Core facts
Manganese ore spot prices continued to fall, pressured by a weaker futures market and short-selling funds, intensifying bearish sentiment. Quotes for mainstream ore types at ports moved lower. At Tianjin Port, semi-carbonate ore was 33-33.5 yuan/mtu, South Africa high-iron ore 28.5-29 yuan/mtu, Gabon ore around 38 yuan/mtu, South32 Australian lump around 38 yuan/mtu, and CML Australian lump around 40.5 yuan/mtu.
Inventory and logistics
At Qinzhou Port, manganese ore prices were mixed due to inventory patterns: Australian grain prices were around 37-38 yuan/mtu depending on specifications, South Africa medium-iron 36 yuan/mtu, and new Gabon medium-iron grain around 33.7-34 yuan/mtu. Downstream steel mills were cautious in procurement, and demand contracted; alloy plants pressed prices because of losses, and trading was quiet. Supply and demand are currently loose, high port inventories are suppressing prices, and raw material cost support is weakening. On the futures side, the silico-manganese main contract closed lower, with short funds entering to pressure prices. Ore traders' willingness to sell increased, and downstream alloy plants were extremely cautious in procurement.