Chrome & Manganese Update: Maputo Dominates Chrome Ore Exports

Chrome ore is leaving southern Africa through a much narrower channel. Last week Mozambique's Port of Maputo handled about three-quarters of global chrome ore departures, while volumes from Richards Bay more than halved. In China, ferrochrome output is still slipping, and India's MOIL reported sharply higher manganese ore output for September. Chinese markets are closed for the Golden Week holiday, which is keeping Pacific shipping activity quiet (Hellenic Shipping News), so there are few fresh Chinese price points this week. Here is what buyers, sellers and investors need to know.

Maputo Ships 76% of Global Chrome Ore as Richards Bay Falls 58%

Global chrome ore departures from the main export ports totalled 642,500 t in the week to 2 October, down 2.74% on the week, according to SMM. SMM said the small drop "masks a significant reshuffling beneath the surface" (SMM).

Maputo: 488,800 t, up 43.68% from 340,200 t
Richards Bay: 95,700 t, down 57.99% from 227,800 t
Mersin (Türkiye): 58,000 t, down 31.52% from 84,700 t
Beira: no departures for a fourth week in a row

Maputo's share of departures jumped to about 76%, from 51.5% the week before (SMM). For South African producers, Maputo is now the main gateway for chrome ore, and Richards Bay volumes can swing sharply from week to week. Sellers who depend on one port are exposed to those swings. Spreading volumes across more than one route, and reviewing stockpile and loading slot plans, helps keep shipments moving.

China's Ferrochrome Output Slips, but Cheaper Ore Limits Further Cuts

SMM data show China's high-carbon ferrochrome output fell 3.17% month on month in September, a sharper drop than August's 1.25%. Output was still 18.8% higher than a year earlier, down from 20.36% growth in August. Year-to-date output to September was up 30.84% (SMM).

Margins are being squeezed from both sides. Higher coke prices and power tariffs pushed costs up, while lower steel mill tender prices pulled ferrochrome prices down. Southern Chinese producers, who have the highest costs, cut the most, while northern output stayed relatively stable. For October, SMM expects "output to ease only slightly from here, with weaker stainless steel demand offset by lower chrome ore costs and fixed long-term contract volumes" (SMM).

In other words, lower ore prices are part of what is keeping Chinese smelters running. That supports ore volumes, but not prices. Further down the chain, Novametal USA's October raw-material surcharges show the chromium component down 1.2% and nickel down 1.9%. The raw-material part of the 316 stainless surcharge eased from US$1.94/lb to US$1.92/lb, leaving the total 316 surcharge unchanged at US$2.04/lb (SMM).

India's MOIL Lifts Manganese Ore Output 19% in September

India's state-owned MOIL produced 181,000 t of manganese ore in September 2026, up 19% year on year, and sold 164,000 t, up 15.5%. From April to September, production reached 961,000 t (up 1.8%) and sales 778,000 t (up 9.6%) (SteelOrbis).

India is an important market for South African and Gabonese manganese ore, so more domestic supply is worth watching. MOIL's sales are growing faster than its output over the half-year, which points to healthy Indian demand, but rising local production could cap how much extra imported ore Indian alloy makers need.

South African manganese is still moving to China. A 64,000 dwt Supramax was fixed from Port Elizabeth with manganese ore to China at about US$26,500 a day plus a US$265,000 ballast bonus (Hellenic Shipping News/Baltic Exchange). The Baltic Exchange described Indian Ocean rates as stable.

Pricing Snapshot

Item	Grade / basis	Price / level	Date
Chromium (alloy surcharge)	Novametal USA chromium component	−1.2% m/m	October 2026
Stainless 316 surcharge	Novametal USA raw-material component	US$1.92/lb (from US$1.94); total unchanged at US$2.04/lb	October 2026
Manganese ore freight	Supramax 64,000 dwt, Port Elizabeth to China	About US$26,500/day + US$265,000 ballast bonus	Week to 2 Oct
Baltic Dry Index	Main index	3,148, +8 on the day; −8.1% on the week	2 Oct close
Capesize	Average daily earnings	US$42,228/day (+US$296); index −12.8% w/w	2 Oct close
Panamax	Average daily earnings	US$21,349/day (−US$58)	2 Oct close
Bunker fuel	Singapore VLSFO / HSFO	US$886/t (+17) / US$764/t (+28)	5 Oct
Bunker fuel	Singapore LSMGO / B30-VLSFO	US$1,311/t (−1) / US$1,035/t (−6)	5 Oct

Sources: SMM, Hellenic Shipping News/Baltic Exchange, Hellenic Shipping News, ENGINE. No fresh Chinese port prices for chrome ore, manganese ore or ferroalloys were published in the last 48 hours because of the Golden Week holiday.

Logistics and Regulatory Highlights

Freight. The Baltic Dry Index rose 8 points to 3,148 on Friday, its second daily gain, but still fell 8.1% over the week. The Capesize index lost 12.8% on the week, and Panamax eased 1.5% (Hellenic Shipping News). The Baltic Exchange said China's Golden Week holiday limited Pacific activity, while Indian Ocean Supramax rates held steady (Hellenic Shipping News/Baltic Exchange).

Fuel and security. Singapore VLSFO rose US$17 to US$886/t over the weekend, and HSFO gained US$28 to US$764/t (ENGINE). At least four commercial vessels have been hit by projectiles in the Gulf region in recent days. Only 10 vessels crossed the Strait of Hormuz on Saturday, compared with a pre-war average of 140 a day (ENGINE). Higher bunker costs feed straight into freight quotes for ore cargoes.

Ports. At Durban Gateway Terminal, ship anchorage times have doubled to about six days. The delays follow a switch to the Navis N4 terminal system and slow equipment refurbishment. ICTSI holds 49% of the terminal joint venture and Transnet 51%, under a 25-year partnership that began in January 2026. AB Capital said the terminal handles about 46% of South Africa's port traffic and called the issue an "execution/reputational risk" (Philstar). Durban Gateway is a container terminal, but congestion there can affect the trucks, rail paths and port services that bulk exporters share in Durban.

Regulation. No new chrome- or manganese-specific regulatory announcements were published in the last 48 hours. With Chinese markets due to reopen after the holiday, the next round of Chinese price and policy signals should come later this week.

What This Means for African Exporters

Chrome sellers: Maputo now carries most chrome ore departures. Secure loading slots and plan for sharp swings in Richards Bay volumes. Chinese smelters are still buying, partly because ore is cheaper, so volumes look steadier than prices.
Manganese sellers: Indian Ocean Supramax rates are stable and ore is still moving from Port Elizabeth to China. Higher MOIL output means Indian buyers have more local supply to choose from.
Buyers: Weaker Capesize rates and soft ferrochrome margins give some room to negotiate. Rising bunker prices and Gulf security risks could push freight back up.
Investors: Chrome exports depending on one port, delays at Durban, and Chinese ferrochrome output that falls only slowly are the main things to watch going into the fourth quarter.

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