[SMM Manganese Ore Weekly Review] Port Spot Cargoes Stay High, Manganese Ore Market Consolidates at Lows

August 14 news:

North China ports: 46% Australian lumps at 40-40.5 yuan/mtu, flat WoW; South African semi-carbonate at 32.2-32.7 yuan/mtu, down WoW; Gabonese lumps at 37.8-38.2 yuan/mtu, flat WoW; South African high-iron ore at 28.5-29 yuan/mtu, flat WoW; South African medium-iron ore at 35-35.5 yuan/mtu, flat WoW.

South China ports: 46% Australian lumps at 42.9-43.4 yuan/mtu, flat WoW; South African semi-carbonate at 36.3-36.8 yuan/mtu, flat WoW; Gabonese lumps at 40.6-41.1 yuan/mtu, flat WoW; South African high-iron ore at 31.2-31.7 yuan/mtu, flat WoW; South African medium-iron ore at 38-38.5 yuan/mtu, flat WoW.

Manganese ore demand remained weak, port spot cargoes were high, and port manganese ore prices are expected to consolidate at lows in the near term.

Supply side, Consolidated Minerals (CML) announced its September 2026 offer to China: Mn>46%Fe<4%Si02<18% Australian lumps at $5.1/mtu, down $0.2/mtu MoM. South32 offered South African semi-carbonate lumps for September 2026 shipment to China at $4.5/mtu (down $0.25), and Australian lumps at $5/mtu (down $0.1). Comilog offered Gabonese lumps for September 2026 shipment to China at $4.9/mtu (down $0.2). UMK announced its September 2026 manganese ore offer to China for South African semi-carbonate lumps at $4.1/mtu (down $0.4). Jupiter announced its September 2026 manganese ore shipment price to China: Mn36.5% South African semi-carbonate lumps at $4.1/mtu (down $0.5). NMT announced its September 2026 manganese ore shipment offer to China: Mn36% (minimum) South African semi-carbonate lumps at $4.1/mtu (down $0.5). Manganese ore continued to arrive at ports, inventories kept building, and traders chose to sell spot manganese ore at lower prices.

Demand side, SiMn futures consolidated on a weak note, market pessimism ran deep, making it difficult to boost spot purchases. In the spot market, alloy production was generally loss-making, operating rates in Inner Mongolia were relatively stable, with maintenance and load reductions, while capacity release from previously commissioned submerged arc furnaces was also underway. Overall, plants made fewer inquiries for manganese ore, and purchasing sentiment was mediocre. In Ningxia, production cuts and output reductions were relatively common among producers, operating rates were low, and producers had limited appetite for ore purchases. In south China, alloy plants operated at the lowest rates overall, mainly making rigid purchases on an as-needed basis, and market trading sentiment was sluggish. At the current stage, SiMn enterprises mostly adopt rigid-demand restocking and small orders at prevailing prices as their purchasing strategy. In the traditional off-season, market trading activity is relatively weak, transactions are dominated by sporadic small orders, and actual demand for manganese ore is weakening at the margin.

Inventory side, Tianjin Port has seen continued inventory buildup, while Qinzhou Port has seen slight destocking. Overall manganese ore inventory remains at a relatively high level, and high inventory suppresses upward price momentum.

Currently, cost-side support for ore prices at the bottom has already weakened. Downstream alloy demand is soft, and plants are only restocking on a rigid-demand basis. Combined with essentially no shortage expectations given high port inventories, ore prices lack upward momentum. In the short term, port manganese ore prices will consolidate at lows.