Global manganese ore demand to rise moderately in H2 2026, says Eramet

- Guidance for transported ore volumes is confirmed between 6.4 – 6.8 mnt in 2026

- Mn ore production by Eramet declines 11% y-o-y in H1 2026

Eramet delivered a resilient H1CY26 manganese performance, with robust rail logistics offsetting weaker mine output. Higher ore transportation and sales, coupled with improving alloy volumes, underscored the company’s operational strength despite production challenges.

Manganese ore production declines 11% y-o-y; logistics cushion impact: Eramet’s Moanda mine manganese ore output declined 11% y-o-y to 3.169 mnt in H1CY26 from 3.549 mnt in H1CY25, primarily due to equipment availability issues.

Nevertheless, stronger operational performance at Setrag Railway expanded transport capacity by 9%, enabling manganese ore transportation to increase 6% to 3.222 mnt from 3.045 mnt in H1CY25. This enhanced logistics network ensured uninterrupted deliveries despite lower mine production, while continued upgrades to the Transgabonese Railway further reinforced supply chain efficiency.

Manganese ore sales supported by stronger logistics: Improved rail efficiency supported external manganese ore sales, which increased 4% to 2.789 mnt in H1CY26. In addition, Eramet benefited from a more favourable product mix and a higher proportion of shipments to destinations outside China, enabling realised selling prices to rise 14% and outperform the CIF China 44% benchmark.

Outlook:

Eramet reaffirmed its 2026 transported ore guidance of 6.4-6.8 mnt, with ongoing railway improvements expected to sustain shipment performance. In H2 2026, demand for manganese ore should moderately increase, bolstered by an improvement in global carbon steel and manganese alloys production (slower decline in China, offset by an increase for the rest of the world, particularly in India where Eramet has a strong business footprint). Ore supply is expected to remain higher, driven by continued strong production in South Africa and normalised production levels in Australia.

Note: Eramet’s financial year spans Jan-Dec.