Miners Hold Strong Expectations for Price Increases, Price Outlook Analysis by SMM  

As of last Friday, at northern ports: Australian lump was priced at 42.5-43 yuan/mtu (flat WoW); Australian granular at 39-39.5 yuan/mtu (flat WoW); South African semi-carbonate at 33-33.5 yuan/mtu (flat WoW); Gabon ore at 38-38.5 yuan/mtu (flat WoW); and South African high-iron ore at 29-29.5 yuan/mtu (flat WoW). At southern ports: Australian lump was priced at 43.5-44 yuan/mtu (flat WoW); Australian granular at 40.5-41 yuan/mtu (flat WoW); South African semi-carbonate at 34-34.5 yuan/mtu (up 1.48% WoW); Gabon ore at 41-41.5 yuan/mtu (flat WoW); and South African high-iron ore at 29.5-30 yuan/mtu (flat WoW).

Regarding December imported manganese ore prices, overall market sentiment was relatively optimistic. Specifically, most industry participants were bullish on the price outlook for manganese ore, primarily due to the high costs of previous shipments and the slight increase in overseas manganese ore quotations. Supported by overseas quotes and costs, miners showed a weak willingness to sell at low prices. Additionally, the current destocking pace of port manganese ore inventories, winter stockpiling demand from SiMn alloy plants, and stronger downstream demand provided further support, leading to firm quotations from miners.

Some industry participants were bearish on manganese ore prices, mainly due to the persistently low operating rates in south China, which weakened demand for manganese ore purchases. Northern SiMn alloy plants were cautious in purchasing manganese ore, often bargaining down purchasing prices, which exerted resistance to spot price increases.

A minority of industry participants believed manganese ore prices would remain stable, primarily because manganese ore inventories at both northern and southern ports were at relatively high levels. Downstream alloy plants, facing production pressure, tended to bargain down purchasing prices and showed a weak willingness to purchase manganese ore at high prices. The tug-of-war between supply and demand for manganese ore suggests that prices are likely to remain stable in the near term.