South32 Manganese Ore Export Prices Fall as China Demand Weakens

South32 Manganese Ore

South32 manganese ore export prices to China have fallen for June shipments as weak alloy demand, ample port inventories and cautious buying pressure the import market. The Australian diversified metals producer lowered offers for both Australian and South African manganese ore, according to Chinese importers.

South32 manganese ore export prices for Australian 42% lumpy ore fell to $5.40/mtu cif China for June delivery. This was down by $0.50/mtu from May.

South32 also reduced its offer for South African 37% manganese ore to $5/mtu cif China. This was down by $0.40/mtu from the previous month.

South32 manganese ore export prices are an important signal for the wider manganese chain because China remains the largest global buyer of seaborne ore. When Chinese alloy plants slow purchases, overseas miners often need to adjust export offers to maintain sales momentum.

Chinese Alloy Weakness Cuts Restocking Appetite

Chinese importers have shown limited interest in restocking manganese ore because inventories remain sufficient and alloy prices are weakening. This has reduced spot buying urgency before the Labour Day holiday on 1-5 May.

Many alloy plants postponed ore feedstock purchases while waiting for clearer market direction after the holiday. This cautious behaviour has weakened the negotiating position of overseas ore suppliers.

The pressure is also visible in Chinese port prices. Australian 44-46% lumpy manganese ore fell to 43-47 yuan/mtu delivery ex quay on 28 April, down from 47-50 yuan/mtu on 31 March.

The decline shows that domestic buyers are not only resisting new import offers. They are also repricing available port material lower as downstream demand fails to improve.

Manganese ore demand is closely linked to ferro-manganese and silico-manganese production. These alloys are used in steelmaking, where manganese improves strength, deoxidation and performance.

When steel consumption slows, alloy plants reduce purchasing activity. This immediately affects ore demand because manganese alloy producers are the main consumers of imported ore.

Steel Demand Remains the Main Constraint

The deeper issue is weak steel demand in China. Slower economic growth and subdued construction activity have limited recovery in steel consumption, leaving alloy producers cautious about raw material buying.

Without a stronger steel recovery, manganese alloy prices are likely to remain under pressure. This limits the ability of alloy plants to pay higher ore prices, even when miners try to defend margins.

South32’s price cut also reflects wider seaborne competition. Mining firms outside China need to respond when Chinese buyers have enough stock and are unwilling to chase cargoes.

Australian high-grade lumpy ore usually commands stronger interest because of its quality and processing value. However, even higher-grade material can weaken when alloy margins are poor and port inventories are sufficient.

South African ore also remains exposed to Chinese demand swings. Lower-grade material can face sharper price pressure when buyers reduce procurement and focus only on immediate needs.

For the manganese market, the June price cut suggests that miners are prioritising volume discipline and customer access over holding elevated offers. The next price direction will depend on whether Chinese alloy plants return after the holiday with real restocking demand.

If steel demand remains weak, manganese ore prices could face further downside pressure. If alloy prices stabilise and inventories fall, importers may resume buying, but recovery is likely to be gradual.

The Metalnomist Commentary

South32’s price cut shows that the manganese market is being driven by demand absorption, not supply shortage. Until Chinese steel and alloy demand improves, seaborne manganese ore suppliers will remain exposed to cautious restocking and lower port prices.

Moil Manganese Ore Prices Fall as Indian Steel Demand Weakens

Moil, Manganese Ore

Moil manganese ore prices have been cut by 4% for May as weak downstream steel demand and sluggish export bookings pressure India’s manganese market. The state-owned producer reduced prices across ferro-grade ore, silico-grade ore and fines.

Moil manganese ore prices for ferro-grade material with manganese content of 44% and above, as well as below-44% material, were lowered by 4% from April levels. The cut follows a sharp 17.5% increase in April for ore below 44% manganese content.

Moil manganese ore prices for 25% and 30% silico-grade ore and fines were also reduced by 4% for May. The move reflects a softer market environment in which domestic buyers are cautious and export opportunities remain limited.

The price cut highlights a wider imbalance in India’s manganese ore chain. Lower export demand has pushed more material into the domestic market, creating surplus supply across major trading hubs.

Weak Steel Demand Pressures Ferro-Grade Ore

Ferro-grade manganese ore demand remains tied closely to steel and ferro-alloy production. When steel demand weakens, alloy producers reduce feedstock buying and ore prices come under pressure.

India’s downstream steel market has been sluggish, limiting demand for manganese alloys and the ore used to produce them. This has made buyers more cautious about restocking, especially after the April price increase.

The 4% reduction is therefore a market-clearing move. Moil is adjusting prices to reflect weaker consumer appetite and rising domestic availability.

Export weakness has added further pressure. Reduced overseas bookings mean more ore is staying inside India, increasing competition among suppliers and traders.

This domestic oversupply is especially important for ferro-grade ore. Alloy producers can delay purchases when they expect further weakness, which slows market activity and reinforces downward pressure.

Higher Output Adds to Domestic Supply Overhang

Moil’s production has continued to rise despite weaker demand. The company produced around 164,000t of manganese ore in March 2026, up from 159,000t a year earlier.

Full-year output for April 2025-March 2026 reached 1.9mn t, compared with 1.8mn t in the previous fiscal year. This higher supply has entered a market already facing softer domestic and export demand.

The result is a supply overhang across key trading hubs. Even if production growth is modest, weaker buying can quickly create surplus conditions in the manganese ore market.

For alloy producers, lower ore prices may ease cost pressure. But the benefit depends on whether ferro-manganese and silico-manganese demand recovers enough to support production margins.

For Moil, the challenge is balancing output growth with market absorption. Higher production supports volume targets, but weak demand forces price adjustments when inventories rise.

The May price cut therefore sends a clear signal. India’s manganese ore market needs stronger steel and alloy demand before pricing power can return.

