| Year | Price per mtu | Change on prior year | Per tonne of 44% ore |
|---|---|---|---|
| 2016 | $4.34 | n/a | $190.96 |
| 2017 | $5.97 | +37.6% | $262.68 |
| 2018 | $7.16 | +19.9% | $315.04 |
| 2019 | $5.63 | -21.4% | $247.72 |
| 2020 | $4.58 | -18.7% | $201.52 |
| 2021 | $5.27 | +15.1% | $231.88 |
| 2022 | $5.97 | +13.3% | $262.68 |
| 2023 | $4.80 | -19.6% | $211.20 |
| 2024 | $5.53 | +15.2% | $243.32 |
| 2025 (estimate) | $4.50 | -18.6% | $198.00 |
Source: USGS Mineral Commodity Summaries, latest edition that reports each year. The per tonne column multiplies the price per mtu by 44. USGS publishes the latest year as an estimate and later revises it, so the 2025 figure may change. 2016 appears in one USGS edition only.
What this series measures
USGS reports the annual average price of metallurgical-grade manganese ore containing 44% manganese, delivered to China (cost, insurance and freight), in dollars per metric tonne unit, and credits the CRU Group as its source. One mtu is 10 kg of contained manganese, so a tonne of 44% ore holds 44 mtu and is worth the price per mtu times 44. The table does that conversion, and the ore price calculator on this site lets you do it for your own grade.
It is a single grade and a single delivery basis. It does not describe lower-grade ore, semi-carbonate ore or prices at the mine port, and it is an annual average, which smooths over large moves within a year.
The shape of the ten years
The price rose by about 65% from $4.34 in 2016 to a high of $7.16 in 2018, fell by about 36% to $4.58 in 2020, recovered to $5.97 in 2022, and has since stayed between $4.50 and $5.53. The estimate for 2025 sits close to the low points of 2016 and 2020. There was never a year-on-year move of less than 13% in either direction after 2016, which is the main thing a buyer or seller should take from the table: this is a volatile price.
What the sources say moved it
2020: USGS says global steel production fell in 2020 because of reduced demand during the COVID-19 pandemic, and that by September 2020 China spot prices for manganese ore were 16% below the 2019 annual average.
2021: USGS says steel production rose as demand recovered, and that by October 2021 spot prices were 13% above the 2020 average. Eramet reports its CRU 44% reference averaged $5.3 per dmtu in 2021, up 15% on 2020.
2022: USGS says global steel production fell in 2022 owing to supply chain disruptions from the conflict between Russia and Ukraine and intermittent COVID-19 lockdowns in China, while spot prices were 23% above the 2021 average by September. USGS first estimated the 2022 average at $6.50 and later revised it to $5.97.
2023: Eramet reports its CRU 44% reference averaged $4.8 per dmtu, down 20%. USGS notes that Gabon's manganese ore exports fell by 13% because of a military coup and South Africa's by 7% because of weather-related transport problems.
2024: Eramet reports the index averaged $5.5 per dmtu, up 15%, but that average hides a strong rise between April and July to a peak of about $9 per dmtu after the prolonged shutdown of a mine in Australia, then a fall from mid-August to an average of $4.1 in the fourth quarter, 44% below the third. Eramet links the fall to weaker Chinese steel output (down about 10% in the second half against the first), a sudden increase in semi-carbonate ore supply from South Africa (nearly half of seaborne production in 2024), and Chinese port stocks of 5.2 million tonnes at the end of December. USGS says the Australian mine suspended operations in 2024 owing to a tropical cyclone.
2025: USGS says that by October 2025 spot prices for 44% ore in China were 22% below the 2024 annual average spot price, that global steel consumption was unchanged, that world manganese ore production increased, and that the Australian mine resumed operation in May 2025.
For 2016 to 2019, the documents used for this article do not explain the price moves, so this article does not try to.
Why the annual average can mislead
The 2024 average of $5.53 sits between a peak near $9 and a fourth-quarter average near $4.1. A buyer or seller looking only at the annual figure would miss both. Use the annual series for the long view, and the index publishers' daily or weekly prices for a deal.
USGS also revises its latest year. It estimated 2022 at $6.50 and later published $5.97, and estimated 2024 at $5.80 before publishing $5.53. Treat the most recent year as provisional.
Other grades and the mine-port price
South32 reports realised prices that are net of freight and marketing and are on a FOB basis. For its Australian high-grade ore they ranged from $3.68 per dmtu (financial year 2025) to $6.38 (financial year 2018), and for its South African semi-carbonate lump from $3.53 (financial year 2024) to $5.57 (financial year 2019). They sit below the CIF China benchmark mainly because freight is taken off, and they are volume-weighted company figures, not an index.
Freight is the gap between the two bases. Eramet reported its sea transport cost at $1.0 per dmtu in 2024, up 11% on 2023 because of higher freight rates, which is about $44 per tonne of 44% ore. That is one producer's cost, not a market freight rate. The article on FOB vs CIF and the FOB to CIF calculator show how to convert between the two.
How to use this
- Match the grade and delivery basis before you compare any price with this series. It is 44% ore, CIF China.
- Convert to a tonne price by multiplying by the grade: $4.50 per mtu on 44% ore is $198 per dry tonne.
- Remember that your ore's assay, impurities and moisture change the price you would actually realise.
- For current prices, use the index publishers' pages, since this site does not publish live prices.
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Frequently asked questions
What was the manganese ore price in 2024?
USGS reports an annual average of $5.53 per mtu for 44% Mn ore delivered to China. Eramet reports the CRU index averaged $5.5 per dmtu, with a peak near $9 between April and July and a fourth-quarter average of $4.1.
What was the highest manganese ore price in the last ten years?
The highest annual average in USGS data for 2016 to 2025 is $7.16 per mtu in 2018. Within 2024, Eramet reports a peak of about $9 per dmtu between April and July.
What is the average manganese ore price over ten years?
About $5.38 per mtu for the years 2016 to 2025, using USGS annual averages with 2025 as an estimate. That is about $237 per tonne of 44% ore.
Why did manganese ore prices fall in late 2024?
Eramet attributes the fall from mid-August to weaker Chinese steel output and carbon steel production, a sudden increase in semi-carbonate ore supply from South Africa, and large Chinese port stocks. The fourth-quarter average was $4.1 per dmtu, 44% below the third quarter.
Where can I find the current manganese ore price?
On the index publishers' pages, such as Fastmarkets or S&P Global Platts, or from SMM. Some data is behind a subscription. This site does not publish live prices.
Sources
- USGS Mineral Commodity Summaries 2026: Manganese
- USGS Mineral Commodity Summaries 2025: Manganese
- USGS Mineral Commodity Summaries 2024: Manganese
- USGS Mineral Commodity Summaries 2023: Manganese
- USGS Mineral Commodity Summaries 2022: Manganese
- USGS Mineral Commodity Summaries 2021: Manganese
- Eramet: 2024 financial results
- Eramet: 2023 results
- Eramet: 2021 results
- South32: quarterly report, June 2017 (one of the quarterly reports used for realised prices)
Specifications published by index providers are revised over time. Where a figure comes from a pricing notice, confirm the version currently in force with the publisher before you use it in a contract. Corrections are welcome.