SYDNEY, June 27, 2026, 08:06 AEST
- South32 closed at A$3.91 on Friday, dropping roughly 8% for the week.
- The ASX is closed on Saturday, meaning this is a recap and look ahead for last week and the week to come.
- The June quarter needs to deliver around 751,000 wet metric tonnes for FY26 Australia Manganese to meet guidance.
- LME cash aluminium has dropped roughly 18% since June 3, weighing on a stock that got a boost from higher metal prices earlier.
South32 Ltd ASX:S32 closed Friday at A$3.91, down 0.26%. Shares changed hands between A$3.88 and A$4.01. The S&P/ASX 200 Materials index gained 0.81% to 23,569.90. The Australian Securities Exchange was closed Saturday, June 27. Google
South32 shares are down about 8% for the week, compared to A$4.25 seven days ago. The stock has dropped more steeply in June—closing at A$4.91 on June 3, then falling to finish Friday nearly 20% lower than that. Intelligent Investor
Aluminium is in focus. LME cash aluminium dropped to $3,132 a ton on June 25, down 17.5% from $3,797 on June 3, according to Westmetall.
Manganese is getting less attention. CEO Graham Kerr said in South32’s March report that “our teams delivered several strong operating results,” but confirmed guidance was unchanged everywhere “except Australia Manganese”. South32 logged 2,249 thousand wet metric tonnes in the nine months to March, or 75% of its cut 3,000kwmt FY26 target. It now needs to deliver 751kwmt in the June quarter, 28% higher than the March quarter and 7% lower than December’s 806kwmt. SharNet
South32 is the top manganese producer globally, so the April production cut wasn’t a minor weather story. Its March quarter manganese output totaled 1.09 million wmt, falling short of the 1.25 million wmt forecast from Visible Alpha. The company cited higher water levels and Tropical Cyclone Narelle for the hit to its Australia Manganese outlook. Reuters
South32’s run up may be losing steam. The stock is up roughly 10% in 2026 and about 32% for FY26 based on delayed share data, but with aluminium prices falling, the market is now watching to see if the June-quarter report will backstop those gains.
Financial-year end falls on June 30 this week. South32 will report its June 2026 quarterly numbers on July 20, and the company’s FY26 results are set for August 27. South32
South32 is trading against the Materials index and aluminium is near the $3,100 LME cash mark ahead of that report. Friday saw the sector climb, but South32 fell.
