- Ore under pressure as smelters defer bulk deals
- Weekly cargo arrivals rise at Indian ports
Imported manganese ore prices continued to decline in the week ended 29 August 2026, as Indian smelters held sufficient inventory and deferred bulk purchases amid volatile ocean freight rates. Despite lower miner offers, elevated freight costs have kept landed costs relatively high, limiting buyers’ willingness to commit to fresh cargoes.
Meanwhile, key miners are holding sufficient material at ports amid subdued Chinese buying interest, adding to supply pressure and weighing further on seaborne manganese ore prices. With Indian smelters adopting a wait-and-watch approach and China’s demand remaining subdued, downside pressure is likely to persist in the near term, unless freight rates stabilise or buying activity improves.
- Australian high-grade manganese ore (Mn 46%) declined by $0.16/dmtu w-o-w to $5.12/dmtu CNF Haldia/Vizag, as subdued Indian buying interest outweighed support from limited spot availability.
- Gabonese high-grade manganese ore (Mn 44%) fell by $0.19/dmtu w-o-w to $4.82/dmtu CNF Haldia/Vizag, with cautious spot buying and ongoing bulk cargo bookings keeping market sentiment subdued.
- South African manganese lumps (Mn 37%) eased by $0.06/dmtu w-o-w to $4.22/dmtu CNF Haldia/Vizag, as weaker spot inquiries continued to offset support from relatively limited availability.
Market overview
Ore demand weakens despite China’s strong imports: Smelters remain well covered through advance bookings, with cargoes already on the water and due to arrive shortly, reducing the need for fresh purchases. Despite lower ore offers, volatile ocean freight is keeping landed costs elevated, prompting buyers to defer bookings. At the same time, weaker Chinese spot demand and ongoing production curbs are limiting upside. Although China’s H1CY26 ore imports rose 21% y-o-y to 17.49 mnt, driven by a 12.4% increase in manganese alloy output to 6.35 mnt, voluntary production cuts of around 221,000 t/month since April highlight persistent oversupply and weak alloy economics. Thus, strong import volumes have not translated into proportionate spot demand, keeping manganese ore prices under pressure.
Manganese alloy prices edge up on firm offers, limited availability: Indian manganese alloy prices improved slightly, supported by firmer producer offers, improved buying interest, and limited prompt availability. Silico manganese prices rose by INR 925/t ($10/t) w-o-w to INR 74,100-74,600/t ($777-782/t) exw across key regions. The uptick in buying interest, coupled with restricted spot availability, strengthened sellers’ bargaining power. Key producers are reportedly booked through mid-September 2026, further tightening near-term availability. Export offers for SiMn 65-16 remained unchanged at $886/t FOB Vizag/Haldia.
Ferro manganese prices increased by INR 800/t ($8/t) w-o-w to INR 79,000-79,100/t ($828/t) exw Durgapur and Raipur. Improved domestic procurement and reduced availability of prompt material supported the increase, enabling sellers to maintain firmer offers.
Imported manganese ore arrivals in India up w-o-w: Weekly manganese ore cargo arrivals (Mn37%, Mn44%, and Mn46%) to India increased by 76% to 135,304 t over 16-22 August 2026 against 76,702 t in the previous week.
Outlook
Imported manganese ore prices are expected to remain rangebound to mildly bearish in the near term. Ample smelter inventory, subdued Chinese buying and improved global availability are likely to cap demand, while volatile ocean freight continues to discourage fresh Indian bookings. Downside may be limited by firm alloy prices and constrained spot availability, with a sustained recovery requiring stronger restocking and improved steel/alloy demand.
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