[SMM Manganese Ore Weekly Review] Strong Cost Support for Manganese Ore Forward Prices, Miners Reluctant to Sell Spot Cargo

Published: Nov 14, 2025 18:12

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November 14 news: North China 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; Gabonese ore at 39.7–40.5 yuan/mtu, up 0.25% WoW; Australian lumps at 39.9–40.6 yuan/mtu, up 0.25% WoW from last Tuesday; South African medium‑iron ore at 35.4–35.9 yuan/mtu, up 0.28% WoW. South China 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; Gabonese ore at 40.5–41.2 yuan/mtu, up 0.25% WoW; Australian lumps at 40.2–40.9 yuan/mtu, up 0.25% WoW; South African medium‑iron ore at 37.3–37.8 yuan/mtu, up 1.35% WoW. Overall, due to high cargo ownership concentration and elevated future costs, manganese ore prices at ports are holding firm, and the market is expected to remain strong in the short term.

November 14 news:

North China ports: South African high-iron 29.6-30.1 yuan/mtu, up 0.34% WoW; South African semi-carbonate lumps 34.1-34.6 yuan/mtu, flat WoW; Gabon 39.7-40.5 yuan/mtu, up 0.25% WoW; Australian lumps 39.9-40.6 yuan/mtu, up 0.25% WoW from last Tuesday; South African medium-iron 35.4-35.9 yuan/mtu, up 0.28% WoW.

South China ports: South African high-iron 30.8-31.3 yuan/mtu, up 0.32% WoW; South African semi-carbonate lumps 36.9-37.6 yuan/mtu, flat WoW; Gabon 40.5-41.2 yuan/mtu, up 0.25% WoW; Australian lumps 40.2-40.9 yuan/mtu, up 0.25% WoW; South African medium-iron 37.3-37.8 yuan/mtu, up 1.35% WoW.

Supply side, Jupiter announced its manganese ore shipment price to China for December 2025: Mn36.5% South African semi-carbonate lumps at $4.1/mtu. NMT announced its manganese ore shipment offer to China for December 2025: Mn36% (min) South African semi-carbonate lumps at $4.1/mtu (flat). Firm new round overseas offers for highly oxidized ore, coupled with expectations of reduced quantity, provide strong support for overall manganese ore forward costs. Miners show a strong reluctance to sell spot cargo, making it increasingly difficult to source oxidized ore at low prices.

Demand side, amid the mentality to "rush to buy amid continuous price rise and hold back amid price downturn", inquiries from downstream plants and traders have increased, making it harder to drive down prices when purchasing. Most manganese ore prices rose slightly.

Overall, influenced by concentrated cargo ownership at ports and high future costs, the atmosphere of holding prices firm is strong at manganese ore ports. In the short term, manganese ore is 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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