[SMM Weekly Manganese Ore Review] Strong Cost Support Kept Spot Manganese Ore Prices Firm

March 13 News:

North China ports: South African high-grade 32.5-35.4 yuan/mtu, up WoW from last Friday; South African semi-carbonate 38.9-39.4 yuan/mtu, up WoW from last Friday; Gabon 44.3-44.9 yuan/mtu, up WoW from last Friday; 46% Australian lumps 44.9-45.4 yuan/mtu, up WoW from last Friday.

South China ports: South African high-grade 33-33.5 yuan/mtu, flat WoW from last Friday; South African semi-carbonate 35.9-36.4 yuan/mtu, up WoW from last Friday; Gabon 42-42.5 yuan/mtu, flat WoW from last Friday; 46% Australian lumps 43.4-43.9 yuan/mtu, flat WoW from last Friday.

Currently, the manganese ore market was driven by costs and held up well with a stronger upward trend, with gains in the north being more pronounced.

Supply side, mainstream manganese mines outside China all raised their offers to China for March-April, while South African electricity prices were approved to rise for two consecutive years (April 2026 +8.76%, April 2027 +8.83%), pushing mine production costs rigidly higher. Amid rising costs and bullish expectations for imports, miners kept offers firm, and transaction prices of different manganese ore products rose.

Demand side, futures: SiMn futures held up well, market sentiment was positive, and overall expectations were lifted. Spot: after the holiday, SiMn plants in north China resumed normal production schedules, providing solid support for manganese ore demand; in south China, the pace of work resumption was slow, but alloy plants already in operation showed higher acceptance of manganese ore prices amid bullish expectations, and manganese ore transaction prices rose.

Inventory side, Tianjin Port: inventory was at a mid-to-low level, and port cargo pick-up was moderate, supporting prices. Qinzhou Port: inventory buildup continued and inventory remained at high levels, with destocking pressure still present.

In the short term, strong costs, weak fundamentals, and high expectations will coexist in the manganese ore market, and prices are more likely to rise than fall, with north China leading the gains; attention should still be paid to the resumption of production at alloy plants in south China, the pace of port destocking, and the implementation pace of overseas market offers.