Limited increase in SiMn demand, spot price struggles to rise [SMM Manganese Ore Daily Review]

Published: Jun 24, 2025 14:51

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[SMM Manganese Ore Daily Review] Limited Increase in SiMn Demand, Spot Prices Struggle to Rise Demand side, the supply surplus in the SiMn market has not been effectively improved. The increase in demand for SiMn from steel mills is limited, and SiMn inventory levels in both the south and north remain high. Downstream demand for SiMn is weak, with alloy plants mostly driving down prices when purchasing manganese ore, creating significant resistance to upward movement in manganese ore prices.

On June 24: Northern ports: Australian lump ore was priced at 39-40 yuan/mtu, down 1.25% WoW from last Tuesday; Australian seed ore was priced at 35.8-36.8 yuan/mtu, unchanged WoW from last Tuesday; South African semi-carbonate ore was priced at 32.9-33.4 yuan/mtu, up 0.91% WoW from last Tuesday; Gabon ore was priced at 36-37 yuan/mtu, up 1.1% WoW from last Tuesday; South African high-iron ore was priced at 29.1-29.6 yuan/mtu, unchanged WoW from last Tuesday. Southern ports: Australian lump ore was priced at 39-40 yuan/mtu, down 0.75% WoW from last Tuesday; Australian seed ore was priced at 35.3-35.8 yuan/mtu, down 0.56% WoW from last Tuesday; South African semi-carbonate ore was priced at 33-33.5 yuan/mtu, unchanged WoW from last Tuesday; Gabon ore was priced at 38.1-38.6 yuan/mtu, up 0.13% WoW from last Tuesday; South African high-iron ore was priced at 28.3-28.8 yuan/mtu, unchanged WoW from last Tuesday.

Currently, destocking of manganese ore at Tianjin Port and Qinzhou Port is slow, and miners' offers are temporarily stable. The SiMn futures market is declining, and miners are pessimistic about spot prices of manganese ore. On the demand side, the supply surplus in the SiMn market has not been effectively improved, with limited incremental demand for SiMn from steel mills. Inventories of SiMn in both the south and north remain high. Downstream demand for SiMn is weak, with alloy plants driving down prices to purchase manganese ore, posing significant resistance to upward price movements of manganese ore. Overall, there is still competition in the manganese ore market, with miners' offers showing relatively small fluctuations. Future manganese ore prices will need to be monitored based on downstream demand and port inventory levels.

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