Chrome & Manganese Update: China Silicomanganese Output Rebounds as Freight Eases

China's silicomanganese producers lifted output in September after two months of decline, a sign that manganese alloy production is picking up again. Gabon, the world's second-largest manganese producer, kept its mines minister in a cabinet reshuffle and moved a former Comilog executive into the energy portfolio, while dry bulk freight closed its weakest week since late August. It was a quiet weekend for Chinese chrome markets, and no fresh chrome ore or ferrochrome prices were published in the last 48 hours. Here is what buyers, sellers and investors need to know.

China's Silicomanganese Output Recovers in September

China's silicomanganese (SiMn) production rose by 50,515 t, or 6.9%, from August to 778,595 t in September, according to Mysteel's survey of 187 smelters, which it says hold 99% of the country's SiMn capacity. Daily output averaged 25,953 t, up 2,466 t/day on August. Mysteel said production "recovered in September after the decrease over the prior two months" (Mysteel).

For manganese ore sellers, higher alloy output means more ore drawn into Chinese smelters. A rise in output does not by itself mean better prices, though. If alloy production runs ahead of steel mill demand, smelter margins and ore bids can come under pressure. Mysteel's figures on utilisation and prices sit behind a paywall, and no fresh Chinese manganese ore port prices were openly published over the weekend, so sellers should wait for this week's port price and inventory data before reading too much into the September figure.

Gabon Reshuffle Keeps Mines Minister, Brings Comilog Veteran Into Energy

Gabon's cabinet reshuffle named eight new ministers but kept Sosthène Nguema Nguema as minister of mines. The new energy minister, Olivier Mouckocko, was previously director of infrastructure and equipment at Eramet Comilog Manganese, which runs the large manganese mine at Moanda in southeastern Gabon (The Rio Times).

The report notes that Gabon is the world's second-largest manganese producer and, citing the US Geological Survey, that it supplied 63% of US manganese ore imports from 2020 to 2023. Washington lists manganese as a critical mineral (The Rio Times).

Continuity at the mines ministry points to no immediate change in mining policy. A former Comilog infrastructure executive in charge of energy could matter for power supply to the mining sector, although the report does not set out his priorities. South African manganese exporters compete directly with Gabonese high-grade ore, so any shift in Gabon's output or policy is worth tracking.

Dry Bulk Freight Ends Its Weakest Week Since Late August

The Baltic Dry Index fell about 2.2% to 3,002 points on Friday 9 October, its fifth straight fall and its lowest level since 25 August, leaving it down more than 7% on the week. Capesizes led the decline, sliding 4% to 4,638 points, while Panamaxes edged up 0.1% to 2,366 and Supramaxes rose 0.3% to 1,795 (Hellenic Shipping News).

The weekly Baltic Exchange review shows the Capesize 5TC average falling from US$43,833/day on Monday to US$39,363/day by Friday. The C3 route from South Brazil and West Africa to China dropped from the low US$37s/t to about US$33/t, as Atlantic weakness outweighed a gradual Pacific recovery (Hellenic Shipping News).

The smaller ships that carry most African chrome and manganese held up better. South Africa "recorded small improvements", with a 64,000 dwt vessel fixed delivery Richards Bay for a trip to Pakistan or the west coast of India at US$27,000/day plus a US$300,000 ballast bonus. Elsewhere in the Ultramax/Supramax market, a 64,000 dwt ship was fixed at US$38,000/day for US Gulf coal to India, and a 61,000 dwt ship at US$25,000/day for a North China round voyage (Hellenic Shipping News).

Pricing Snapshot

Commodity/Item	Grade / basis	Price	Date
Silicomanganese (output)	China, Mysteel survey of 187 smelters	778,595 t in Sept (+6.9% m/m)	Published 10 Oct
Baltic Dry Index	Main index	3,002 (−2.2%)	9 Oct close
Baltic Supramax Index	Index	1,795 (+0.3%)	9 Oct close
Capesize 5TC	Average time charter	US$39,363/day (from US$43,833 on Monday)	Week to 9 Oct
Capesize C3	South Brazil / West Africa to China	~US$33/t (from low US$37s)	Week to 9 Oct
Supramax fixture	64,000 dwt, delivery Richards Bay to Pakistan / WC India	US$27,000/day + US$300,000 ballast bonus	Week to 9 Oct
Bunker fuel	Singapore VLSFO / HSFO / LSMGO	US$890/t (−10) / US$807/t (+1) / US$1,270/t (−7)	12 Oct, 12:00 SGT
Bunker fuel	Singapore B30-VLSFO	US$1,071/t (−65)	12 Oct, 12:00 SGT

Sources: Mysteel, Hellenic Shipping News, Hellenic Shipping News, ENGINE. Bunker changes are against Friday. No fresh Chinese chrome ore, ferrochrome, manganese ore or silicomanganese spot prices were openly published in the 48 hours before this post, and there was no new ferrochrome tender or stainless surcharge. Hellenic Shipping News reports for 8 and 9 October give conflicting BDI levels, so treat index levels as indicative.

Logistics and Regulatory Highlights

Fuel. Singapore bunker prices mostly eased over the weekend. At 12:00 Singapore time on 12 October, VLSFO was US$890/t (down US$10 from Friday), B30-VLSFO US$1,071/t (down US$65), LSMGO US$1,270/t (down US$7) and HSFO US$807/t (up US$1) (ENGINE). If sustained, softer fuel would trim voyage costs on Asia-bound ore cargoes.

Stainless demand. Asian stainless trading "was thin in early October with only three working days," according to SMM. Chinese sentiment weakened on softer nickel, cheap imports are weighing on Korea, where SMM said "imported 304 CR is now priced below domestic 304 HR", and Asian export offers held steady on Indonesian-driven raw material costs (SMM). Stainless steel is the main end use for chrome, so a slow post-holiday restart gives little near-term support to ferrochrome and chrome ore demand.

Policy. Gabon's mines minister keeps his post, which points to continuity in mining policy (The Rio Times). We found no new export tax, tariff, AGOA, CBAM or South African power tariff announcements affecting chrome or manganese in the last 48 hours.

Ports. We found no new port or rail updates for Durban, Richards Bay, Maputo, Ngqura or Saldanha published over the weekend.

What This Means for African Exporters

Chrome sellers: With no fresh Chinese chrome prices over the weekend and a slow restart in Asian stainless trading, hold pricing expectations steady and wait for this week's Chinese port prices and stock data before committing large volumes. Supramax rates out of Richards Bay firmed slightly, so build current freight into CFR offers.
Manganese sellers: Higher Chinese SiMn output in September is a constructive sign for ore offtake, but confirm it with this week's port inventory data. Continuity in Gabon's mines ministry reduces near-term policy uncertainty from a major competitor.
Buyers: Weaker Capesize rates and slightly softer bunkers give some room to negotiate freight on large parcels. Expect Supramax rates from South Africa to stay firm.
Investors: Watch whether the September SiMn rebound carries into October, the first full week of post-holiday Chinese chrome and manganese prices, and any early signals from Gabon's new energy minister on power and infrastructure.

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