[SMM Manganese Ore Weekly Review] Overseas Market Manganese Ore Offers Rise, Manganese Ore Market Consolidates

September 5 news: Northern ports: Australian lumps 40.1-40.6 yuan/mtu, down 0.49% WoW; South African semi-carbonate 34.2-35.7 yuan/mtu, flat WoW; Gabon 39-39.6 yuan/mtu, down 0.51% WoW; South African high-iron 29.4-29.9 yuan/mtu, flat WoW; South African medium-iron 35.1-35.6 yuan/mtu, flat WoW.

Southern ports: Australian lumps 39.6-40.3 yuan/mtu, down 0.50% WoW; South African semi-carbonate 36.3-36.8 yuan/mtu, down 0.54% WoW; Gabon 39.4-39.9 yuan/mtu, down 0.50% WoW; South African high-iron 30.5-31 yuan/mtu, flat WoW; South African medium-iron 36.5-37.2 yuan/mtu, flat WoW.

Supply side, South32's October 2025 offer prices for South African semi-carbonate lumps to China stood at $4.1/mtu (up $0.05) and Australian lumps at $4.5/mtu (up $0.05), with miners holding modestly bullish expectations for future prices.

Demand side, the SiMn futures recently maintained a fluctuating trend, but today's upward movement slightly alleviated the negative sentiment in the SiMn market. However, mining and sales activities remained cautious. With the lifting of vehicle restrictions for the northern parade, some low-price inquiries emerged, but port transactions stayed sluggish as the market awaits the next round of restocking demand from downstream. Due to the persistently weak futures performance, no significant positive factors currently exist. Southern alloy plants remained cautious in sales, and their ore procurement was also restrained—inquiries were inactive while price negotiation pressure intensified. However, with concentrated supply in south China, spot prices held steady, leaving the manganese ore market in a stalemate.

Inventory side, overseas manganese ore shipments faced no imminent port arrival pressure, coupled with high operating enthusiasm among downstream SiMn enterprises. As of Friday, port inventories showed minimal change.

Overall, the manganese ore market recently consolidated with sluggish port transactions and stable prices. Prices are expected to maintain a fluctuating trend, with focus on the next round of offers from major mines and rigid demand support from downstream SiMn alloy.