[SMM Analysis] July 2024 Manganese Ore Imports Increased by 7% MoM

According to the latest release from the General Administration of Customs, in July 2024, China's total manganese ore imports were 2.29 million mt, up 7.01% MoM, but down 8.03% YoY. The cumulative imports from January to July were 16.31 million mt, down 8.84% YoY. In July, manganese ore imports increased slightly. The top five sources of manganese ore imports were: South African manganese ore (1,420,664 mt), Gabonese manganese ore (341,398 mt), Ghanaian manganese ore (202,087 mt), Burmese manganese ore (108,828 mt), and Australian manganese ore (84,114 mt), totaling 2,157,092.860 mt, accounting for about 94% of the total imports.

Among them, the imports of manganese ore from South Africa and Gabon increased significantly, while those from Australia and Brazil declined noticeably. Due to South32's manganese ore from Groote Eylandt being unable to ship normally, the balance of manganese ore supply was disrupted. Without additional supply, the global manganese ore supply gap is expected to reach 7%; with additional supply, the gap is expected to be 4%. Looking ahead, as market tensions ease, the tight supply situation is expected to alleviate, and manganese ore prices are expected to decline further.