The Metalnomist Commentary

Moil’s price cut shows that India’s manganese market is being driven by demand weakness, not raw material scarcity. Until steel and export bookings improve, higher mine output will continue to weigh on ore pricing.

India Manganese Ore Duty Removal Cuts Ferro-Alloy Costs

India Manganese Ore

India manganese ore duty removal will lower raw material costs for domestic ferro-alloy producers after the government scrapped the 2.5% basic customs duty on imported manganese ore and concentrates.

India manganese ore duty removal is expected to reduce producer costs by around 1.25-2.5%, improving margins for silico-manganese and ferro-manganese smelters. The change also makes imported ore more competitive against domestic material.

India manganese ore duty removal comes as alloy producers face pressure from high ore and power costs. Lower import costs could strengthen export competitiveness and encourage producers to increase utilisation where market demand allows.

India imports around 5.5mn-6.5mn t/yr of manganese ore, making overseas supply structurally important to the country's steel and ferro-alloy industry.

Lower Ore Costs Strengthen Ferro-Alloy Producers

South Africa dominates India's manganese ore imports because its high-grade and chemically consistent material performs well in submerged-arc furnaces.

India also imports significant volumes from Gabon, Australia and Ghana. Around 2.03mn t entered the country during the first quarter of 2026.

Removing the customs duty directly improves the economics of imported feedstock. Producers can lower blended ore costs or increase the proportion of higher-grade imported material.

Silico-manganese and ferro-manganese producers should benefit most. These alloys are essential deoxidising and alloying inputs for structural steel, automotive steel, rail products and special steels.

Steel production typically consumes around 6-9kg of manganese per tonne of crude steel, linking ferro-alloy demand closely to Indian steel output.

High input costs had already encouraged some producers to shift from 60-14 silico-manganese toward higher-value 65% grades and 70-75% ferro-manganese.

Lower ore costs could improve the competitiveness of standard grades again while giving producers greater flexibility across their product mix.

The measure could also narrow India's export cost disadvantage against Malaysia. Malaysian ferro-alloy producers benefit from lower electricity costs, but cheaper manganese ore and Indian labour costs could reduce the gap.

Domestic Ore Producers Face Greater Import Competition

The policy creates pressure for domestic manganese miners because cheaper imports will increase buyers' negotiating power.

Moil could face greater competition, particularly from high-grade imported ore used by coastal smelters with easy access to ports.

Domestic prices may increasingly move toward import parity as smelters compare local supply directly with landed overseas material.

This could create inventory pressure for domestic miners if buyers increase the proportion of imported ore in their furnace blends.

However, the impact will vary by location and ore quality. Moil remains competitive for inland customers because domestic freight from ports can offset part of the import advantage.

Its material also remains suitable for applications where very high-grade ore is not required.

The broader policy direction is clear. India is prioritising lower industrial input costs to strengthen steel and manufacturing competitiveness.

Manganese has also been identified alongside lithium, cobalt and nickel under India's National Critical Minerals Mission, increasing its importance in the country's wider supply-chain strategy.

The Metalnomist Commentary

India is choosing downstream competitiveness over protection for domestic ore miners. The biggest beneficiaries will be ferro-alloy producers that can combine cheaper imported manganese with efficient power and higher furnace utilisation.

Eramet Manganese Ore Volumes Rise Despite Lower Gabon Mine Output

Eramet Manganese

Eramet manganese ore volumes increased in the first quarter as stronger transportation and external sales offset lower mine production from Comilog’s Moanda operations in Gabon. The French multi-metals group transported 1.61mn t of manganese ore in January-March, up 16% from a year earlier.

Eramet manganese ore volumes are on course to reach 6.4mn-6.8mn t for the full year. This suggests that logistics performance and inventory movement remain strong despite weaker quarterly production.

Eramet manganese ore volumes matter because Gabon is one of the world’s key manganese ore supply sources. Stable exports from Comilog support alloy producers in steelmaking markets, especially outside China.

Manganese ore production at Moanda fell by 11% on the year to 1.59mn t in the first quarter. However, external ore sales rose by 10% to 1.36mn t, showing that market deliveries remained resilient.

Alloy Output Supports Manganese Chain

Eramet’s manganese alloy production rose by 4% on the year to 168,000t in the first quarter. Sales increased by 6% to 158,000t.

The company produces manganese alloys across six sites in Norway, the US, France and Gabon. This gives Eramet exposure to both upstream ore and downstream alloy markets.

Manganese alloys are essential inputs for steelmaking. Ferro-manganese and silico-manganese improve strength, hardness and deoxidation performance in steel production.

The increase in alloy output indicates that downstream demand remained sufficient to support production. This is important at a time when some regional steel markets are under pressure from weak construction activity and cautious buying.

Eramet’s integrated position gives it flexibility. Higher transported ore volumes support external customers, while alloy production allows the company to capture additional value further along the manganese chain.

India Demand Offers Support as China Remains Weak

Eramet expects manganese ore demand to increase slightly in 2026. Growth is expected to come from higher alloy production in India and other non-China markets.

India is becoming more important in the manganese market because of steel production growth and alloy capacity expansion. Stronger Indian alloy output can support ore demand even when Chinese consumption is weaker.

China remains a pressure point. Eramet expects manganese ore demand in China to stay under pressure, reflecting slower steel demand and weaker market conditions.

This creates a more regionalised manganese outlook. Suppliers with access to growing alloy markets outside China may be better positioned than those heavily dependent on Chinese demand.

For Eramet, the key issue will be maintaining transported volumes while improving mine output. If Moanda production recovers and alloy demand remains steady, the company can strengthen its position across both ore and alloy markets.

The Metalnomist Commentary

Eramet’s first-quarter figures show that manganese supply strength depends as much on logistics and sales execution as mine output. India’s alloy growth could become a more important demand anchor if China’s steel-linked manganese consumption remains weak.

