot Manganese Ore Prices Generally Decline

Published: Sep 18, 2026 17:33

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Sep 21 news: North ports: 46% Australian lumps at 40.3-40.8 yuan/mtu, flat WoW; South African semi-carbonate at 33.5-33.8 yuan/mtu, down WoW; Gabonese at 39.1-39.3 yuan/mtu, down WoW; South African high-iron at 28.8-29.3 yuan/mtu, flat WoW; South African medium-iron at 35.2-35.5 yuan/mtu, down WoW. South ports: 46% Australian lumps at 42.7-43.2 yuan/mtu, flat WoW; South African semi-carbonate at 36-36.5 yuan/mtu, down WoW; Gabonese at 40.3-40.8 yuan/mtu, flat WoW; South African high-iron at 29.3-29.8 yuan/mtu, down WoW; South African medium-iron at 37.1-37.6 yuan/mtu, up WoW. Inquiry activity in the manganese ore market remains sluggish, pre-holiday stockpiling and the traditional peak season have fallen short of expectations, and port spot prices in both north and south China are broadly declining.

Sep 21 news:

North China ports: 46% Australian lumps at 40.3-40.8 yuan/mtu, flat WoW; South African semi-carbonate at 33.5-33.8 yuan/mtu, down WoW; Gabonese at 39.1-39.3 yuan/mtu, down WoW; South African high-iron at 28.8-29.3 yuan/mtu, flat WoW; South African medium-iron at 35.2-35.5 yuan/mtu, down WoW.

South China ports: 46% Australian lumps at 42.7-43.2 yuan/mtu, flat WoW; South African semi-carbonate at 36-36.5 yuan/mtu, down WoW; Gabonese at 40.3-40.8 yuan/mtu, flat WoW; South African high-iron at 29.3-29.8 yuan/mtu, down WoW; South African medium-iron at 37.1-37.6 yuan/mtu, up WoW.

Inquiry activity in the manganese ore market remained sluggish, with pre-holiday stockpiling and the traditional peak season falling short of expectations, and port spot prices in both north and south China broadly trending lower.

On the supply side, South32, CML, and Comilog all lowered their October 2026 manganese ore offers to China, while NMT and Jupiter raised their October offers to China. Overall manganese ore shipments and port arrivals saw limited changes, and overseas ore supply remained relatively stable.

On the demand side, manganese-related futures consolidated on a subdued note, failing to lift spot purchasing sentiment for manganese ore. At the spot level, alloy production was generally loss-making; operating rates in Inner Mongolia remained steady, and steel mills showed mediocre interest in inquiring for and purchasing manganese ore; Ningxia alloy enterprises continued production cuts, with low operating rates and weak raw material purchasing appetite; alloy plants in south China operated at low rates overall, maintaining only rigid purchasing as needed, leaving market trading sentiment sluggish. SiMn enterprises generally adopted a model of essential restocking and small-lot purchases at prevailing prices, with trading activity remaining weak. Pre-holiday and peak-season stockpiling was minimal, with transactions mostly scattered small lots, and actual manganese ore demand continued to weaken at the margin.

On the inventory side, Tianjin port saw continued inventory buildup, while Qinzhou port saw modest destocking. Total manganese ore inventories at Tianjin port remained high, with high inventories capping upside for ore prices; Qinzhou port inventories pulled back slowly, with shipments largely supported by earlier long-term contracts, providing little effective boost to spot prices.

Overall, downstream alloy demand was weak, enterprises only restocked as needed, and combined with high port inventories, there was no expectation of ore shortages. Ore prices lacked upward drivers, buying and selling interest was insufficient, and manganese ore futures and spot markets overall remained subdued. The market is currently in a wait-and-see consolidation phase, and port manganese ore prices are expected to maintain a fluctuating trend in the short term.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

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