[SMM Weekly Manganese Ore Review] Initial Overseas Market Offers Raised, Intensifying the Tug-of-War Between Strong Expectations and Weak Reality in the Manganese Ore Market

Published: Mar 27, 2026 18:05

Save

March 27 News: Northern ports: South African high-grade ore was 36-37.9 yuan/mtu, up WoW from last Friday; South African semi-carbonate was 43.5-44 yuan/mtu, up WoW from last Friday; Gabon ore was 47.3-47.9 yuan/mtu, up WoW from last Friday; 46% Australian lumps were 48-48.5 yuan/mtu, up WoW from last Friday. South China ports: South African high-grade ore was 34.5-35 yuan/mtu, flat WoW from last Friday; South African semi-carbonate was 38.8-39.5 yuan/mtu, up WoW from last Friday; Gabon ore was 44-44.5 yuan/mtu, up WoW from last Friday; 46% Australian lumps were 45.2-45.7 yuan/mtu, up WoW from last Friday.

March 27 News:

North China ports: South African high-grade ore at 36-37.9 yuan/mtu, up WoW from last Friday; South African semi-carbonate at 43.5-44 yuan/mtu, up WoW from last Friday; Gabon ore at 47.3-47.9 yuan/mtu, up WoW from last Friday; 46% Australian lumps at 48-48.5 yuan/mtu, up WoW from last Friday.

South China ports: South African high-grade ore at 34.5-35 yuan/mtu, flat WoW from last Friday; South African semi-carbonate at 38.8-39.5 yuan/mtu, up WoW from last Friday; Gabon ore at 44-44.5 yuan/mtu, up WoW from last Friday; 46% Australian lumps at 45.2-45.7 yuan/mtu, up WoW from last Friday.

Currently, the manganese ore market is being driven by costs and trending stronger, with gains more pronounced in the north.

Supply side, mine production costs have risen rigidly. On the one hand, south Africa's electricity prices were approved for increases for two consecutive years (April 2026: +8.76%; April 2027: +8.83%); on the other hand, the South African government decided to comprehensively raise prices for various fuel products. Fluctuations in energy prices are expected to continue pushing up ore prices. Consolidated Minerals (CML) released its May 2026 offer to China, with Australian lumps of Mn>46%Fe<4%Si02<18% quoted at $6/mtu, up $0.4/mtu MoM. Amid rising costs and bullish import expectations, port manganese ore traders held firm offers, and transaction prices for different manganese ore products rose.

Demand side, futures: SiMn futures fluctuated in a consolidation range, and market sentiment was relatively cautious. Spot: SiMn plants in north China resumed normal production schedules after the holiday, with sufficient capacity to take manganese ore; in south China, alloy plants that had resumed operations showed higher acceptance of manganese ore prices amid bullish expectations for manganese ore, and manganese ore transaction prices rose. In addition, some plants in north China are expected to cut production by 30%. If the production cuts are implemented, their capacity to take manganese ore will weaken accordingly.

Inventory side, Tianjin Port: inventory was at a medium level, with a moderate pace of port cargo pick-up, supporting prices. Qinzhou Port: inventory buildup continued, inventory at high levels, and destocking pressure remained.

In the short term, strong costs, weak fundamentals, and high expectations coexist in the manganese ore market. Prices are more likely to rise than fall, with north China leading the gains; it is still necessary to track the pace of production cuts at north China alloy plants, as well as the pace of production resumptions at south China alloy plants, port destocking, and the implementation of manganese ore offers of overseas miners.

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.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

May 1, 2026 07:00

India to build a six-month strategic stockpile of lithium, cobalt and rare earths as demand rises

Amid sustained demand growth, India plans to build a strategic reserve of critical minerals including lithium, cobalt, nickel, copper and rare earths. The stockpile will be sized to cover six months of domestic consumption, aiming to guard against risks of global supply disruptions and sharp raw material price volatility. Led by India’s Ministry of Mines and Ministry of Heavy Industries, the reserve covers key raw materials essential for new energy vehicles, energy storage and the electronics sector, fields where India currently relies heavily on imports. At present, the United States, China, South Korea and other countries have already established strategic reserve systems for critical minerals.

May 1, 2026 07:00

Apr 30, 2026 23:00

[Geely's Gan Jiayue: Zeekr 9X to enter markets in the Middle East, Central Asia, and Europe from Q3]

On April 29, during Geely's Q1 2026 results conference, Gan Jiayue, CEO of Geely Auto Group, stated that the Zeekr 9X will be exported to the Middle East in June, launched in Central Asia in Q3, and enter the European market in Q4. Gan also revealed that the Zeekr 8X will be promoted in overseas markets from Q4 this year to Q1 next year. Data shows that in the first quarter, deliveries of the Zeekr 9X reached 22,000 units.

Apr 30, 2026 23:00

Apr 30, 2026 22:55

[LG Energy Solution posts Q1 operating loss of 207.8 billion won]

LG Energy Solution reported consolidated revenue of 6.6 trillion won in the first quarter, up 1.2% quarter-on-quarter (including approximately 189.8 billion won in North American production incentives). During the same period, it recorded an operating loss of 207.8 billion won. Shipments of pouch-type electric vehicle (EV) batteries declined due to inventory adjustments by major North American customers.

Apr 30, 2026 22:55