Aug 7 news:
North ports: 46% Australian lumps at 40-40.5 yuan/mtu, down WoW; South African semi-carbonate lumps at 32.7-33.2 yuan/mtu, down WoW; Gabonese lumps at 37.8-38.2 yuan/mtu, down WoW; South African high-iron lumps at 28.5-29 yuan/mtu, down WoW; South African medium-iron lumps at 35-35.5 yuan/mtu, down WoW.
South China ports: 46% Australian lumps at 42.9-43.4 yuan/mtu, flat WoW; South African semi-carbonate lumps at 36.3-36.8 yuan/mtu, down WoW; Gabonese lumps at 40.6-41.1 yuan/mtu, down WoW; South African high-iron lumps at 31.2-31.7 yuan/mtu, down WoW; South African medium-iron lumps at 38-38.5 yuan/mtu, flat WoW.
Manganese ore market prices continue to grind lower, end-use demand remains sluggish, and traders cutting prices to sell is relatively common.
Supply side, CML announced its September 2026 manganese ore offers to China, with Australian lumps (Mn>46%Fe<4%Si02<18%) quoted at $5.1/mtu, down $0.2/mtu MoM. South32’s offers to China for September 2026 shipment are South African semi-carbonate lumps at $4.5/mtu (down $0.25/mtu), Australian lumps at $5/mtu (down $0.1/mtu). Comilog’s September 2026 shipment offer of Gabonese lumps to China is $4.9/mtu (down $0.2/mtu). Manganese ore arrivals continue and inventories keep building up, prompting traders to sell spot manganese ore at lower prices.
Demand side, SiMn futures consolidate on a weak note, with deep market pessimism, failing to boost spot purchases. In the spot market, alloy producers are generally suffering losses. Operating rates in Inner Mongolia remain relatively stable, with some maintenance and load reduction, but capacity release from previously commissioned submerged arc furnaces also exists. Overall, mills have few inquiries for manganese ore, and purchasing sentiment is mediocre. In Ningxia, production cuts and output reductions are common among smelters, operating rates are low, and buying appetite for ore is weak. In south China, alloy plants have the lowest overall operating rates, mainly procuring on a rigid as-needed basis, with sluggish market trading activity. Currently, SiMn enterprises mostly adopt a procurement strategy of restocking based on rigid demand and small orders following the market, with weak trading activity in the traditional off-season. Transactions are dominated by small scattered orders, and actual manganese ore demand is weakening marginally.
Inventory side, Tianjin port saw inventory buildup, Qinzhou port saw slight destocking, and overall manganese ore inventory is at a relatively high level, suppressing the upward momentum of prices.
Currently, support from the cost side for the floor of ore prices has weakened. Downstream demand in the alloy sector is sluggish, with factories restocking only to meet rigid demand. Coupled with high port inventories and virtually no expectation of shortages, ore prices lack upward momentum. Port manganese ore prices are expected to continue grinding lower in the short term.
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