Miners hold firm pricing stance, manganese ore market holds up well [SMM Manganese Ore Daily Report]

Published: Nov 11, 2025 17:49

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November 11 news: Northern ports: South African high-iron ore at 29.6-30.1 yuan/mtu, up 0.34% WoW; South African semi-carbonate ore at 34.1-34.6 yuan/mtu, flat WoW; Gabon ore at 39.7-40.5 yuan/mtu, up 0.25% WoW; Australian lumps at 39.9-40.6 yuan/mtu, flat WoW; South African medium-iron ore at 35.2-35.9 yuan/mtu, flat WoW. Southern ports: South African high-iron ore at 30.8-31.3 yuan/mtu, up 0.32% WoW; South African semi-carbonate ore at 36.9-37.6 yuan/mtu, flat WoW; Gabon ore at 40.5-41.2 yuan/mtu, up 0.25% WoW; Australian lumps at 40.2-40.9 yuan/mtu, flat WoW; South African medium-iron ore at 36.7-37.4 yuan/mtu, flat WoW. Overall, due to high concentration of cargo ownership and elevated future costs, the manganese ore market at ports shows a firm price sentiment, and ore prices are expected to remain strong in the short term.

November 11 news:

Northern ports: South African high-iron 29.6-30.1 yuan/mtu, up 0.34% WoW; South African semi-carbonate 34.1-34.6 yuan/mtu, flat WoW; Gabonese 39.7-40.5 yuan/mtu, up 0.25% WoW; Australian lumps 39.9-40.6 yuan/mtu, flat WoW; South African medium-iron 35.2-35.9 yuan/mtu, flat WoW.

Southern ports: South African high-iron 30.8-31.3 yuan/mtu, up 0.32% WoW; South African semi-carbonate 36.9-37.6 yuan/mtu, flat WoW; Gabonese 40.5-41.2 yuan/mtu, up 0.25% WoW; Australian lumps 40.2-40.9 yuan/mtu, flat WoW; South African medium-iron 36.7-37.4 yuan/mtu, flat WoW.

Supply side, Comilog's December 2025 manganese ore shipment offers for Gabonese lumps to China are $4.5/mtu (up $0.15); Consolidated Minerals Limited (CML) announced its December 2025 offers to China, with 46% Australian lumps offered at $4.8/mtu, up $0.15/mtu MoM. The new round of price increases for highly oxidized ore in the overseas market, coupled with expectations of reduced quantities, strengthens the overall long-term cost support for manganese ore. Ore merchants exhibit a strong reluctance to sell spot cargo, making it increasingly difficult to source oxidized ore at low prices.

Demand side, driven by the "rush to buy amid continuous price rise and hold back amid price downturn" mentality, downstream plants and traders have shown increased enthusiasm in inquiries. It has become more challenging to drive down prices when purchasing, leading to a slight rise in manganese ore prices.

Inventory level, Tianjin Port saw slight destocking last Friday, with total port inventories at a medium level; inventory pressure at Qinzhou Port is relatively small. Ore merchants maintain a strong reluctance to sell, resulting in few spot transactions at low prices.

Overall, current port markets are influenced by high concentration of cargo ownership and elevated future costs, fostering a strong atmosphere of holding prices firm. In the short term, manganese ore prices are expected to remain firm.

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.

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