- Rising raw material costs support manganese prices
- Downstream demand strengthens amid limited supply
Chinese silico manganese prices (Mn 65%, Si 17%) edged up by RMB 150/t ($22/t) w-o-w to RMB 6,030-6,350/t ($873-919/t) exw, inclusive of taxes, on 27 March 2026.
Silico manganese prices edged up w-o-w, supported by rising raw material costs and futures momentum. Spot markets followed steadily, amid balanced supply-demand conditions, cautious buying from steel mills, and an overall upward shift in market sentiment and pricing trends.
Market updates
Cost pressures and tight supply support market
The manganese ore market continues to trade at elevated levels, with miners reluctant to sell at lower prices. Geopolitical tensions are pushing up freight and energy costs, strengthening expectations of higher forward prices.
CML’s May 2026 China quotations increased from the previous round, reflecting firm market sentiment. Meanwhile, constrained availability and firm seller resistance are sustaining a continued standoff between buyers and sellers, keeping the market supported at higher levels.
Downstream demand supports prices
Silico manganese prices strengthened as downstream futures gained momentum, with SM2605 futures closed at RMB 6,580/t ($952/t), up RMB 128/t ($19/t), a 1.98% increase, with intraday highs of RMB 6,616/t ($957/t), driven by fund participation. Spot ex-factory prices ranged RMB 6,100–6,200/t ($883-$897/t) in the north and RMB 6,300–6,400/t ($912-$926/t) in the south, while steel mill bids concentrated at RMB 6,470–6,610/t ($936-$957/t). Crude steel output rebounded, supporting steady downstream demand, but high mill inventories kept transactions limited and largely focused on replenishment.
Outlook
In the short term, silico manganese is expected to remain elevated with limited downside. Strong cost support, tightening supply, and steady steel mill demand should keep the market robust.
(With inputs from CBC)
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