Manganese Ore: Market Size & Forecast 2026

The global manganese ore market stood at approximately USD 32.5 billion in 2025 (base year) on the back of sustained steelmaking demand, a rising 44% Mn benchmark price trajectory entering 2026 at a 17-month high, and structurally concentrated supply from South Africa, Australia, and Gabon. Our base case runs a 5.2% CAGR through 2032, reaching roughly USD 46 billion, with steelmaking absorbing 90% of offtake and battery-grade manganese emerging as the single most consequential demand pocket over the medium term. The category is structurally tight: Chinese port inventories cover roughly three months of alloy production, which creates near-term price support despite a globally adequate mine-supply pipeline. Trade-defence architecture is live and layered: Section 301 List 3 levies 25% on Chinese-origin ore and ferroalloy imports, while Section 122 imposes a 10% baseline surcharge on all US

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