Moil Manganese Ore Prices Rise Sharply as Indian Supply Tightens

Moil

Moil manganese ore prices rose sharply for April as tight domestic availability and restricted imports pushed Indian buyers into a firmer market. State-owned Manganese Ore India increased prices across ferro-grade, silico-grade and fines material, reflecting stronger supply pressure across the domestic manganese chain.

Moil manganese ore prices for ferro-grade material with manganese content of 44% and above increased by 15% from March. Material below 44% manganese rose even more sharply, with prices up 17.5% for April.

Moil manganese ore prices also increased for 25% and 30% silico-grade ore and fines, both rising by 17.5% from March. The broad-based increase shows that tightness is affecting multiple ore grades rather than only high-grade ferro-alloy feedstock.

Domestic Ore Tightness Supports Ferro-Alloy Feedstock Prices

India manganese ore supply has become tighter as local availability remains constrained and imports face pressure from geopolitical disruptions. This has strengthened Moil’s pricing power at a time when ferro-alloy producers need reliable manganese feedstock.

Ferro-grade manganese ore is essential for ferro-manganese and silico-manganese production. These alloys are key inputs in steelmaking, where manganese improves strength, toughness and deoxidation performance.

The price increase is therefore important for Indian steel and alloy producers. Higher manganese ore costs can feed into ferro-alloy margins and eventually influence steelmaking input costs if producers cannot fully absorb the increase.

Moil Output Rose but Sales Stayed Largely Stable

Moil produced around 1.9mn t of manganese ore during the April 2025-March 2026 fiscal year, up 5.6% from the previous year. Sales volumes remained broadly stable at 1.58mn t over the same period.

The company produced around 164,000t and sold around 202,000t in March, despite supply chain constraints. This suggests that Moil maintained shipments, but broader market availability remained tight enough to support a strong April price increase.

For the Indian manganese market, the key issue is whether import constraints ease or domestic production can respond quickly. If supply remains tight, ferro-alloy producers may face continued cost pressure into the next pricing cycle.

The Metalnomist Commentary

Moil’s April price increase shows how quickly manganese ore pricing can react when domestic supply and import flows tighten together. For India’s steel value chain, manganese security is becoming more important as ferro-alloy costs remain exposed to both local mining output and global logistics risk.

India exports first low-grade manganese ore as Moil opens new trade channel

Manganese Ore

India exports first low-grade manganese ore as state-owned miner Moil ships its first cargo to Indonesia. The move, where India exports first low-grade manganese ore under a new State Trading Enterprise mandate, highlights New Delhi’s push to monetise surplus low-grade Mn fines. As India exports first low-grade manganese ore, it also signals a more active role in seaborne minerals markets.

Moil leads India’s first low-grade manganese ore export

Moil has executed India’s first low-grade manganese ore export through the port of Visakhapatnam. The inaugural consignment totalled 54,600t and sailed for Indonesia on 22 August. Under the State Trading Enterprise regime, Moil now controls all exports of manganese ore below 46pc grade.

This mandate centralises export decision-making for low-grade Mn ore in a single state-backed entity. Therefore Moil can aggregate domestic supply, coordinate pricing and negotiate offtake with overseas buyers. The new mechanism also connects Indian suppliers with international customers, improving transparency and logistics.

India exports first low-grade manganese ore at a time when many steelmakers prefer higher-grade feedstock. However, low-grade material remains attractive for specific processes, blending and cost-sensitive markets. Indonesia’s growing manganese and alloy demand provides a natural first destination for this trade.

Surplus low-grade Mn reserves drive export strategy

India holds large reserves of low-grade manganese ore that exceed domestic demand. Historically, these fines faced limited commercial outlets or were underutilised in domestic steel and alloy production. As a result, policymakers now see exports as a way to unlock stranded value and diversify mineral revenues.

By ensuring India exports first low-grade manganese ore through a structured channel, Moil can build a pricing and quality benchmark. Over time, repeat shipments could establish Indian-origin low-grade Mn as a recognised segment in Asian markets. Meanwhile, exports may help optimise mine plans by monetising materials previously considered marginal.

The state’s decision to use a dedicated trading enterprise also aims to avoid fragmented, opportunistic deals. A coordinated approach can support better freight optimisation, contract discipline and adherence to environmental and social standards. If successful, this model could be replicated for other surplus low-grade ores.

The Metalnomist Commentary

India’s first low-grade manganese export is small in global volume terms but big in signalling intent. If Moil can scale this trade while maintaining quality and reliability, India could emerge as a regular low-grade Mn supplier to Southeast Asia. Market participants should watch future tenders, destination diversity and pricing trends against African and Australian material.

Manganese Ore Export Prices to China Drop Amid Weaker Demand from Chinese Alloy Importers

Manganese Ore

In response to a slowing demand for manganese ore among Chinese alloy producers, major mining companies outside of China are reducing export prices. French mining giant Eramet Comilog has set its November shipment price for 45% Gabonese lumpy manganese ore at $3.95 per metric tonne unit (mtu) cif China—down $1.05/mtu from October levels.

South African UMK, another large-scale player in manganese production, dropped its price to $3.70/mtu for South African 36% lumpy manganese ore in October, a significant decrease from September’s $4.60/mtu.

Consolidated Minerals (CML), which operates mining ventures in Australia and Ghana, priced its Australian 45% lumpy manganese ore at $4.25/mtu cif China for November. While no comparable data is available for the previous two months, CML’s prices reached $9.30/mtu in August.

The manganese ore market had seen steady price increases since April, but started to decline in September after a halt in operations by South32’s Gemco joint venture due to Tropical Cyclone Megan. These disruptions, coupled with narrower profit margins and reduced outputs at steel mills, led to a decrease in demand and price adjustments.

