On June 1, 2026, the electrolytic manganese market saw a slight increase at the beginning of the month. According to the monitoring of the commodity market analysis system of Shengyi Society, the spot market price in East China was 18200 yuan/ton at the beginning of the month and 18250 yuan/ton at the end of the month, an increase of 0.27%.
In the first half of this month, the mainstream price of electrolytic manganese in China was slightly increased by 50 yuan/ton, which was the only price adjustment action of the whole month. The market price remained stable in the second half of the month without any fluctuations. Overall, the fundamentals of the electrolytic manganese market in June were in a game equilibrium state. At the beginning of the month, it was driven slightly upwards by cost and manufacturer price hikes, but downstream terminal demand did not continue to follow up and lacked the driving force to continue rising. The subsequent market entered a narrow range oscillation mode, with on-site trading mainly focused on long order fulfillment and stable procurement of rigid demand. The spot circulation rhythm was stable, and the overall market remained stable with a slight upward trend and no obvious upward or downward trend.
In terms of manganese ore: In June, the overall cost of electrolytic manganese remained stable with some support, but there was insufficient upward momentum, which supported a slight increase of 50 yuan/ton in the market at the beginning of the month. However, the market continued to remain flat and stagnant thereafter. This month, domestic manganese ore spot prices have remained weak and stable, with a narrow range of fluctuations. Downstream price pressure games are evident, and port spot transactions are average. The price difference of mineral types has slightly differentiated, with a relatively prominent decline in South African manganese ore prices. The overall spot price at the port is stable, with transactions of about 37 yuan/ton for South African semi carbonate at Tianjin Port and 40.5-41 yuan/ton for Gabonese blocks; The ore prices in Qinzhou Port fluctuate with inventory structure, with Australian seeds priced at 36.5-38 yuan/ton and Australian blocks priced at 41.5-42 yuan/ton. In terms of foreign markets, South African mines slightly lowered their shipping prices to China in July. UMK and NMT’s South African semi carbonate prices were reduced by 0.15 USD/ton and 0.1 USD/ton respectively compared to the previous month, and the arrival price of foreign markets continued to be higher than domestic spot prices, continuing the inverted market pattern. Combined with the pressure of losses on downstream silicon manganese enterprises, the willingness to import goods and accept new orders is relatively weak. At the same time, the dry season in major domestic production areas has ended, with stable power supply and no fluctuations in electricity prices, and the comprehensive production cost of electrolytic manganese remains stable. Overall, the manganese ore and production costs have formed a solid bottom support, supporting the slight price increase at the beginning of the month. However, the mining face remains weak and there is no upward trend, making it difficult for the cost side to drive the market to continue rising, which has led to the overall market maintaining a stable pattern.

Supply side: In June, the overall supply of electrolytic manganese in the domestic market was stable and orderly, with sufficient supply and stable circulation rhythm. Mainstream production areas such as Guangxi, Hunan, Guizhou, and Ningxia have started operating smoothly without centralized maintenance or large-scale production restrictions. The overall operating rate of the industry remains at a normal level, and the monthly output is stable. Mainstream smelters prioritize the delivery of long-term contract orders, with a regular shipping rhythm and ample supply of circulating spot goods in the overall market. Social inventory remains within a reasonable range, with no significant accumulation or destocking extremes. The overall pricing mentality of the manufacturers is still acceptable. At the beginning of the month, the borrowing cost and supply situation remained stable, and the quotation slightly increased. However, the overall loose supply pattern remained unchanged, and sufficient supply constrained further price increases, causing the market to quickly enter a stable stalemate after rising.

On the demand side: The overall downstream demand for electrolytic manganese in June remained stable and weak, with stable production and a lack of incremental demand, which is a key factor in maintaining market stability. Core downstream stainless steel and special steel enterprises have started production steadily this month. Steel mills mainly purchase raw materials by replenishing inventory as needed and picking up goods in batches. At the beginning of the month, they moderately followed up with market price increases to support short-term market strength. However, the performance of end product orders is average, and the industry is in a traditional off-season, with insufficient overall demand growth. The downstream demand for supporting industries such as alloy smelting and chemical engineering remains flat, with average production enthusiasm, stable raw material consumption rate, and no favorable release of centralized replenishment. The speculative buying sentiment in the market is relatively weak, with only the demand side supported by actual orders. The stagnant pattern of weak or weak demand has left the market without a basis for a sharp decline or sustained upward momentum, and the market has been running steadily in a narrow range throughout the entire process.
At present, silicon manganese maintains a narrow fluctuation operation, and the cost support of silicon manganese is still acceptable. Manufacturers face significant production pressure, and most production areas are currently experiencing production inversion. Some factories may have plans to reduce production in the later stage. However, under the background of seasonal off-season, inventory pressure and expectations of new production capacity release in some regions still suppress confidence in the market. Business Society predicts that the manganese silicon market may continue to operate weakly in the short term. According to the Commodity Market Analysis System of Shengyi Society, as of June 29th, the market price of silicon manganese in Ningxia region (specification FeMN68Si18) is around 5500-5600 yuan/ton, with an average market price of 5542.00 yuan/ton.
Market forecast: Based on the fundamentals of market operation in June, the domestic electrolytic manganese market is likely to continue its narrow range oscillation and stable stalemate pattern in the short term, with limited room for fluctuations. On the cost side, the current manganese ore spot market continues to weaken and stabilize, with a slight decrease in forward quotes for external markets. The inverted pattern between internal and external markets continues, and there is a lack of upward momentum on the cost side. However, the electricity prices in production areas are stable, and the comprehensive production costs are controllable at a low level. The bottom support is relatively solid, and there is no basis for a sharp decline in the market. On the supply side, the construction in major domestic production areas will remain stable, with sufficient supply of goods and minimal inventory fluctuations. The overall supply-demand loose pattern remains unchanged, and there is no significant expectation of tightening. On the demand side, downstream steel mills are in the off-season, and the pattern of stable demand continues. There is currently no significant rebound in terminal finished product orders, and the market is mostly picking up goods in batches according to demand. The lack of incremental demand makes it difficult to drive the market to continue to rise. Overall, the electrolytic manganese market will continue to maintain a supply-demand game in the future, with stability as the main trend and narrow range consolidation. The focus will be on changes in manganese ore prices, the pace of downstream steel mills’ centralized replenishment, and the adjustment of production in major production areas.