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 13 News: Northern ports: South African high-grade ore, 32.5-35.4 yuan/mtu, prices up WoW from last Friday; South African semi-carbonate, 38.9-39.4 yuan/mtu, prices up WoW from last Friday; Gabon ore, 44.3-44.9 yuan/mtu, prices up WoW from last Friday; 46% Australian lumps, 44.9-45.4 yuan/mtu, prices up WoW from last Friday. South China ports: South African high-grade ore, 33-33.5 yuan/mtu, prices flat WoW from last Friday; South African semi-carbonate, 35.9-36.4 yuan/mtu, prices up WoW from last Friday; Gabon ore, 42-42.5 yuan/mtu, prices flat WoW from last Friday; 46% Australian lumps, 43.4-43.9 yuan/mtu, prices flat WoW from last Friday.

In contrast to the typical price declines seen during the traditional spring festival low season from January to February in previous years, China’s domestic manganese sulfate market has recently staged an independent rally of “strong performance amid the off-season”, with prices rising steadily along the way.

Post-holiday, the domestic manganese ore market at northern and southern ports showed divergent trends. By port: Transaction prices for manganese ore at Tianjin Port remained firm, with stable market operations; Qinzhou Port, however, performed sluggishly, with few inquiries and overall sluggish transactions.

During the Chinese New Year holiday in 2026, the SiMn market operated steadily overall, with spot prices maintaining sideways movement. The fluctuation range in the operating rate of alloy plants was relatively small, and the market as a whole exhibited a "supply-demand weak balance with prominent cost support" pattern.

In late January 2026, China’s domestic manganese sulfate market has presented a three-pronged pattern of soaring costs, tight supply and strong demand. Coupled with the concentrated restocking demand from downstream industries ahead of the Spring Festival, spot resources remain in acute shortage and order schedules are tight. The industry widely expects a new round of sharp price hikes in the near future.

[SMM SiMn Daily Review: Mainstream Steel Mill Bidding Not Yet Priced, Market Holds Wait-and-See Sentiment] In the northern market, SiMn alloy 65/17 (cash) is priced at 5,400-5,550 yuan/mt, down 25 yuan/mt WoW from Wednesday; in the southern market, SiMn alloy 65/17 (cash) is priced at 5,450-5,600 yuan/mt, down 25 yuan/mt WoW from Wednesday. According to SMM, on the raw material side, various types of manganese ore are in a state of overall loss, with limited room for miners to lower prices, and manganese ore prices showing relatively small fluctuations. On the supply side, due to the electricity cost advantages during the rainy season in southern regions such as Yunnan, SiMn plants that had previously suspended production are gradually resuming operations, leading to an increase in the SiMn operating rate. On the demand side, mainstream steel mill bidding has not yet been priced, and downstream steel mills are maintaining a cautious wait-and-see sentiment.

[SMM Ferromanganese-Silicon Futures Review: Ferromanganese-Silicon Futures Market in the Doldrums, Spot Prices Remain Stable] The SM2509 contract opened at 5,532 yuan/mt, experienced sideways movement after the morning session, and eventually closed at 5,542 yuan/mt, down 0.18%. The daily high was 5,590 yuan/mt, and the low was 5,506 yuan/mt. Trading volume was 184,780 lots, and open interest was 436,151. On the raw material side, the quotes from ore merchants fluctuated relatively small, and manganese ore prices remained stable. On the spot side, influenced by the doldrums in the futures market, SiMn holders maintained their quotes, and spot prices remained stable. Currently, there are no positive factors in the SiMn market, and it is expected that spot SiMn prices will remain weak in the future.

This week, manganese ore offers remained consolidated, with actual transaction prices declining. South 32's Australian manganese ore arrived at the port this week, leaving room for profit margins and not lacking in low-priced shipments. The fluctuation range of other ore types narrowed, but the volume of transactions remained low. In the short term, manganese ore prices are expected to remain in the doldrums. The imported coal market operated steadily. The support of manganese sulphate costs to market conditions was weak, with limited procurement orders from the downstream market, suppressing the demand for manganese sulphate price increases. Under the situation of supply surplus, continuous attention needs to be paid to the demand guidance of precursors.

[SMM SiMn Weekly Review: Downstream Procurement Enthusiasm Remains Weak Post-Holiday, Spot Prices in the Doldrums] As of Friday this week, the price of SiMn alloy 65/17 (cash) in the northern market was 5,450-5,550 yuan/mt, down 50 yuan/mt WoW from last Friday; in the southern market, it was 5,450-5,650 yuan/mt, also down 50 yuan/mt WoW from last Friday. According to SMM, on the raw material side, manganese ore prices continued to decline, weakening the cost support for SiMn. On the supply side, fluctuations in SiMn mills' production schedules were relatively small, with some SiMn mills in the southern region expressing willingness to resume production. SiMn mills' willingness to offer quotes actively remained weak, with some holders' quotes dropping slightly. On the demand side, downstream steel mills were cautious in procuring SiMn, mostly waiting for mainstream steel tenders to commence.