[SMM Manganese Ore Weekly Review] Manganese Ore Forward Costs Provide Strong Support, Spot Market Holds Up Well

Published: Nov 7, 2025 17:46

Save

November 7 news: North China ports: South African high-iron manganese ore at 29.4-30.1 yuan/mtu, up 0.34% WoW from last Friday; South African semi-carbonate at 34.1-34.6 yuan/mtu, up 0.29% WoW from last Tuesday; Gabonese ore at 39.6-40.4 yuan/mtu, flat WoW from last Friday; Australian lumps at 39.9-40.4 yuan/mtu, down 0.25% WoW from last Tuesday; South African medium-iron manganese ore at 35.2-35.9 yuan/mtu, up 0.28% WoW from last Friday. South China ports: South African high-iron manganese ore at 30.7-31.2 yuan/mtu, up 0.32% WoW from last Friday; South African semi-carbonate at 36.9-37.4 yuan/mtu, up 0.27% WoW from last Friday; Gabonese ore at 40.5-40.1 yuan/mtu, flat WoW from last Friday; Australian lumps at 40.1-40.8 yuan/mtu, down 0.25% WoW from last Friday; South African medium-iron manganese ore at 36.7-37.4 yuan/mtu, up 0.54% WoW from last Friday. Overall, the manganese ore market shows no significant changes in supply and demand, maintaining a firm and stable trend.

November 7 news:

Northern ports: South African high-iron 29.4-30.1 yuan/mtu, up 0.34% WoW; South African semi-carbonic 34.1-34.6 yuan/mtu, up 0.29% WoW; Gabonese lumps 39.6-40.4 yuan/mtu, flat WoW; Australian lumps 39.9-40.4 yuan/mtu, down 0.25% WoW; South African medium-iron 35.2-35.9 yuan/mtu, up 0.28% WoW.

Southern ports: South African high-iron 30.7-31.2 yuan/mtu, up 0.32% WoW; South African semi-carbonic 36.9-37.4 yuan/mtu, up 0.27% WoW; Gabonese lumps 40.5-40.1 yuan/mtu, flat WoW; Australian lumps 40.1-40.8 yuan/mtu, down 0.25% WoW; South African medium-iron 36.7-37.4 yuan/mtu, up 0.54% WoW.

Supply side, this week, Compagnie Minière de l'Ogooué (Comilog) offered Gabonese lumps for manganese ore shipments to China in December 2025 at $4.5/mtu (up $0.15); Union Mines (CML) announced its December 2025 offer to China, with 46% Australian lumps offered at $4.8/mtu, up $0.15/mtu MoM. Overall, manganese ore forward offers for November and December showed an upward trend. Additionally, port arrivals of Gabonese ore in China decreased. Overall, forward cost support for manganese ore remained strong, and miners showed strong reluctance to sell spot cargo.

Demand side, as the traditional off-season began, the downstream SiMn market was in the doldrums. Factories operated on order-based production with low enthusiasm. Coupled with a significant increase in electricity costs in south China, such as Yunnan, after the end of the rainy season, overall operating rates in the south declined. Alloy plants avoided hoarding excessive manganese ore and only made just-in-time procurement. The current sales pace of manganese ore was relatively moderate.

Inventory side, this Friday, Tianjin Port saw slight destocking, with total port inventory at a medium level; Qinzhou Port experienced inventory buildup, but inventory pressure was relatively small. Miners showed strong reluctance to sell, and few spot manganese ore transactions occurred at low prices.

Overall, the manganese ore market saw no significant changes in supply and demand and operated with strong, temporarily stable momentum.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

3 hours ago

[SMM PV News] RayGen Deploys 1 MW Solar and Thermal Storage System in Brazil

Melbourne-based RayGen has fully commissioned a 1 MW concentrated solar and long-duration thermal energy storage system in Petrolina, Brazil, in partnership with Axia Energia. The facility utilizes RayGen's 'PV Ultra' technology, which uses mirrors to concentrate sunlight onto modules while capturing heat in a water-based storage system. This design achieves a 70% round-trip efficiency. Axia is testing the technology for potential large-scale deployment to help power 'AI factories.' RayGen already operates a commercial facility in Australia and is currently advancing a 200 MW/1,200 MWh utility-scale project in South Australia.

3 hours ago

[SMM Tin Flash: China’s PCB Industry Investment in 2025 Was up About 3% YoY, with AI Computing Power PCBs Becoming the Core Growth Engine]

According to the latest statistics from CINNO•ICResearch, total investment in China’s PCB industry reached approximately 105.3 billion yuan in 2025, up 2.9% YoY from 2024. Although the number of investment projects in China’s PCB industry pulled back in 2025 compared with 2024, investment size per project increased significantly, with the largest single investment also rising accordingly. The investment landscape became more concentrated in the high-end segment, with an optimized structure. PCBs dedicated to AI computing power became the clear main theme, with key investment flowing into high-end products such as advanced HDI, high-layer-count boards, and high-speed, high-frequency boards; automotive electronics PCBs followed closely behind and posted strong growth, benefiting from upgrades in NEVs and intelligent driving; communications and industrial control PCBs provided steady support for 5G and data center construction. Overall, the industry moved away from the low and mid-end fragmented layout of 2024 and officially entered a new stage led by the high-end segment.

3 hours ago

[SMM Analysis] DRC Issued Detailed Rules for Carrying Forward Unused Quotas

Recently, ARECOMS of the DRC announced the detailed implementation rules for carrying forward unfulfilled quotas. Pursuant to Resolution No. 005/ARECOMS/2025 dated October 10, 2025, in order to ensure the consistent and transparent implementation of export quotas, the Authority for the Regulation and Control of Strategic Mineral Substances (ARECOMS) hereby notified the relevant mineral business entities and public administrative departments of the final detailed rules for carrying forward unfulfilled quotas during the period from October 16 to December 31, 2025, as well as the detailed rules for carrying forward approved quotas for Q1 2026. The original text was translated as follows: The English translation of the above text is:

3 hours ago