As of October 10, Australian lumpy manganese ore (44-46% grade) was priced at 42-44 yuan/mtu ($5.93-6.21/mtu) in Chinese markets, significantly lower than the June high of Yn70-73/mtu. The downward trend in the alloy market, along with higher supply from Australian sources, prompted Chinese alloy producers to source ore from alternative markets.

Moil Achieves Record Manganese Ore Output in FY2024-25

Moil

India's State Miner Sees Steady Growth in Output and Sales

India's state-run Manganese Ore India Ltd (Moil) recorded its highest-ever manganese ore production in fiscal year 2024–25. The company reported 1.8 million tonnes of output, up 2.7% year-on-year, and sales of 1.58 million tonnes, marking a 3.3% annual growth.

Moil’s ability to increase production despite global ore cost pressures and sluggish market sentiment underscores its operational efficiency. This performance strengthens Moil’s position as a critical domestic supplier, covering nearly 50% of India's manganese ore demand.

Ferro-Manganese Output Rises Despite Global Headwinds

In addition to ore production, Moil also boosted ferro-manganese output to 12,000 tonnes, an 18% increase compared to the prior year. This uptick comes amid a challenging global environment, with ore prices climbing due to supply tightness from major producers like South Africa and Australia.

Meanwhile, India’s reliance on imports for the other half of its manganese ore demand adds pressure on pricing stability and supply diversification strategies. Moil’s sustained growth in both raw ore and ferro-alloy production signals a resilient position in India’s steel and alloy value chain.

Strategic Importance to India’s Steel Sector

Manganese is essential for steel production, and Moil’s record output directly supports India’s ambitions for infrastructure growth and self-reliance. As domestic demand for manganese alloys and specialty steels grows, Moil’s continued investment in output expansion will be crucial.

India’s push to reduce dependency on imports aligns with Moil’s upward production trend, helping to insulate the country from global price volatility. Looking ahead, the company’s ability to maintain scale and efficiency will shape its competitiveness in a tight global market.

The Metalnomist Commentary

Moil's production record is a quiet but critical milestone in India's industrial ambitions. With ferroalloy demand rising and global manganese supply tightening, India’s partial self-sufficiency via Moil becomes more than just economic strategy—it’s geopolitical insulation. The next step? Scaling sustainably while navigating price and policy turbulence.

South32 Gemco Manganese Operations Face Cyclone Narelle Supply Risk

South32, Gemco Manganese

South32 Gemco manganese operations are facing renewed weather-related disruption risk as Cyclone Narelle approaches Groote Eylandt in Australia’s Northern Territory. The company is moving non-essential personnel offsite while monitoring the incoming system with local emergency authorities.

The precautionary move comes as Cyclone Narelle is forecast to pass Groote Eylandt on Saturday afternoon. Australia’s Bureau of Meteorology expects the cyclone to reach category three strength by that time, bringing stronger wind and rain conditions to the island.

South32 Gemco manganese operations are important to the seaborne manganese ore market because Gemco is a major source of high-grade Australian ore. Any operational disruption could affect supply flows into China, where manganese ore demand is closely tied to steel and alloy production.

Groote Eylandt Weather Risk Returns After Cyclone Megan Disruption

Groote Eylandt has already shown how severe weather can affect manganese supply. South32 paused mining operations at Gemco for four months in March 2024 because of Cyclone Megan, and manganese exports from the site only resumed in May 2025.

That history makes the latest cyclone warning more significant for the market. Even if the current action is only precautionary, buyers and traders will watch closely for any damage to mining, haulage, port infrastructure, or export schedules.

South32 plans to produce 3.2 million tonnes of manganese at Gemco in July 2025-June 2026. Maintaining that output will be important for stabilizing supply after the previous weather-related disruption.

Manganese Ore Market Watches China Demand and Australian Supply

South32 Gemco manganese operations also sit at an important point in the pricing cycle. The company raised its March-delivery Australian 43pc lumpy manganese ore cif China price by $0.10/mtu to $5.20/mtu in late January, citing expectations for stronger Chinese demand after the lunar new year holidays.

Cyclone-related uncertainty could add another layer of support if the market sees a risk to Australian export availability. Manganese ore is essential for steelmaking through ferro-manganese and silico-manganese production, so supply interruptions can quickly influence alloy raw material sentiment.

For now, the key issue is whether Cyclone Narelle causes only a short safety response or a broader operational setback. The market will focus on site access, port conditions, and South32’s ability to maintain shipment schedules after the weather system passes.

The Metalnomist Commentary

South32’s latest move shows that manganese supply risk is increasingly shaped by weather resilience as much as mine capacity. For steel-linked raw materials, reliable logistics from vulnerable export hubs can become a pricing factor overnight.

Moil Adjusts October Manganese Ore Prices Amid Declining Demand in India

Manganese Ore India

India's state-owned mining company, Manganese Ore India Ltd. (Moil), has announced a price reduction for its October manganese ore shipments, reflecting weakened demand in the domestic steel and manganese alloy sectors. Moil has reduced prices for ferro-grade ore, which contains 44% or higher manganese content, by 20% compared to September's levels. However, the company raised prices for lower-grade ores, including those with less than 44% manganese content, and silico-grade ores with 25% and 30% manganese content, by 5%.

The Market Impact of Moil's Adjustments

Moil's pricing decisions are often a key indicator of trends in India's broader manganese market. As a major player in the Indian ore market, Moil's price changes typically influence other suppliers, who are likely to follow suit and adjust their prices in response to Moil's lead. In the April-June quarter, Moil produced 470,000 tons of manganese ore, marking an 8% increase year-on-year, while its sales also grew by 15%, reaching 453,000 tons during the same period.

