[SMM Weekly Manganese Ore Review] Overseas market offers rise; manganese ore market sees general price increase this week

As of Friday, at northern ports, Australian lump ore prices stood at 40.7-41.2 yuan/mtu, up 1.24% WoW; South African semi-carbonate at 34.9-35.4 yuan/mtu, up 2.93% WoW; Gabonese ore at 39.8-40.6 yuan/mtu, up 2.03% WoW; South African high-iron ore at 29.5-30 yuan/mtu, up 0.68% WoW; South African medium-iron ore at 35.2-35.7 yuan/mtu, up 2.90% WoW.

At southern ports, Australian lump ore was priced at 40.2-40.9 yuan/mtu, up 1.00% WoW; South African semi-carbonate at 35.5-36 yuan/mtu, up 4.38% WoW; Gabonese ore at 40.3-40.8 yuan/mtu, up 2.53% WoW; South African high-iron ore at 30.4-30.9 yuan/mtu, up 2.34% WoW; South African medium-iron ore at 36.1-36.6 yuan/mtu, up 4.30% WoW.

Supply side, in the overseas market, Consolidated Minerals Ltd (CML) announced its September 2025 China-bound offer for Australian lump ore (Mn>46%, Fe<6%, SiO2<18%) at $4.57/mtu, up $0.07/mtu MoM. Comilog set its September 2025 Gabonese lump ore shipment price to China at $4.27/mtu (up $0.07/mtu). Coupled with tight South African ore supply and high market concentration, these factors collectively drove ore prices higher. Weekly gains were led by South African semi-carbonate lump in the north, up 1 yuan/mtu, while South African semi-carbonate and medium-iron ores led the gains in the south, both rising 1.5 yuan/mtu.

Downstream, the SiMn spot market edged up steadily this week, with SiMn futures fluctuating at highs. Improved market sentiment boosted acceptance of high-priced manganese ore, facilitating some high-level transactions.

Overall, the manganese ore market remained firm and stable recently. Future trends warrant close monitoring of overseas miners' offers and the spillover effect of SiMn futures on the spot market, with short-term high volatility likely to persist.