Despite no immediate concerns about inventory shortages, the supply gap for Australian lump has not yet been filled

In June, China's manganese ore inventory was 5.07 million mt, up 4.96% MoM but down 20.53% YoY. Based on the current manganese ore shipment and inventory data, there are no immediate concerns about inventory shortages. However, the supply gap for Australian lump has not yet been filled, and some miners still have certain expectations for the price outlook. It is expected that in July, the market will remain in a stalemate. The support for manganese ore prices will require significant destocking at ports.