Manganese ore at SMM North China port has declined 13.9% from the March 2026 peak of 37.45 CNY/mtu to 32.25 CNY/mtu as of June 3. The correction follows MOIL's 4% price cut in May after a 15-17.5% hike in April - signaling that demand at higher levels was not sustainable. The market remains 9.7% above June 2025 levels, supported by steel sector demand and structural growth in battery-grade manganese. South32's production adjustment and Eramet's capital restructuring add supply-side dynamics while Indonesian nickel-cobalt output grows. This report analyzes the post-peak correction, supply side adjustments, and forward contracting strategy across three price scenarios for the 90-day horizon.
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