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Market Status: Global Metallurgy and Ferroalloys – September 2025 Roundup
Katowice, Poland – October 10, 2025
As we reach the end of September 2025, the global markets for metallurgy and ferroalloys are showing many different trends at the same time. If you want a simple story, you will not find it this month. While some regions like India are growing fast, others like China and Europe are having a much harder time.
Steel Production: The Big Decline
The main headline for September is that global steel production is going down. We reached about 141.8 million tons, which is 1.6% less than the same time last year. Most of this “missing steel” is because of China. As the world’s biggest producer, China saw its output fall by 4.6% to 73.5 million tons. Their domestic demand is just not there anymore, especially with the problems in their building sector.
However, not everyone is losing. India is currently the fastest-growing major producer, with a huge 10.5% increase in the first nine months of 2025. The USA also did okay with a 6.7% increase compared to last year, even if they produced a bit less than they did in August. For the whole year so far, global production is down about 1.6%.
Ferroalloys: A Mixed Bag for Prices
In the ferroalloys market, the situation is very “mixed” depending on what product you are looking at.
• Ferrosilicon: This is one of the stronger products right now. Prices for 72% grade are around $1,050–$1,070 per ton. We see a steady rise because buyers in China are busy stocking up their warehouses before the National Day holidays start.
• Magnesium: This market is facing “renewed weakness”. Even though production in China jumped by over 8% because many plants finished their summer maintenance and started working again, the buyers are being very “cautious”. Prices are sitting around $2,500–$2,530.
• Manganese: Electrolytic manganese (99.7%) is holding quite steady at nearly $1,970 per ton.
Many people in the market are hoping that interest rate cuts and new economic stimulus in China will help things recover soon. We started to see some small signs of stabilization in the Chinese real estate market after the announcements this month, but it is still early to be sure.
Manganese Ore: Regional Differences
The manganese ore market is really split by where the mines are located.
• Australia: South32 had a very successful time here. Their production reached 854,000 tons, and their sales grew by a massive 273% compared to the previous period.
• South Africa: It is a different story for South32 in Africa, where production fell by 7% down to 551,000 tons. Their sales also dropped by 9% compared to last year. In terms of prices, MOIL Limited in India decided to keep their prices the same for September, even though some global producers are trying to push their offers higher. Meanwhile, companies like UMK and NMT have already announced price increases for shipments going to China.
The “Perfect Storm” in Europe
Europe is currently facing a very difficult situation. The economy is technically “resilient,” but growth is very slow, forecast at only 1.2% for 2025. The manufacturing sector (PMI) fell back into contraction at 49.8 points this month, which shows the recovery is very fragile.
The European steel industry is dealing with what they call a “perfect storm”. They have high energy costs, weak demand from car makers and construction, and they are being hit by over 5 million tons of cheap steel products imported from Russia this year. There is a lot of worry that if the EU does not take “swift and decisive action” before the current trade safeguards expire in June 2026, they might lose their domestic steel industry entirely.
Looking Forward
As we head toward the end of 2025, the outlook stays “cautious”. Everyone is watching the Chinese stimulus measures very closely. Also, metallurgical coal prices might start to rise again. This is because the big dreams for “green steel” are fading a little bit, and people realize that traditional blast furnaces are going to be needed for a long time yet. It is a complicated time for metallurgy, and everyone is focusing on staying profitable in a tough market.
***
Primeore Trading (Polska) Sp. z o.o. is a trading arm of Primeore Ltd. which is responsible for handling of all international trading and trading-related operations of the group. The company is involved into operations with manganese ore, ferroalloys, coke and coal products worldwide.
Media contacts
For further information please contact office.poland@primeore.eu
As we reach the end of September 2025, the global markets for metallurgy and ferroalloys are showing many different trends at the same time. If you want a simple story, you will not find it this month. While some regions like India are growing fast, others like China and Europe are having a much harder time.
Steel Production: The Big Decline
The main headline for September is that global steel production is going down. We reached about 141.8 million tons, which is 1.6% less than the same time last year. Most of this “missing steel” is because of China. As the world’s biggest producer, China saw its output fall by 4.6% to 73.5 million tons. Their domestic demand is just not there anymore, especially with the problems in their building sector.
However, not everyone is losing. India is currently the fastest-growing major producer, with a huge 10.5% increase in the first nine months of 2025. The USA also did okay with a 6.7% increase compared to last year, even if they produced a bit less than they did in August. For the whole year so far, global production is down about 1.6%.
Ferroalloys: A Mixed Bag for Prices
In the ferroalloys market, the situation is very “mixed” depending on what product you are looking at.
• Ferrosilicon: This is one of the stronger products right now. Prices for 72% grade are around $1,050–$1,070 per ton. We see a steady rise because buyers in China are busy stocking up their warehouses before the National Day holidays start.
• Magnesium: This market is facing “renewed weakness”. Even though production in China jumped by over 8% because many plants finished their summer maintenance and started working again, the buyers are being very “cautious”. Prices are sitting around $2,500–$2,530.
• Manganese: Electrolytic manganese (99.7%) is holding quite steady at nearly $1,970 per ton.
Many people in the market are hoping that interest rate cuts and new economic stimulus in China will help things recover soon. We started to see some small signs of stabilization in the Chinese real estate market after the announcements this month, but it is still early to be sure.
Manganese Ore: Regional Differences
The manganese ore market is really split by where the mines are located.
• Australia: South32 had a very successful time here. Their production reached 854,000 tons, and their sales grew by a massive 273% compared to the previous period.
• South Africa: It is a different story for South32 in Africa, where production fell by 7% down to 551,000 tons. Their sales also dropped by 9% compared to last year. In terms of prices, MOIL Limited in India decided to keep their prices the same for September, even though some global producers are trying to push their offers higher. Meanwhile, companies like UMK and NMT have already announced price increases for shipments going to China.
The “Perfect Storm” in Europe
Europe is currently facing a very difficult situation. The economy is technically “resilient,” but growth is very slow, forecast at only 1.2% for 2025. The manufacturing sector (PMI) fell back into contraction at 49.8 points this month, which shows the recovery is very fragile.
The European steel industry is dealing with what they call a “perfect storm”. They have high energy costs, weak demand from car makers and construction, and they are being hit by over 5 million tons of cheap steel products imported from Russia this year. There is a lot of worry that if the EU does not take “swift and decisive action” before the current trade safeguards expire in June 2026, they might lose their domestic steel industry entirely.
Looking Forward
As we head toward the end of 2025, the outlook stays “cautious”. Everyone is watching the Chinese stimulus measures very closely. Also, metallurgical coal prices might start to rise again. This is because the big dreams for “green steel” are fading a little bit, and people realize that traditional blast furnaces are going to be needed for a long time yet. It is a complicated time for metallurgy, and everyone is focusing on staying profitable in a tough market.
***
Primeore Trading (Polska) Sp. z o.o. is a trading arm of Primeore Ltd. which is responsible for handling of all international trading and trading-related operations of the group. The company is involved into operations with manganese ore, ferroalloys, coke and coal products worldwide.
Media contacts
For further information please contact office.poland@primeore.eu
