| Element | Base or typical | Accepted range or limit | Why it matters |
|---|---|---|---|
| Manganese (Mn) | 43.5% | 40 to 47% | Sets the price, paid per dry tonne unit |
| Iron (Fe) | 4.5% | No limit stated in the notices | Penalised above the base |
| Phosphorus (P) | Not stated | Up to 0.16% | Penalty element |
| Alumina (Al2O3) | 5.5 to 7.6% | Up to 14.0% | Penalty element |
| Silica (SiO2) | About 10 to 11% | Limits amended more than once | Penalty element |
| Moisture | 3 to 8% | Up to 12.0% | Price is per dry tonne, so wet cargo is worth less |
These are the specifications of a price index, not a rule for every contract. Fastmarkets has amended its manganese ore index specifications more than once and has suspended one amendment, so confirm the version in force on its methodology page before you quote it in a contract.
High-grade and semi-carbonate benchmarks
Fastmarkets publishes two main CIF Tianjin indices in dollars per dmtu: a high-grade index with a base of 43.5% Mn, and a semi-carbonate index with a base of 36.5% Mn, which also has an FOB Port Elizabeth assessment. If a buyer asks for a 36% or 37% grade, it is usually the semi-carbonate reference they have in mind. Ore with a grade like that is priced against the semi-carbonate benchmark, with its own limits on the other elements, not as a discounted high-grade ore.
How manganese ore is priced
Manganese ore is priced per metric tonne unit. One mtu is 1% of a tonne, which is 10 kg of contained manganese, so a tonne of ore assaying 44% Mn holds 44 mtu. The unit price multiplied by the assay gives the price per tonne: at an illustrative $4.50 per mtu, a dry tonne assaying 40% Mn is worth about $180 before deductions and freight.
The price is quoted on a dry basis, written dmtu. Moisture is therefore both a quality parameter and a weight adjustment: the buyer pays for the dry tonnes, not the wet ones.
The benchmark is high-grade ore delivered CIF Tianjin in China, assessed by price reporters such as Fastmarkets. Cargoes from other origins are priced relative to it, with freight netted back to the load port for FOB sales. Ore is sold as lump and fines, and lump usually earns a premium.
What the assay decides
The manganese content sets the headline price. The other elements decide the deductions. Phosphorus, silica, alumina and iron are penalised when they exceed the base in the contract, and the rates are written into each contract, not fixed across the market.
Sampling and sample preparation follow written standards. ISO 4296-1 covers increment sampling of manganese ore at the places of dispatch and acceptance, and ISO 4296-2 covers preparing the samples, with moisture and chemical samples prepared separately. Contracts normally name an independent laboratory, and if the buyer's and seller's results differ by more than the agreed splitting limit, a third laboratory (the umpire) decides.
Who supplies the world's manganese
USGS reports South Africa mined about 7.6 million tonnes of contained manganese in 2025, Gabon about 5.0 million, Ghana about 2.0 million and Australia about 1.6 million, together roughly 81% of world output. Output is counted as contained manganese, not ore weight: about 2.3 tonnes of 44% ore contain one tonne of manganese. China mines little relative to its steel industry and imports most of the ore it uses.
Ghana's output rose about 56% in 2025, which shows how quickly one new supplier can change the balance of the ore market.
Export policy is part of the price risk
Gabon has said it plans to stop exporting raw manganese from 2029 and to process the ore locally. Ghana's president announced in February 2026 a target of ending raw ore exports, including manganese and bauxite, by 2030, and repeated it in October 2026. Reports in October 2026 said no law, regulation or list of covered minerals had been published for the Ghanaian ban, so its scope and timing are still open.
For a buyer, this means the cheapest sources today may not be available in a few years. For a seller, it means the legal status of raw ore exports from your origin should be checked before a contract is signed.
Shipping, delivery terms and payment
Ore is sold FOB (buyer arranges the ship), CFR or CIF (seller arranges the ship to the destination port, and CIF includes insurance). Benchmark notices describe payment by cash or letter of credit at sight. Weight is normally set by a draft survey at the load port, and quantity, sampling and assay are certified by an independent inspector named in the contract.
Before agreeing the shipping terms, check the cargo's classification under the IMSBC Code, which governs how solid bulk cargoes are declared and carried.
Related calculators
Frequently asked questions
What is an mtu in manganese ore?
A metric tonne unit is 1% of a tonne, or 10 kg, of contained manganese. A tonne of ore assaying 44% Mn contains 44 mtu. Prices are quoted in dollars per dry metric tonne unit.
How is manganese ore priced?
The unit price per dmtu is multiplied by the manganese content, then deductions are applied for phosphorus, silica, alumina, iron and moisture as set in the contract. The benchmark is high-grade ore delivered CIF Tianjin, China.
What manganese content counts as high-grade ore?
Fastmarkets' high-grade manganese ore index has a base of 43.5% Mn and accepts ore from 40 to 47%. Other grades and indices use different bases.
What is 36.5% or 37% manganese ore?
Fastmarkets publishes a semi-carbonate manganese ore index with a 36.5% Mn base, quoted CIF Tianjin and FOB Port Elizabeth in dollars per dmtu. Buyers who ask for 36 to 37% ore usually mean ore priced against that benchmark.
Which countries produce the most manganese?
According to USGS Mineral Commodity Summaries 2026, South Africa mined about 7.6 million tonnes of contained manganese in 2025, Gabon about 5.0 million and Ghana about 2.0 million.
Is Ghana banning manganese ore exports?
Ghana's president has announced a target of ending raw ore exports, including manganese, by 2030. As of October 2026, reports said no law or list of covered minerals had been published.
Sources
- USGS Mineral Commodity Summaries 2026: Manganese
- Fastmarkets: amendment to manganese ore 44% Mn index specifications
- Fastmarkets: manganese ore semi carbonate index, 36.5% Mn, CIF Tianjin, $/dmtu
- Fastmarkets: proposal to amend specifications of manganese ore high-grade indices
- Fastmarkets: decision to suspend amendment of manganese ore high-grade indices
- ISO 4296-1:1984 Manganese ores: increment sampling
- ISO 4296-2:1983 Manganese ores: sample preparation
- Africa Analyst: Gabon plans to stop exporting raw manganese from 2029
- Ghana News Agency: Ghana targets 2030 to end raw mineral ore exports
- Citi Newsroom: Ghana to stop exporting raw bauxite and manganese by 2030
- JoyNews: Mahama puts mining firms on notice over 2030 raw ore export ban
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.