[SMM Weekly Manganese Ore Review] Downstream buyers still have a mindset to drive down prices; manganese ore market consolidates

As of this Friday, in northern ports: Australian lump ore was priced at 40.7-41.2 yuan/mtu, unchanged from last Friday; South African semi-carbonate ore was priced at 34.9-35.4 yuan/mtu, unchanged from last Friday; Gabonese ore was priced at 39.8-40.6 yuan/mtu, unchanged from last Friday; South African high-iron ore was priced at 29.5-30 yuan/mtu, unchanged from last Friday; and South African medium-iron ore was priced at 35.2-35.7 yuan/mtu, unchanged from last Friday.

In southern ports: Australian lump ore was priced at 40.2-40.9 yuan/mtu, unchanged from last Friday; South African semi-carbonate ore was priced at 35.5-36 yuan/mtu, unchanged from last Friday; Gabonese ore was priced at 40.3-40.8 yuan/mtu, unchanged from last Friday; South African high-iron ore was priced at 30.6-31.1 yuan/mtu, up 0.65% WoW from last Friday; and South African medium-iron ore was priced at 36.6-37.1 yuan/mtu, up 1.38% WoW from last Friday.

In terms of supply, this week, NMT announced its shipping offers for manganese ore to China for September 2025: 36% Min South African semi-carbonate lump ore was priced at $4.05/mtu (up $0.15). It is understood that the corresponding shipments are relatively small, and it is estimated that the impact of this round of price increases on the market spot prices will be limited.

In terms of demand, downstream SiMn alloy plants, affected by the fluctuations in SiMn futures, have seen a slight upward trend in SiMn spot prices, but the increase is limited. There is still a mindset of driving down prices for raw material manganese ore, and they are unwilling to incur high costs.

 Considering multiple factors such as supply and demand, under the mindset game where miners are "unwilling to sell at low prices" and alloy plants are "unwilling to buy at high prices" for manganese ore, the manganese ore market is consolidating. In the short term, most manganese ore prices may remain stable at high levels, while South African ore, due to the concentration of oxidized ore ownership at ports, may enter a phase of temporary stability after a slight upward trend in spot prices.