Manganese: Trading
Bilateral deals and Zhengzhou silicomanganese futures
What this tab covers How and where it is bought and sold: who buys and sells, exchanges and benchmarks, contract types, the big trading houses and how prices are discovered.There is no major exchange contract for manganese ore. Miners and buyers trade on bilateral contracts referenced to price assessments from agencies such as CRU, Fastmarkets and Argus, typically for 44% ore delivered to China. Ferromanganese and silicomanganese sell on regional alloy assessments, and China's Zhengzhou exchange lists silicomanganese futures. Large diversified miners dominate supply; BHP and Vale were among the four largest producers in 2013 (Tilton & Guzmán).
Where it is bought (buyers)
- Chinese alloy smelters and steelmakers buy ore delivered to Tianjin and other ports
- Indian ferroalloy plants and steel mills buy imported ore (South Africa, Gabon, Australia) and domestic ore from MOIL auctions and notices
- Steel mills in the US, EU, Japan and Korea buy ferromanganese and silicomanganese, much of it from India, Malaysia, Norway and South Africa
Where it is sold (sellers)
- South African miners (South32, Assmang, UMK, Tshipi) export through Gqeberha (Port Elizabeth), Ngqura, Durban and Saldanha
- Eramet's Comilog sells Gabonese ore from Owendo
- Australian GEMCO ore from Groote Eylandt
- Indian alloy makers export from east-coast ports
Exchanges and benchmarks
| Venue | Contract | Notes |
|---|---|---|
| No exchange for ore | Bilateral contracts on index prices for 44% and 37% Mn ore | Fastmarkets (ex Metal Bulletin) and CRU indices delivered China are the usual references |
| Zhengzhou Commodity Exchange | Silicomanganese futures (SM) | Main traded manganese-linked contract |
Contract types
- Term contracts on monthly or quarterly index averages
- Spot cargoes priced per dry metric tonne unit, CIF China
- Domestic India price notices (MOIL) and e-auctions
- Ferroalloy contracts with steel mills, often quarterly
Top trading houses
- Glencore
- Ore & Metal (South Africa)
- Transamine
- Minmetals and other Chinese traders
How prices are discovered
- Fastmarkets, CRU and Argus ore and alloy assessments
- SMM and Mysteel Chinese port prices
- ZCE silicomanganese futures
- MOIL price notices in India