[SMM Manganese Ore Weekly Review] Overseas market broadly fell, coupled with weak demand, manganese ore prices ground lower.

July 17 –

North China ports: 46% Australian lumps 42.5-43 yuan/mtu, down WoW; South African semi-carbonate lumps 35.7-36.2 yuan/mtu, down WoW; Gabonese lumps 40-40.4 yuan/mtu, down WoW; South African high-Fe lumps 30-30.5 yuan/mtu, flat WoW; South African medium-Fe lumps 36-36.5 yuan/mtu, down WoW.

South China ports: 46% Australian lumps 43.2-43.7 yuan/mtu, flat WoW; South African semi-carbonate lumps 36.8-37.1 yuan/mtu, flat WoW; Gabonese lumps 40.9-41.4 yuan/mtu, down WoW; South African high-Fe lumps 32.3-32.8 yuan/mtu, flat WoW; South African medium-Fe lumps 37.5-38 yuan/mtu, up WoW.

Manganese ore prices grind lower, end-use demand remains sluggish in taking delivery, and some traders are selling at slightly reduced prices.

Supply side, Consolidated Minerals Limited (CML) announced its August 2026 offers to China: Australian lumps with Mn >46%, Fe <4%, SiO2<18% at $5.3/mtu, down $0.3/mtu MoM. South32’s August 2026 shipment offers to China: South African semi-carbonate lumps at $4.75/mtu (down 0.1), Australian lumps at $5.1/mtu (down 0.15). NMT announced its August 2026 shipment offers for manganese ore to China: South African semi-carbonate lumps with Mn 36% (min) at $4.6/mtu (down 0.1). Currently, high-priced manganese ore inventories are building up at ports, and with the arrival of low-priced ore, some traders are selling at slightly lower prices to secure shipments.

Demand side, SiMn futures consolidate on a weak note, market wait-and-see sentiment is strong, making it difficult to boost spot purchases. In the spot market, operations in Inner Mongolia remain relatively stable, but most producers report severe losses, with production cuts and reduced operating rates, while capacity release and blast furnace maintenance coexist, leading to lukewarm purchase willingness for manganese ore. In Ningxia, production cuts and curtailments are relatively widespread, and miners’ enthusiasm for ore procurement is low. Southern alloy plants have generally low operating rates, mainly purchasing on a rigid, as-needed basis, and the market trading atmosphere is sluggish. Currently, SiMn enterprises mostly adopt a restocking for rigid demand, small-lot market-following purchasing strategy. Post-holiday, market trading activity is weak, with deals mainly being small scattered orders, and actual demand for manganese ore is weakening at the margin.

Inventory side, Tianjin Port and Qinzhou Port are seeing inventory buildups, with manganese ore inventories at a relatively high level, and high inventories capping price gains.

Currently, the support from the cost side for the bottom of ore prices has slightly loosened, but overall it remains moderate. Weak demand from the downstream alloy sector, with mills only restocking on a need-to basis, is constraining the upside room for ore prices. In the short term, port manganese ore prices are expected to continue grinding lower, but due to the high inventory cost of manganese ore, the downside room for prices is limited.