[SMM Manganese Ore Weekly Review] Tight Spot Supply in the Market, Manganese Ore Prices Rise Slightly

As of this Friday, at northern ports: Australian lump ore was 41.5-42 yuan/mtu (flat WoW); Australian fines were 38-38.5 yuan/mtu (flat WoW); South African semi-carbonate was 33.5-34 yuan/mtu (flat WoW); Gabonese ore was 39-39.5 yuan/mtu (up 2.61% WoW); South African high-iron ore was 28.5-29 yuan/mtu (flat WoW). At southern ports: Australian lump ore was 43.5-44 yuan/mtu (flat WoW); Australian fines were 39-39.5 yuan/mtu (flat WoW); South African semi-carbonate was 34-34.5 yuan/mtu (flat WoW); Gabonese ore was 41.5-42 yuan/mtu (up 2.45% WoW); South African high-iron ore was 29-29.5 yuan/mtu (flat WoW).

During the week, Gabonese manganese ore supply was relatively concentrated, with miners maintaining firm offers, while other manganese ores showed relatively small fluctuations. Northern port manganese ore inventory saw significant destocking, while southern port manganese ore inventory remained at low levels, resulting in a large spot price spread between northern and southern ports. Other manganese ores showed strong sentiment to follow the price increase of Gabonese manganese ore, but market transactions were sluggish, putting pressure on the upward movement of manganese ore spot prices. Demand side, downstream alloy plants were cautious in procurement during the week. Before the Chinese New Year, most alloy plants had sufficient manganese ore stockpiling and showed low acceptance of high-priced manganese ore. Attention should be paid to the future manganese ore stockpiling and procurement activities of alloy plants.