[SMM Manganese Ore Weekly Review] UMK's Manganese Ore Offers to China Remain Unchanged, Manganese Ore Market Holds Up Well

November 21 (SMM) -

North China ports: South African high-iron ore at 29.6-30.1 yuan/mtu, flat WoW; South African semi-carbonate lumps at 34.1-34.8 yuan/mtu, up 0.29% WoW; Gabon ore at 39.7-40.5 yuan/mtu, flat WoW; Australian lumps at 39.9-40.6 yuan/mtu, flat from last Tuesday; South African medium-iron ore at 35.4-35.9 yuan/mtu, flat WoW.

South China ports: South African high-iron ore at 30.8-31.3 yuan/mtu, flat WoW; South African semi-carbonate lumps at 36.9-37.8 yuan/mtu, up 0.27% 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, flat WoW.

The manganese ore market currently shows a pattern of fluctuating upward, with miners' offers remaining firm. The bargaining space for downstream alloy enterprises continues to narrow, and overall spot market prices hold up well within a high range.

Supply side, UMK set its December 2025 manganese ore offer to China for South African semi-carbonate lumps at $4.1/mtu, flat MoM at a high level. Combined with the impact of the traditional off-season for shipments, later shipments are expected to decrease. The rising cost of forward manganese ore arrivals further strengthens miners' bullish expectations. The reluctance to sell in the spot market becomes more apparent, offers remain firm, and actual transaction prices stay stable within a high range.

Demand side, downstream demand shows regional divergence. Alloy plants in north China maintain a normal production schedule, adopting a "purchase as needed" approach for manganese ore, with relatively steady demand release. In the hydropower regions of south China, the arrival of the dry season pushes up electricity prices, increasing alloy production costs. Most manufacturers choose to cut production to avoid peak hours, reducing production schedules, leading to a corresponding pullback in manganese ore purchasing demand.

Overall, the current manganese ore market's supply-demand pattern features "tight supply and divergent demand." In the short term, supply pressure on the manganese ore market is relatively limited, and the overall market is expected to hold up well.