Manganese Ore Market Sees Intensified Tug-of-War Between Strong Costs and Weak Fundamentals [SMM Manganese Ore Daily Review]

Published: Jun 3, 2026 13:41

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June 3 News: Northern ports: South African high-iron 32-32.5 yuan/mtu, down from last Wednesday; South African semi-carbonate 37.8-38.3 yuan/mtu, down from last Wednesday; Gabon 41.2-41.8 yuan/mtu, down from last Wednesday; 46% Australian lumps 43.5-44 yuan/mtu, down from last Wednesday; South African medium-iron 38.5-39 yuan/mtu, down from last Wednesday. Southern ports: South African high-iron 34.9-35.4 yuan/mtu, down from last Wednesday; South African semi-carbonate 36.5-37 yuan/mtu, down from last Wednesday; Gabon 41.7-42.2 yuan/mtu, down from last Wednesday; 46% Australian lumps 43.5-44 yuan/mtu, down from last Wednesday; South African medium-iron 38-38.5 yuan/mtu, down from last Wednesday. The current manganese ore market presents a pattern of strong cost expectations but weak actual demand, with short-term prices expected to move sideways. Going forward, the key focus will be on the pace of downstream alloy enterprises resuming production, as well as port inventory destocking.

June 3 update:

Northern ports: South African high-iron 32-32.5 yuan/mtu, down WoW from last Wednesday; South African semi-carbonate lumps 37.8-38.3 yuan/mtu, down WoW from last Wednesday; Gabon 41.2-41.8 yuan/mtu, down WoW from last Wednesday; 46% Australian lumps 43.5-44 yuan/mtu, down WoW from last Wednesday; South African medium-iron 38.5-39 yuan/mtu, down WoW from last Wednesday.

Southern ports: South African high-iron 34.9-35.4 yuan/mtu, down WoW from last Wednesday; South African semi-carbonate lumps 36.5-37 yuan/mtu, down WoW from last Wednesday; Gabon 41.7-42.2 yuan/mtu, down WoW from last Wednesday; 46% Australian lumps 43.5-44 yuan/mtu, down WoW from last Wednesday; South African medium-iron 38-38.5 yuan/mtu, down WoW from last Wednesday.

With weakening overseas cost support and lackluster end-use demand, the manganese ore market overall moved sideways with a downward bias.

Supply side, manganese ore offers of overseas miners generally declined. South32's June 2026 shipment offers to China: South African semi-carbonate lumps at $5/mtu, down $0.4/mtu MoM; Australian lumps at $5.4/mtu, down $0.5/mtu MoM. Domestic spot ore traders' offers also pulled back slightly, with increased willingness to sell at concessions.

Demand side, SiMn futures recently remained in the doldrums, with overall market sentiment cautious and limited support for spot cargo. Spot side, northern SiMn enterprises maintained basically stable production schedules, with minor production cuts in parts of Ningxia and expectations for production increase and production resumptions in Inner Mongolia, keeping rigid demand for manganese ore in the region basically stable; southern alloy enterprises operated at relatively low rates, mainly purchasing as needed on a rigid basis, with sluggish trading activity. At this stage, SiMn enterprises mostly adopted a rigid-demand restocking and small-order spot-following procurement strategy. Post-holiday market trading activity remained weak, with transactions dominated by scattered small orders, and actual marginal demand for manganese ore weakened.

The current manganese ore market features strong cost expectations but weak actual demand. In the short term, prices are expected to move sideways. Going forward, key factors to monitor include the pace of downstream alloy enterprises' production resumptions and port inventory destocking.

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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