Muchai Mining Kenya Signs Long-Term Manganese Ore Supply Deal with Baosteel

Baosteel

Kenya’s Kilifi plant to supply Baowu subsidiary with up to 20,000 wmt/month of manganese ore by 2026.

Muchai Mining Kenya (MMK), a subsidiary of Marula Mining, has secured a major supply contract with Baosteel Resources South Africa, part of the Baowu Special Steel group. The agreement grants Baosteel exclusive rights to market MMK’s manganese ore from the Kilifi processing plant in Kenya’s Tezo area.

The Kilifi plant currently produces around 120,000 tonnes per year of manganese ore. The new contract began on 1 March 2025 and will run for an initial five-year term. The first delivery, totaling 5,000 tonnes of 35–40% grade ore, is scheduled for completion by 30 April 2025.

Kenyan Manganese Enters Chinese Steel Supply Chain

From May 2025, MMK will supply a minimum of 10,000 tonnes per month for 12 months. This volume will increase to approximately 15,000 wet metric tonnes (wmt) per month in April 2026, then rise further to 20,000 wmt/month from May 2026 for a full year.

Each shipment will be structured under independent sale and purchase contracts, and pricing will follow cost, insurance, and freight (CIF) China terms, adjusted for ore grade and quality.

This agreement strengthens China's manganese ore supply chain amid growing demand from its specialty steel sector, while offering MMK a stable export route backed by a globally recognized partner.

Strategic Win for Kenya’s Mining Sector

The deal marks a significant step for Kenya’s emerging mineral economy, positioning Kilifi as a key node in the global manganese trade. With rising steel demand and the strategic role of manganese in battery and alloy production, MMK’s partnership with Baosteel highlights the growing integration of African mining assets into the Asia-Pacific metals ecosystem.

India Manganese Alloy Prices Fall as Supply Glut Meets Weak Demand

Manganese alloy

India manganese alloy prices declined as muted demand, excess supply and cautious buying weighed on the bulk alloys market. Ferro-manganese and silico-manganese both moved lower, while ferro-chrome and ferro-silicon prices remained broadly stable.

India manganese alloy prices are under pressure from a widening mismatch between production and consumption. Weak stainless steel demand, limited export bookings and inventory overhangs have reduced market momentum.

India manganese alloy prices are also being affected by liquidity pressure among producers. Some suppliers lowered offers toward the end of the month to generate cash flow, adding further downside pressure.

The broader market remains uneven. Ferro-chrome is supported by long-term export commitments, while ferro-silicon is supported by limited availability. Manganese alloys, however, face weaker domestic and overseas demand.

Ferro-Manganese and Silico-Manganese Weaken on Inventory Pressure

Ferro-manganese prices fell as domestic demand remained insufficient to absorb available supply. The 70% ferro-manganese price declined to Rs83,000-85,000/t ex-works, while 75% material fell to Rs90,000-92,000/t.

Higher manganese ore costs continue to provide some support. This is why ferro-manganese prices are expected to remain above silico-manganese, despite weak buying and limited spot activity.

However, the domestic market is still struggling with excess supply. Producers are competing for limited orders, and some have cut prices to maintain liquidity.

Silico-manganese prices also moved lower. Indian 60% silico-manganese fell to Rs82,500-83,500/t ex-works, with market activity described as extremely limited.

Price recovery will be difficult until inventories are absorbed. Buyers remain cautious and are delaying purchases because they expect further corrections.

Export prices also weakened. The 60% silico-manganese export price fell to $890-900/t fob east coast, while 65% material declined to $960-980/t fob.

Overseas buying slowed as higher offer levels discouraged bookings. Middle East enquiries halted because of geopolitical tensions, while European demand weakened under quota restrictions.

CBAM certification is adding another pressure point. European buyers are increasingly demanding carbon documentation for high-carbon manganese alloys, raising compliance costs and complicating Indian export sales.

Ferro-Chrome and Ferro-Silicon Hold Steady Despite Weak Sentiment

Ferro-chrome prices remained stable even as downstream demand stayed subdued. High-carbon 60% ferro-chrome held at Rs117,000-119,000/t ex-works.

Domestic producers continued fulfilling long-term export commitments. This helped keep the market steady despite weaker bids in OMC’s chrome ore auction.

The fall in auction bids reflected softer consumer demand. However, ferro-chrome did not face the same immediate inventory and liquidity pressure seen in manganese alloys.

Ferro-silicon prices also held steady. The 70% ferro-silicon price remained at Rs108,000-110,000/t ex-works, supported by limited availability and firm demand.

The difference between ferro-silicon and manganese alloys shows how supply balance is driving price direction. Ferro-silicon has tighter availability, while manganese alloys face surplus material and weaker offtake.

For Indian bulk alloys, export conditions remain critical. Domestic demand alone may not be enough to absorb production if overseas buying stays weak.

The European market will also become more difficult for high-carbon alloys. CBAM compliance, quota restrictions and weak steel consumption could keep Indian exporters under pressure.

The Metalnomist Commentary

India’s manganese alloy market is not facing a raw material problem alone; it is facing a demand absorption problem. Until excess inventories clear and export demand improves, ore cost support will only slow the decline rather than reverse it.

India's Smiore to Boost Manganese Ore Production in Karnataka

India's Smiore

India's Sandur Manganese and Iron Ore (Smiore) has received environmental clearance to increase its manganese ore production capacity in Bellary, Karnataka. The company's plan, which has been approved by both the Environment Ministry and the Karnataka State Pollution Control Board (KSPCB), will raise its manganese ore output from 430,000 tonnes per year to 550,000 tonnes per year under the Air and Water Act.

This expansion is expected to lead to increased production of ferro-manganese and silico-manganese, crucial alloys in steel manufacturing. However, the company has not yet specified a timeline for completing this project.

