[SMM Manganese Ore Weekly Review] Overseas market broadly declined, coupled with weak demand, and manganese ore prices were under pressure and stagnant.

July 10 news:

North ports: 46% Australian lumps 43-43.5 yuan/mtu, down WoW; South African semi-carbonate 36.5-37 yuan/mtu, down WoW; Gabonese 40.3-40.7 yuan/mtu, down WoW; South African high-iron 30-30.5 yuan/mtu, down WoW; South African medium-iron 37-37.5 yuan/mtu, flat WoW.

South ports: 46% Australian lumps 43.2-43.7 yuan/mtu, flat WoW; South African semi-carbonate 36.8-37.1 yuan/mtu, up WoW; Gabonese 41-41.5 yuan/mtu, flat WoW; South African high-iron 32.3-32.8 yuan/mtu, down WoW; South African medium-iron 37-37.5 yuan/mtu, flat WoW.

The manganese ore market was steady but stalemated, with sluggish end-use demand, and some traders sold at slightly reduced prices.

Supply side, Consolidated Minerals (CML) announced its August 2026 offers to China: Mn>46% Fe<4% SiO2<18% Australian lumps were quoted at $5.3/mtu, down $0.3/mtu MoM. South32's offers for August 2026 shipment to China were: South African semi-carbonate lumps $4.75/mtu (down $0.1), Australian lumps $5.1/mtu (down $0.15). NMT announced its August 2026 manganese ore loading offers to China: Mn36% (min) South African semi-carbonate lumps at $4.6/mtu (down $0.1). Currently, port high-priced manganese ore is experiencing inventory buildup. With the arrival of low-priced ore, some traders have slightly reduced prices to secure shipments.

Demand side, SiMn futures consolidated on a weak note, with strong wait-and-see sentiment, making it difficult to boost spot procurement. In the spot market, capacity release and blast furnace maintenance coexisted in Inner Mongolia, resulting in lackluster manganese ore purchase willingness. In Ningxia, production cuts were widespread, and mills had low mining enthusiasm. Overall operating rates of alloy plants in south China were low, with only rigid purchasing as needed, and the trading atmosphere was sluggish. Currently, SiMn enterprises mostly adopt a restocking as needed, small orders following the market procurement strategy. After the holiday, market trading activity was weak, with mainly sporadic small orders, and actual manganese ore demand marginally weakened.

Inventory side, Tianjin Port and Qinzhou Port saw inventory buildup. Manganese ore inventories are currently at relatively high levels, with high inventories suppressing price gains.

Currently, the support from the cost side on the bottom of ore prices has slightly loosened, but overall it remains moderate , downstream alloy sector demand is weak, factories only on rigid-demand restocking, constraining the upside room for ore prices. It is expected that in the short term, port manganese ore prices will maintain a sideways movement supported by high costs, with the trend rather stagnant, and both upside and downside room limited.