[SMM Manganese Ore Weekly Review] Strong Support from the Supply Side, Manganese Ore Prices Consolidate at High Levels

December 26 news:

North China ports: South African high-iron ore at 30-30.5 yuan/mtu, flat WoW; South African semi-carbonate ore at 34-34.5 yuan/mtu, flat WoW; Gabon ore at 41.9-43.5 yuan/mtu, flat WoW; Australian lumps at 41-41.7 yuan/mtu, flat WoW; South African medium-iron ore at 37.1-37.6 yuan/mtu, up 0.54% WoW.

South China ports: South African high-iron ore at 30.3-30.8 yuan/mtu, flat WoW; South African semi-carbonate ore at 35.7-36.4 yuan/mtu, flat WoW; Gabon ore at 41.1-42 yuan/mtu, flat WoW; Australian lumps at 41.5-42.2 yuan/mtu, flat WoW; South African medium-iron ore at 37.2-37.7 yuan/mtu, up 0.27% WoW.

The manganese ore market consolidated at high levels, with cost support from the supply side and regional divergence in demand creating a tug-of-war.

Supply side, overseas manganese mines raised their January 2026 offers to China MoM from December 2025, strengthening cost support for imported manganese ore and leaving little room for price pullbacks. Specifically, port arrivals of South African medium-iron manganese ore remained low recently, tightening market supply. With virtually no actual transactions this week, traders showed strong willingness to hold prices firm, keeping prices stable. Offers for other mainstream ore types also showed no signs of softening, and traders had low willingness to sell at low prices, with the overall supply side providing solid support for prices.

Demand side, inquiry activity in both northern and southern markets weakened WoW. In the northern market, driven by bullish sentiment in the manganese ore market and the presence of planned production capacity in the Inner Mongolia SiMn production hub by month-end, SiMn plants maintained relatively active purchasing sentiment for manganese ore, providing effective demand support. However, the SiMn industry remained in the off-season, with some enterprises continuing production cuts and a limited number of enterprises currently operating. Alloy plants mostly adopted an "on-demand purchasing" strategy, resulting in relatively mediocre demand.

Overall, with current manganese ore prices at high levels and supported by the supply side, prices are expected to remain firm in the short term. However, caution is warranted against potential price pullbacks due to negative feedback from weak demand.