Investor Presentaiton
MANGANESE MARKET
III
SOUTH32
Chinese energy costs have supported
a preference for high-grade ores
and a widening premium
Price movement in the short-term
remains driven by pace of recovery in
Chinese demand and supply dynamics
Manganese ore price and China port stocks in consumption days
(US$/dmtu, LHS; days of consumption, RHS)
10
45
45
China port stocks
(Mt)
We continue to expect the long term price
to be set by marginal South African supply
transitioning underground over time
9
8
7 6 5 4 3 2
1
40
7
35
30
6
11
5
ти
25
4
20
Apr 16
Apr 17
Apr 18
Apr 19
Apr 20
Apr 21
Apr 22
Port stock in consumption days (RHS)
37% Mn ore, CIF Tianjin
Source: Fastmarkets, Ferroalloy.net, South32 Analysis
44% Mn ore, CIF Tianjin
15
3 2
10
1
5
Apr 22
■High-grade
Mar 23
Mid-grade
■Low-grade
Source: Ferroalloy.net, South 32 Analysis
SLIDE 35View entire presentation