[SMM Manganese Ore Weekly Review] Overseas markets broadly decline, coupled with weak demand, manganese ore prices continue to grind lower.

Jul 24 News:

North China ports: 46% Australian lumps at 41.5~42 yuan/mtu, down WoW; South African semi-carbonate at 34.7~35.2 yuan/mtu, down WoW; Gabonese at 39.3~39.7 yuan/mtu, down WoW; South African high-iron at 29~29.5 yuan/mtu, down WoW; South African medium-iron at 36~36.5 yuan/mtu, flat WoW.

South China ports: 46% Australian lumps at 42.9~43.4 yuan/mtu, down WoW; South African semi-carbonate at 36.7~37 yuan/mtu, down WoW; Gabonese at 40.9~41.4 yuan/mtu, flat WoW; South African high-iron at 31.5~32 yuan/mtu, down WoW; South African medium-iron at 37.5~38 yuan/mtu, flat WoW.

Manganese ore market prices continue to grind lower, end-use demand remains weak, and price cuts by traders are widespread.

Supply side, Consolidated Minerals Limited (CML) announced its September 2026 offers to China, pricing Australian lumps (Mn>46% Fe<4% SiO2<18%) at $5.1/mtu, down $0.2/mtu MoM. South32's September 2026 shipment offers to China are $4.5/mtu for South African semi-carbonate lumps (down $0.25), and $5/mtu for Australian lumps (down $0.1). Currently, high-priced manganese ore inventory is building up at ports and arrivals keep coming; most traders are selling spot manganese ore at lower prices to secure shipments.

Demand side, SiMn futures consolidate on a weak note, with strong wait-and-see sentiment in the market, making it difficult to boost spot purchases. In the spot sector, alloy producers are generally making losses. Operating rates in Inner Mongolia remain relatively stable, with some maintenance and load reductions, but capacity release and blast furnace maintenance are occurring simultaneously; overall, manganese ore inquiries are relatively fewer, and purchasing sentiment is mediocre. In Ningxia, production cuts and curtailments are widespread, operating rates are low, and producer buying interest is weak. South China alloy plants have the lowest overall operating rates, mainly purchasing as needed on a rigid basis, and the market trading atmosphere is sluggish. At present, SiMn enterprises mostly adopt strategies of restocking only as needed and buying in small lots as prices move, with thinner trading activity during the traditional off-season. Deals are mainly scattered small orders, and actual manganese ore demand is weakening marginally.

Inventory side, Tianjin Port and Qinzhou Port are seeing inventory buildup; manganese ore inventories are currently at relatively high levels, and high inventories are suppressing price increases.

Cost side support for ore prices is loosening, downstream alloy demand is weak with plants only restocking as needed, and with high port inventories, there is basically no expectation of shortages, leaving ore prices lacking upward momentum. It is expected that port manganese ore prices will continue to grind lower in the short term.