Manganese Ore Market Fluctuates Upward, Miners Show Strong Reluctance to Sell [SMM Manganese Ore Daily Review]

November 25 news:

North China ports: South African high-iron 29.6-30.1 yuan/mtu, flat WoW; South African semi-carbonate 34.1-34.8 yuan/mtu, up 0.29% WoW; Gabon 39.8-40.8 yuan/mtu, up 0.49% WoW; Australian lumps 40-40.7 yuan/mtu, up 0.25% WoW; South African medium-iron 35.4-35.9 yuan/mtu, flat WoW.

South China ports: South African high-iron 30.8-31.3 yuan/mtu, flat WoW; South African semi-carbonate 36.9-37.8 yuan/mtu, up 0.27% WoW; Gabon 40.6-41.5 yuan/mtu, up 0.25% WoW; Australian lumps 40.3-41 yuan/mtu, up 0.25% WoW; South African medium-iron 37.3-37.8 yuan/mtu, flat WoW.

The manganese ore market currently holds up well, with miners' offers maintaining a firm stance. The bargaining space for downstream alloy enterprises during procurement continues to narrow, and overall spot market prices remain high.

Supply side, recently, UMK announced its December 2025 manganese ore offer to China for South African semi-carbonate lumps at $4.1/mtu, flat MoM at a high level. Offers from other overseas manganese mines to China are also at relatively high levels. Additionally, affected by the traditional Q4 shipping off-season, later shipments are expected to decrease. The rising cost of future 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 edge up slightly.

Demand side, downstream demand shows regional divergence. Alloy plants in north China maintain a normal production schedule pace, adopting a "purchase as needed" model for manganese ore, with relatively stable demand release. In the hydropower regions of south China, affected by the upcoming dry season, rising electricity prices push up alloy production costs. Most plants choose to cut production to avoid peak hours, reducing production schedules, and corresponding manganese ore procurement demand pulls back.

Inventory side, port manganese ore inventory saw a slight buildup last week, remaining at a medium level with relatively small inventory pressure.

Overall, the current manganese ore market's supply-demand pattern features "tight supply, divergent demand, and medium inventory." In the short term, supply pressure on the manganese ore market is relatively limited, and the overall market is expected to maintain a strong performance.