Price

Manganese Pricing and Market Data

Manganese prices remained volatile through 2025, with manganese ore (44% Mn, CIF China) trading around $5.5-6.5/dmtu. South Africa dominates global manganese ore production with over 35% market share, while Gabon and Australia are other major suppliers. The battery sector has emerged as a significant new demand driver - manganese-rich cathode chemistries like LNMO (lithium nickel manganese oxide) are gaining traction as a lower-cost alternative to NMC formulations. High-purity manganese sulfate for batteries commands substantial premiums over metallurgical-grade material. Traditional demand from steelmaking - which accounts for approximately 90% of manganese consumption - remained steady but unspectacular amid mixed global steel market conditions.

Pricing Mechanisms

Manganese is priced using benchmarks from Fastmarkets/CRU. Manganese pricing operates through a combination of exchange-based benchmarks, price reporting agency assessments, bilateral negotiation, and long-term offtake contracts. The specific mechanism depends on product form, grade, and the buyer-seller relationship.

Price History and Notable Market Events

The Manganese market has been shaped by the following key events:

Price Drivers

Key factors influencing Manganese prices include production levels in South Africa (37% of global supply), demand from steel production (ferromanganese) and lithium-ion battery cathodes, inventory levels, energy costs, and government policy actions such as export restrictions or strategic stockpiling.

Spot vs. Contract Pricing

The Manganese market features both spot transactions and longer-term contracts. Spot prices reflect current conditions and are more volatile, while multi-year offtake agreements provide supply security for both producers and consumers. Current spot pricing is in the range of 5-8 $/dmtu (44% Mn ore).