Expanding Production Amid Growing Demand

Smiore operates two mines with reserves estimated at 17 million tonnes of manganese ore and 117 million tonnes of iron ore. In the April-June quarter, the company sold 9,396 tonnes of ferro-alloy, marking a 35% year-on-year increase. This production boost positions Smiore to meet the rising demand for ferro-alloys in India and globally.

Tasmania Takes Control of Liberty Bell Bay Manganese Stockpile After GFG Default

GFG Alliance

The Liberty Bell Bay manganese stockpile has moved under state control after GFG Alliance defaulted on a government loan. Tasmania appointed receivers and managers to protect ore secured under taxpayer support. As a result, the Liberty Bell Bay manganese stockpile has become the center of a wider industrial dispute.

This development matters because Liberty Bell Bay is Australia’s only ferro-alloy plant. The site is licensed to produce ferromanganese and silicomanganese at meaningful scale. Therefore, the Liberty Bell Bay manganese stockpile now carries national industrial importance, not just local financial significance.

The state originally provided a bridging loan to support a restart of smelter operations. However, the government said GFG failed to restart the plant and did not repay the loan. Consequently, the GFG loan default has forced Tasmania to protect its collateral more directly.

GFG Loan Default Shifts Control to the Tasmanian Government

The GFG loan default marks a breakdown in trust between the company and the state. Tasmanian officials said GFG did not deliver on commitments made to workers and the public. That failure pushed the government to act. Meanwhile, state leaders said they remain open to future cooperation.

The decision also reflects a broader industrial policy concern. Governments can justify temporary support for strategic plants during disruption. However, that support becomes politically difficult when restart promises are missed. Therefore, the GFG loan default now raises harder questions about accountability in state-backed industrial rescue efforts.

Tasmania’s response shows a more defensive posture toward strategic raw materials. By securing control of the ore, the government preserves some leverage over the plant’s future. As a result, the Liberty Bell Bay manganese stockpile may become a bargaining asset in any restructuring or restart plan.

Liberty Bell Bay Restart Still Depends on Ore and Financing

The Tasmania ferro-alloy plant was already under pressure before the loan dispute intensified. Liberty Bell Bay suspended production in May 2025 because of maintenance needs and weak manganese ore supply. Supply issues from Australian and South African sources added further strain. Consequently, manganese ore supply remains one of the plant’s biggest operational risks.

GFG said it is still pursuing options to protect the future of Liberty Bell Bay. The company also said negotiations with Steel International Trading Company are continuing. However, financing alone may not solve the problem. The plant still needs reliable ore, working capital, and operational stability.

That makes the next phase especially important for the manganese market. A restart would support domestic alloy capacity and regional supply confidence. However, another delay would deepen uncertainty around Australia’s only ferro-alloy plant. Therefore, the future of Liberty Bell Bay now depends on execution, not intention.

The Metalnomist Commentary

This is no longer just a loan dispute. It is a test of whether a strategic industrial asset can survive under financial and raw material stress at the same time. If Liberty Bell Bay cannot secure ore and trust together, state intervention may only delay a deeper restructuring.

HBIS Silico-Manganese Tender Prices Fall as China Steel Demand Weakens

Silico-Manganese

HBIS silico-manganese tender prices fell in April as weaker steel demand and higher spot alloy availability pressured China’s bulk alloy market. Hebei Iron and Steel cut its tender price for 65/17 grade silico-manganese to 6,300 yuan/t delivered and paid by acceptance bill.

The latest HBIS silico-manganese tender prices were down by 250 yuan/t from the previous tender. The state-owned steel producer increased April purchase volumes to 8,500t, up by 3,400t from its previous buying round.

HBIS silico-manganese tender prices are closely watched because they help set the tone for China’s manganese alloy market. The lower tender confirms that steel mills are using weak downstream demand and larger spot availability to push procurement costs lower.

The cut also reflects pressure from rising steel inventories. China Iron and Steel Association members held 18.63mn t of steel inventories as of 20 April, up 6.4% from early April and 12% from a year earlier.

Oversupply Weighs on Alloy Prices Despite Higher Tender Volumes

China’s domestic 65/17 silico-manganese alloy prices fell to 6,000-6,150 yuan/t ex-works on 23 April. This was down from 6,100-6,300 yuan/t on 9 April.

The price decline reflects continued oversupply in the market. Higher inventory pressure has limited the ability of alloy producers to defend prices, even when some steel demand shows signs of recovery.

HBIS’ higher purchase volumes gave the market some support, but not enough to reverse price direction. Buyers remain cautious because steel inventories are still elevated and construction demand has not yet fully recovered.

Some market participants are more optimistic about the steel outlook. Construction and infrastructure demand are expected to resume gradually, while domestic and seaborne steel demand improved in mid-April.

Chinese steel mills also lifted production slightly during that period. If steel output continues to rise, silico-manganese consumption could improve because the alloy is widely used in steel deoxidation and strengthening.

However, the recovery remains uneven. The higher HBIS buying volume suggests some restocking need, but the lower price shows that mills still hold negotiating power.

Ore Costs and Output Curbs Limit Downside Pressure

Many silico-manganese plants kept firm offers despite weaker spot prices. Higher manganese ore feedstock costs continue to support producer cost floors.

Output curbs at several large alloy producers in north China also helped limit deeper declines. Reduced production can help balance supply if demand recovers, but current inventory pressure remains the larger problem.

The market is therefore caught between two opposing forces. Weak steel demand and alloy oversupply are pushing prices lower, while ore costs and production curbs are preventing a sharper collapse.

This tension is typical of bulk alloy markets. Producers cannot easily cut prices below cost for long, but buyers can delay purchases when inventories are high and demand is uncertain.

For steelmakers, lower silico-manganese tender prices provide some cost relief. For alloy producers, the main challenge is preserving margins while feedstock prices remain firm.

