Manganese ore prices at 28.75 CNY/mtu — down 23.2% from the March 2026 high of 37.45 CNY/mtu — as South32 GEMCO supply normalization accelerates and Chinese steel demand continues to soften. The price has fallen steadily through July and into early August, with the 7-day decline accelerating to -1.71%. Tianjin port inventories are building as export orders remain sluggish, while stainless steel mills substitute EMM with cheaper manganese alloys. Ghana Manganese's production ramp (targeting 700K tonnes/month by August) adds further supply-side pressure. The Gabon-Eramet deal pushing the raw ore export ban from 2029 to 2031 removes a near-term structural catalyst. Production costs near 28 CNY/mtu and ongoing ferroalloy capacity erosion limit further downside. Buyers should target 26-28 CNY/mtu entry points with 30-45 day coverage. Battery-grade demand growth provides long-term structural support.