[SMM Manganese Ore Weekly Review] Downstream Purchase Enthusiasm Is Moderate, Spot Manganese Ore Prices Diverge Between North and South

October 17 news:

Northern ports: South African high-iron 29.3-30 yuan/mtu, down 0.67% WoW; South African semi-carbonate 34-34.5 yuan/mtu, down 0.58% WoW; Gabon 39.6-40.2 yuan/mtu, flat WoW; Australian lumps 40.2-40.9 yuan/mtu, down 0.74% WoW; South African medium-iron 35-35.7 yuan/mtu, down 0.56% WoW.

Southern ports: South African high-iron 30.6-31.1 yuan/mtu, up 0.98% WoW; South African semi-carbonate 36.9-37.4 yuan/mtu, up 1.64% WoW; Gabon 40.6-40.9 yuan/mtu, up 0.49% WoW; Australian lumps 40-40.5 yuan/mtu, up 0.50% WoW; South African medium-iron 36.4-37.1 yuan/mtu, flat WoW.

Supply side, South Africa's UMK announced its November 2025 manganese ore offers to China: Mn36% South African semi-carbonate manganese ore (lump) at $4.1/mtu (CIF China main ports), up slightly by $0.1/mtu MoM. Strong support from forward manganese ore costs and low willingness among miners to offer discounts led to price stabilization after recent slight declines.

Demand side, the downstream SiMn market was in the doldrums. Alloy plant operating rates in north and south China showed relatively small fluctuations, maintaining just-in-time procurement for manganese ore with modest purchasing enthusiasm, resulting in a moderate destocking speed.

Port inventory side, Tianjin port had sufficient supply with temporarily stable prices; Qinzhou port continued to see tight availability of South African manganese ore, making prices more likely to rise than fall.

Overall, the manganese ore market recently was in the doldrums, with a moderate downstream procurement pace, and attention is on the downstream absorption capacity for manganese ore.