The next market signal will come from whether steel demand improves enough to absorb alloy inventories. Without clearer consumption growth, manganese alloy prices may remain under pressure even if ore costs stay elevated.

The Metalnomist Commentary

HBIS’ tender cut shows that China’s silico-manganese market is still demand-led, despite higher ore costs. A real recovery will require stronger steel consumption and inventory drawdowns, not only higher tender volumes.

South32 Gemco Manganese Exports Resume After Cyclone Megan Recovery

South32

South32 Gemco manganese exports restarted as the Australian metal producer shipped its first ore cargo since early 2024 from the Northern Territory mine. The South32 Gemco manganese exports resumption follows extensive recovery operations after Cyclone Megan damaged the export wharf and flooded mine areas in March 2024, forcing a four-month suspension that disrupted global manganese supply chains and affected key customers including GFG Alliance's Tasmania ferromanganese plant.

Production Recovery Targets Pre-Cyclone Output Levels

South32 Gemco manganese exports began with the loading of 56,606 tonnes aboard the Singapore-flagged Stenia Colossus on May 19th, bound for Tianjin, China according to marine analytics firm Kpler. A second shipment of 54,078 tonnes will depart on the Panamanian-flagged Loch Crinan on May 28th, demonstrating operational momentum recovery. These initial shipments mark the end of a 15-month export hiatus that severely impacted Australian manganese supply to Asian steel markets.

Meanwhile, South32 plans production ramping at Gemco's 6 million tonne annual nameplate capacity facility throughout the 2025-26 financial year. The company achieved 5.9 million tonnes production in 2022-23, the last complete year before Cyclone Megan disrupted operations. Northern Territory government projections indicate 5 million tonnes expected production over the coming year, though South32 has not released official 2025-26 guidance.

Customer Supply Chain Disruptions Highlight Market Dependencies

However, the extended Gemco shutdown created severe supply chain disruptions for downstream customers dependent on Australian manganese ore. GFG Alliance's Liberty Bell Bay ferromanganese plant in Tasmania moved to limited operations on May 19th due to manganese ore supply shortages. This operational reduction demonstrates the critical importance of Gemco's production for regional ferromanganese manufacturing capabilities.

Therefore, the export resumption addresses urgent supply needs across Asia-Pacific steel and ferroalloy markets that experienced significant manganese ore shortages during Gemco's closure. Chinese steel mills particularly depend on Australian manganese imports for steel production, making Gemco's recovery essential for regional supply chain stability. The mine's strategic location in Northern Territory provides efficient shipping access to major Asian industrial centers.

Infrastructure Recovery Enables Full Operational Restart

Furthermore, South32 completed extensive infrastructure repairs including export wharf reconstruction and comprehensive mine dewatering operations during January-March 2025. These recovery investments ensure sustainable long-term operations while improving resilience against future extreme weather events. The company's commitment to full production restoration demonstrates confidence in manganese market fundamentals and customer demand recovery.

As a result, Gemco's operational restart strengthens Australia's position as a critical manganese supplier to global steel industries while reducing supply chain vulnerabilities exposed during the extended shutdown. The successful recovery operations establish operational precedents for managing extreme weather impacts on mining infrastructure. Market participants welcome the supply restoration as global steel production continues recovering from pandemic-related disruptions.

The Metalnomist Commentary

The resumption of South32's Gemco manganese exports illustrates both the vulnerability of critical mineral supply chains to extreme weather events and the interconnected nature of global steel production networks. The 15-month disruption's impact on downstream ferromanganese producers like Liberty Bell Bay demonstrates how single-mine shutdowns can cascade through entire industrial sectors, highlighting the need for greater supply chain diversification and resilience planning in critical minerals markets.

Moil Sets Record Manganese Production Amid Market Challenges

Moil

Indian state-owned enterprise Manganese Ore India Limited (Moil) has achieved unprecedented levels of manganese ore production. In October, Moil's output reached about 147,000 tons, a substantial 32% increase compared to the same month last year. This surge in production reflects a broader trend for the fiscal year April 2024 to March 2025, during which the company produced a total of 1.01 million tons, representing a 10% increase from the prior year.

Production and Market Dynamics

The increase in manganese ore production comes at a time when the global market faces significant volatility. Moil’s strategic ramp-up in production aligns with rising demand and tight supply dynamics. In October alone, the company sold 100,000 tons of ore, marking a 21% increase from the previous year. Over the first seven months of the fiscal year, Moil sold 850,000 tons, surpassing its sales records from the previous year due to constrained market supplies.

Pricing Adjustments

In response to market conditions, Moil adjusted its pricing strategy. The price for ferro-grade material with a manganese content of 44% and above was reduced by 7% from October levels. Additionally, prices for ore with less than 44% manganese content and for 25% and 30% silico-grade ore and fines saw a reduction of 1% from the previous month's prices.

This proactive approach in production and pricing reflects Moil's adaptation to the evolving market landscape, ensuring its position as a key player in the global manganese market.

Georgian Manganese Halts Silico-Manganese Production Amid Market Decline and Protests

Georgian Manganese

Georgian Manganese, a leading producer of silico-manganese based in Georgia, has announced a suspension of its silico-manganese production for four months. This decision follows a prolonged decline in global demand for ferro-alloys and the resulting fall in prices. The suspension, which began on October 2, will continue through March 1, 2024, at the company's processing plant in Zestafoni, Georgia. The company confirmed the shutdown through a post on social media, citing market conditions and ongoing operational challenges.

Market Conditions and Operational Challenges

Georgian Manganese has faced a steady downturn in the silico-manganese market for the past two years, with prices continuing to soften. As a result, the company ceased sales to its primary market, the United States, in September. The market slump, coupled with protests at the company’s mining operations in Chiatura, Georgia, has made it increasingly difficult to maintain production levels.

