China’s Ferro manganese market shifted from April’s strong momentum to a softer, more balanced tone by mid May as demand cooled and inventories stayed comfortably above seasonal norms. Early support from construction and automotive activity gradually faded, with buyers turning cautious ahead of the monsoon and sellers discounting to maintain flows. Automotive alloy offtake remained steady, helped by rising manganese intensity and growth in EV production, while construction linked consumption added stability. However, shipbuilding and plate demand lagged, and high domestic self sufficiency kept import interest limited. On the supply side, improved ore deliveries, stable power costs and resumed furnace operations eased earlier tightness, creating a more liquid spot environment. Looking ahead, the Ferro manganese outlook appears mixed, with potential upside from steel sector policy support but downside risks tied to freight costs, substitution trends and shifting inventory patterns.
