- Y-o-y drop in imports shrinks from 19% in Jan-Mar
- Manganese ore imports surge 54% m-o-m in Apr’25
Mysteel Global: China’s total manganese ore imports fell by 6.1% y-o-y over this year’s January-April period to 8.83 million tonnes (mnt), according to the latest data released by China’s General Administration of Customs (GACC) on 20 May.
The y-o-y decrease narrowed significantly compared with the drop of 19.3% for the first three months, thanks to a sharp recovery in April’s import volume.
During last month alone, China imported 2.97 mnt of manganese ore, surging by 1.04 mnt or 53.9% m-o-m and recording the highest monthly total since December 2023.
Manganese ore delivered to China increased sharply in April when overseas mines accelerated their pace of shipments, sources suggested.
This was in line with the results of Mysteel’s survey, which showed that the volume of manganese ore delivered to China by the four major exporters – South Africa, Australia, Gabon and Ghana – totalled 2.73 mnt during April, jumping by 35% m-o-m.
With the increased volume of Mn ore delivered to China, inventories at the country’s major ports accumulated gradually in April. By the end of last month, inventories of the ore at China’s major ports totalled 4.06 mnt, increasing by 13.4% m-o-m, according to Mysteel’s survey.
However, demand for ore from manganese alloy smelters decreased last month, as they conducted maintenance on their facilities or slowed their production pace, given their steeper losses on sales.
Mysteel’s latest monthly survey showed that in April, total silico manganese (SiMn) output among the 187 Chinese smelters under its regular tracking registered 805,895 tonnes (t), falling by 93,220 t or 10.4% m-o-m. The sampled smelters host 99% of China’s SiMn smelting capacity.
China’s manganese ore prices lost ground in April amid weak SiMn prices and negative market sentiment. As of 30 April, prices of South Africa-origin 36.5% grade manganese ore at North China’s Tianjin port were assessed by Mysteel at RMB 32.8/dry metric tonne unit (dmtu) ($4.6/dmtu), including 13% VAT, lower by RMB 3/dmtu m-o-m.
Prices of SiMn in both the physical and futures markets weakened further in April, with the national price of 6517 SiMn under Mysteel’s assessment reaching RMB 5,602/t, including the 13% VAT, as of 30 April, lower by RMB 274/t m-o-m.
During the same period, the most-traded SiMn contract on the Zhengzhou Futures Exchange for delivery in September closed the daytime trading session on 30 April at RMB 5,752/t, slumping by RMB 400/t from the contract’s settlement price on 31 March, according to the exchange’s data.
Market participants expect that the tonnage of manganese ore delivered to China may stay high this month, amid an increase in shipments from South Africa during the April-June quarter.
Meanwhile, shipments of this ore from Australia are also expected to increase this month, as South32, the world’s largest manganese miner headquartered in Perth, Western Australia, said in its latest quarterly report that export sales at its Australia Manganese joint venture may recommence in May after the disruption caused by Tropical Cyclone Megan in mid-March 2024.
Note: This article has been written in accordance with a content exchange agreement between Mysteel Global and BigMint.
Leave a Reply