[SMM Manganese Ore Weekly Review] Spot Market Recovers, Traders Increasingly Hold Back from Selling

Published: Sep 4, 2026 17:37

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Sep 4 news: North China ports: 46% Australian lumps at 40.3-40.8 yuan/mtu, up WoW; South African semi-carbonate at 34-34.5 yuan/mtu, up WoW; Gabonese at 39.1-39.5 yuan/mtu, flat WoW; South African high-iron at 28.8-29.3 yuan/mtu, up WoW; South African medium-iron at 35.2-35.7 yuan/mtu, up WoW. South China ports: 46% Australian lumps at 42.7-43.2 yuan/mtu, flat WoW; South African semi-carbonate at 36.3-36.8 yuan/mtu, flat WoW; Gabonese at 40.6-41.1 yuan/mtu, flat WoW; South African high-iron at 30.2-30.7 yuan/mtu, flat WoW; South African medium-iron at 37-37.5 yuan/mtu, flat WoW. The manganese ore market has recovered slightly, with traders increasingly holding back from selling, and overall prices consolidating sideways.

Sep 4 news:

North China ports: 46% Australian lumps at 40.3-40.8 yuan/mtu, up WoW; South African semi-carbonate at 34-34.5 yuan/mtu, up WoW; Gabonese at 39.1-39.5 yuan/mtu, flat WoW; South African high-iron at 28.8-29.3 yuan/mtu, up WoW; South African medium-iron at 35.2-35.7 yuan/mtu, up WoW.

South China ports: 46% Australian lumps at 42.7-43.2 yuan/mtu, flat WoW; South African semi-carbonate at 36.3-36.8 yuan/mtu, flat WoW; Gabonese at 40.6-41.1 yuan/mtu, flat WoW; South African high-iron at 30.2-30.7 yuan/mtu, flat WoW; South African medium-iron at 37-37.5 yuan/mtu, flat WoW.

The manganese ore market has recovered slightly, with traders increasingly holding back from selling, and overall prices consolidating within a range.

Supply side, South32, United Mining (CML), and Comilog all lowered their October 2026 manganese ore offers to China. NMT and Jupiter raised their October 2026 offers to China. Mines are shipping normally, while most traders are holding back from selling, waiting for concentrated downstream procurement to begin in the traditional peak season.

Demand side, manganese futures are consolidating, market pessimism has eased somewhat, and the SiMn market has recovered slightly, but this is unlikely to boost spot manganese ore purchases. In the spot market, alloy producers are generally operating at a loss. Operating rates in Inner Mongolia remain stable, and mills are showing mediocre interest in manganese ore inquiries and purchases. Ningxia producers continue production cuts from last month, with low operating rates and weak ore purchasing appetite. South China alloy plants have the lowest overall operating rates, purchasing only on a rigid as-needed basis, with sluggish market trading. At present, SiMn enterprises mostly adopt restocking for rigid demand and small-lot purchases at prevailing prices strategies. Market trading activity remains weak as before, with transactions dominated by scattered small lots, and actual manganese ore demand remains marginally weak.

Inventory side, Tianjin Port continues to see inventory buildup, while Qinzhou Port is destocking slightly. Overall manganese ore inventory remains high, and high inventory levels are constraining price upside room.

Entering the traditional peak season, market sentiment has eased somewhat and trading activity has begun to recover. However, due to weak downstream alloy demand, mills still restocking only for rigid demand, and the absence of ore shortage expectations amid high port inventories, ore prices lack upward momentum. The manganese ore futures and spot markets remain weak, and the market is currently in a "building strength" phase. Port manganese ore prices are expected to consolidate in the short term.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

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