Protests at the Chiatura mine, which accounts for a significant portion of Georgian Manganese's manganese ore supply, have worsened since March. Local picketing activities have caused a 70% decrease in production at the mine, further compounding supply issues. As a result, Chiatura Management, the contractor responsible for the mine, has been unable to ensure a consistent feedstock supply to the Zestafoni plant, prompting the decision to halt production.

Despite these setbacks, Georgian Manganese remains hopeful that market conditions will improve and the company can resume operations ahead of schedule. A crisis management plan is being developed to address the ongoing issues at the mine, with an emphasis on stabilizing the supply of manganese ore and improving overall operational efficiency.

The Importance of Georgian Manganese in the US Market

Historically, Georgia has been a significant supplier of silico-manganese to the United States. In the period from 2019 to 2023, Georgia accounted for 24% of the US’s silico-manganese imports, amounting to 415,182 metric tonnes. This year, the country has already shipped 60,253 tonnes of the 254,771 tonnes of silico-manganese imported by the US up until the end of August.

Georgian Manganese is owned by Florida-based Georgian American Alloys, which also owns Feldman Trading. Through this subsidiary, Georgian American Alloys markets its products in the US. The company also owns CC Metals and Alloys, previously a ferro-silicon producer in Kentucky, and Feldman Production, which manufactures silico-manganese and high-carbon ferro-manganese in West Virginia.

China’s Jingxi Daxinan Resumes Manganese Flake Production Post Lunar New Year

Manganese Flake

Equipment Maintenance Over, Firm Restarts Output of 30-40 t/d Flake Production

China's Jingxi Daxinan, a major producer of manganese flake, has resumed its production of 30-40 tonnes per day (t/d) this week, following a scheduled equipment maintenance during the lunar new year holiday. This marks the firm's return to full operations after halting production in late January, just before the holiday.

Recovery of Manganese Flake Production and Rising Prices

Jingxi Daxinan’s smelter, located in Jingxi city in south China's Guangxi province, has a capacity to produce 20,000 tonnes per year. The production stoppage, part of a broader industry trend, was primarily due to routine maintenance and production losses faced by some smaller producers. Many smaller manganese producers without in-house mining and power generation facilities halted production to address similar challenges.

Post-holiday, manganese flake prices have started to show signs of recovery, driven by the rising prices of substitutes in the ferro-alloy market. This upward trend is supported by higher prices of imported manganese ore, which have pushed up the costs of ferro-alloy substitutes, leading producers to raise prices.

Domestic Price Increase and Market Outlook

On February 7, 2025, domestic prices for 99.7% grade manganese flake were assessed at 12,500-12,700 yuan per tonne ($1,715-$1,742/tonne) ex-works, reflecting a modest increase of Yn100 per tonne compared to February 6. This increase aligns with the broader trend of rising costs for manganese ore substitutes, which have been influenced by the higher costs of imported manganese ore.

With production now resuming, the market anticipates further shifts in supply and price dynamics. As more producers resume output, manganese flake production is expected to stabilize, supporting the growing demand from industries that rely on manganese for ferro-alloy production.

Bell Bay Manganese Smelter Sale Falters as Preferred Buyer Exits

Bell Bay

Bell Bay manganese smelter faces renewed uncertainty after Adroit Capital ended exclusive negotiations to acquire the 290,000 t/yr Tasmanian manganese alloy operation. The investment firm had led the preferred bidding consortium selected by administrator Ernst & Young.

Bell Bay manganese smelter has been offline since May 2025, when former owner GFG Alliance halted production because of feedstock shortages. The failed sale process now raises fresh questions over whether Australia's only manganese alloy smelter can return to operation.

Bell Bay manganese smelter remains strategically important because it produces ferro-manganese and silico-manganese used in steelmaking. A prolonged closure would increase Australia's dependence on imported manganese alloys.

The federal and Tasmanian governments have already provided A$9.6mn this year to maintain employee wages while the administration process continues.

Buyer Exit Deepens Restart Uncertainty

Adroit Capital was named preferred bidder last month, and Tasmania had expected the transaction to close by August.

The end of exclusive negotiations removes the clearest near-term path toward restarting the plant. Ernst & Young will now need to identify another buyer, restructure the sale process or consider alternative options for the asset.

The smelter's history already highlights the difficulty of maintaining manganese alloy production in Australia. GFG Alliance shut the operation after feedstock shortages disrupted production.

The Tasmanian government subsequently provided financing to support a restart, but GFG defaulted on that loan in January 2026. The asset then entered administration.

This sequence shows that ownership change alone may not solve Bell Bay's underlying problems. Any new operator will need reliable manganese ore supply, competitive electricity costs and sustainable alloy margins.

Those factors are especially important because manganese alloy smelting is highly energy intensive and exposed to volatility in both ore and power costs.

Australia Faces Greater Manganese Alloy Import Dependence

Bell Bay is Australia's only domestic producer of manganese alloys, giving the facility significance beyond its individual commercial performance.

Ferro-manganese and silico-manganese are essential deoxidising and alloying materials used in construction steel, rail products, automotive steel and other industrial applications.

If Bell Bay remains shut, Australian users will depend more heavily on imported alloys from overseas producers. That increases exposure to freight costs, trade disruption and international supply conditions.

The situation also creates a wider industrial policy problem. Australia has substantial mineral resources, but losing domestic alloy-processing capacity would weaken its ability to capture value further downstream.

Government support so far suggests policymakers recognise the strategic importance of preserving the asset. However, continued public funding cannot substitute indefinitely for a commercially viable operating model.

The next buyer will therefore need to solve the smelter's structural problems rather than simply acquire the facility at a lower price.

The Metalnomist Commentary

Adroit's exit shows that Bell Bay's challenge is deeper than finding a buyer. Australia must decide whether strategic manganese alloy capacity justifies the cost of solving feedstock, power and operating economics.