[SMM Manganese Ore Weekly Review] Downstream Purchases as Needed, Manganese Ore Prices Temporarily Stabilize

September 26 news: Northern ports: Australian lumps 40.6-41.1 yuan/mtu, flat WoW; South African semi-carbonate lumps 34.2-34.7 yuan/mtu, flat WoW; Gabonese lumps 39.6-40.2 yuan/mtu, flat WoW; South African high-iron lumps 29.6-30.1 yuan/mtu, flat WoW; South African medium-iron lumps 35.3-35.8 yuan/mtu, flat WoW.

Southern ports: Australian lumps 40.3-41 yuan/mtu, flat WoW; South African semi-carbonate lumps 36.3-36.8 yuan/mtu, flat WoW; Gabonese lumps 40.2-40.7 yuan/mtu, flat WoW; South African high-iron lumps 30.3-30.8 yuan/mtu, down 0.65% WoW; South African medium-iron lumps 36.7-37.4 yuan/mtu, flat WoW.

Overseas market, Comilog's November 2025 manganese ore shipment offer for China for Gabonese lumps was $4.35/mtu (up $0.08). Consolidated Minerals Limited (CML) announced its November 2025 offer for China, Australian lumps with Mn>46% Fe<6% SiO2<18% were offered at $4.65/mtu, up $0.08/mtu MoM. South32's November 2025 shipment offer for China for South African semi-carbonate lumps was $4.15/mtu (up $0.05), and Australian lumps at $4.55/mtu (up $0.05). The increase in overseas offers strengthened support for forward manganese ore prices.

Demand side, the traditional September-October peak season demand fell short of expectations, coupled with the approaching National Day holiday, downstream restocking was nearing its end. Downstream SiMn alloy plants maintained a purchasing-as-needed pace for manganese ore. A significant decline in manganese ore spot prices was unlikely, but there was insufficient driving force from downstream to support price increases, leading to stable manganese ore prices this week.

Overall, the manganese ore market faced no significant fundamental pressure in the short term. With current SiMn prices stable, the focus was on industry sentiment and downstream plant restocking demand.