[SMM Manganese Ore Weekly Review] Manganese Ore Market Remains Stable, Focus on Downstream Market Absorption

October 24 news:

North China ports: South African high-iron ore at 29.3-30 yuan/mtu, flat WoW; South African semi-carbonate ore at 34-34.5 yuan/mtu, flat WoW; Gabonese ore at 39.6-40.2 yuan/mtu, up 0.25% WoW; Australian lumps at 40.2-40.9 yuan/mtu, flat WoW; South African medium-iron ore at 35-35.7 yuan/mtu, flat WoW.

South China ports: South African high-iron ore at 30.6-31.1 yuan/mtu, flat WoW; South African semi-carbonate ore at 36.9-37.4 yuan/mtu, flat WoW; Gabonese ore at 40.6-40.9 yuan/mtu, up 0.49% WoW; Australian lumps at 40-40.5 yuan/mtu, flat WoW; South African medium-iron ore at 36.4-37.1 yuan/mtu, flat WoW.

Supply side, price-wise, Jupiter announced its November 2025 manganese ore shipment price to China: Mn34% (min) South African semi-carbonate fines at $3.65/mtu. South Africa's UMK quoted its November 2025 Mn36% South African semi-carbonate manganese ore (lumps) at $4.1/mtu (CIF main Chinese ports), up slightly by $0.1/mtu MoM from October. Quantity-wise, it is understood that Gabonese manganese ore port arrivals are relatively low at the end of October and in November. The increase in forward price offers from manganese mines, coupled with the overall decrease in manganese ore port arrivals, provides strong support for forward costs. Miners have low willingness to offer discounts for sales, leading to a slight strengthening in Gabonese manganese ore prices, while prices for other manganese ores remain stable for now.

Demand side, the downstream SiMn market is fluctuating. Alloy plants in both the north and south regions maintain just-in-time procurement of manganese ore, with purchase willingness not being strong. The peak season procurement expectations have not been well realized.

Overall, the shipment pace of overseas mines and the demand for manganese ore from the downstream alloy market show no significant changes for now. Prices for a small portion of manganese ores have risen, but the overall manganese ore market is operating stably. Close attention should be paid to the bearing capacity of the downstream SiMn alloy market for manganese ore.