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

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.