Mine Operators Hold Strong Reluctance to Sell, Manganese Ore Market Fluctuates Upward [SMM Manganese Ore Daily Report]

Published: Nov 18, 2025 19:29

Save

November 18 news: Northern ports: South African high-iron ore at 29.6-30.1 yuan/mtu, flat WoW; South African semi-carbonate ore at 34.1-34.6 yuan/mtu, flat WoW; Gabonese ore at 39.7-40.5 yuan/mtu, flat WoW; Australian lumps at 39.9-40.6 yuan/mtu, flat WoW; South African medium-iron ore at 35.4-35.9 yuan/mtu, up 0.28% WoW. Southern ports: South African high-iron ore at 30.8-31.3 yuan/mtu, flat WoW; South African semi-carbonate ore at 36.9-37.6 yuan/mtu, flat WoW; Gabonese ore at 40.5-41.2 yuan/mtu, flat WoW; Australian lumps at 40.2-40.9 yuan/mtu, flat WoW; South African medium-iron ore at 37.3-37.8 yuan/mtu, up 1.35% WoW. Overall, the manganese ore market currently shows a supply-demand pattern characterized by tight supply, divergent demand, and healthy inventory. In the short term, supply pressure is relatively limited, and the market is expected to hold up well.

November 18:

North China ports: South African high-iron ore at 29.6-30.1 yuan/mtu, flat WoW; South African semi-carbonate ore at 34.1-34.6 yuan/mtu, flat WoW; Gabon ore at 39.7-40.5 yuan/mtu, flat WoW; Australian lumps at 39.9-40.6 yuan/mtu, flat WoW; 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, flat WoW; South African semi-carbonate ore at 36.9-37.6 yuan/mtu, flat WoW; Gabon ore at 40.5-41.2 yuan/mtu, flat WoW; Australian lumps at 40.2-40.9 yuan/mtu, flat WoW; South African medium-iron ore at 37.3-37.8 yuan/mtu, up 1.35% WoW.

The manganese ore market currently showed an upward fluctuation pattern, with miners' offers remaining firm, downstream alloy enterprises' purchasing negotiation room continued to narrow, and overall spot market prices held up well in the high range.

Supply side, Q4 overseas mainstream miners raised their long-term manganese ore offers to China, coupled with the impact of the traditional shipping off-season, the volume of ore shipped from mines to main Chinese ports in Q4 declined YoY. The rising long-term arrival costs further strengthened miners' bullish expectations, reluctance to sell in the spot market became more apparent, offers remained firm, and actual transaction prices consistently stabilized in the high range.

Demand side, downstream demand showed regional divergence. Alloy plants in north China maintained normal production scheduling pace, adopting a "purchase as needed" approach for manganese ore, with relatively steady demand release; the southern market, however, polarized: Hunan saw new SiMn capacity come online today, directly boosting local manganese ore procurement demand; while in Yunnan, affected by the approaching dry season, rising electricity prices pushed up alloy production costs, leading most plants to choose production cuts to avoid peak rates, significantly reducing production schedules, and corresponding manganese ore procurement demand pulled back.

Inventory side, inventory levels showed healthy destocking, providing effective support for high prices. Last week, manganese ore inventory at domestic main ports continued its destocking trend, with overall inventory currently maintained at a medium level, and industry inventory pressure relatively controllable.

Overall, the current manganese ore market supply-demand pattern featured "tight supply, divergent demand, and healthy inventory." In the short term, supply pressure in the manganese ore market was relatively limited, and the overall market was expected to maintain a strong holding pattern.

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

Feb 6, 2026 18:30

Before the holiday, the black chain is unlikely to see a trend-driven market [SMM Steel Industry Chain Weekly Report].

This week, ferrous metals were in the doldrums, with coking coal and coke staging a mid-week rise. At the beginning of the week, financial markets experienced sharp fluctuations, dragging down sentiment in the ferrous chain and leading to a pullback in futures. Mid-week, Indonesia's cut to coke production quotas drove coking coal and coke futures to lead the gains, though the impact was more pronounced on thermal coal, while coking coal's rise was largely sentiment-driven and short-lived. In the latter part of the week, finished products continued their seasonal inventory buildup, and support from the raw material side weakened, causing the entire ferrous chain to pull back. In the spot market, with the Chinese New Year holiday approaching, purchasing activity slowed down further, with end-users only making limited, as-needed purchases at low prices.

Feb 6, 2026 18:30

Feb 6, 2026 18:09

MMi Daily Iron Ore Report (February 6)

Today, the DCE iron ore futures continued to hit bottom today, with the most-traded contract I2605 closing at 760.5 yuan/mt, down 1.23% from the previous trading day. Spot prices fell by 5–10 yuan/mt compared to the previous trading day.

Feb 6, 2026 18:09

Feb 6, 2026 17:41

[SMM Chromium Daily Review] Inquiries and Transactions Weakened, Chromium Market Showed Mediocre Performance Before the Holiday

[SMM Chrome Daily Review: Trading and Inquiries Weakened, Chrome Market Showed Mediocre Performance Before the Holiday] February 6, 2026: Today, the ex-factory price of high-carbon ferrochrome in Inner Mongolia was 8,500-8,600 yuan/mt (50% metal content), flat MoM from the previous trading day...

Feb 6, 2026 17:41