Off-Season Demand Coupled With the Chinese New Year Effect Led to a Significant Decline in China's SiMn Exports in January [SMM Analysis]

According to the latest release from the General Administration of Customs, SMM statistics showed that China’s SiMn exports totaled 2,539.52 mt in January 2026, down 50.55% MoM and 31.84% YoY. China’s SiMn imports were 0 mt in January 2026, down 100% MoM and 100% YoY.

The decline in SiMn exports in January was mainly due to weak demand outside China and the Chinese New Year holiday effect.

January was the traditional off-season for the global steel industry. Steel mills in major export destinations such as Indonesia and Uzbekistan cut production, underwent maintenance, and suspended procurement, causing orders to plunge. In China, high manganese ore import costs and firm spot SiMn prices contrasted with low prices outside China, squeezing export margins, and most enterprises proactively stopped taking new orders. In addition, as the Chinese New Year approached in late January, alloy plants in China took holidays early and logistics services were suspended, bringing order delivery and shipments to a near standstill.

SiMn imports were 0 mt in January, mainly because newly added capacity in northern regions (Inner Mongolia and Ningxia) continued to be released. China’s SiMn production in January fully covered domestic demand, and with high domestic inventory, steel mills mainly adopted purchasing as needed and low-inventory strategies, leaving no incentive for import restocking.

In terms of the regional structure of imports and exports, SiMn exports were mainly destined for Indonesia.

Regarding the sustainability of future SiMn alloy exports: From the macro perspective, it is necessary to track how changes in the global economic environment are transmitted to the overall SiMn market; from the fundamental perspective, focus should be placed on the pace of recovery in production demand from steel mills outside China, as well as changes in capacity release and cost control among China’s SiMn producers.