Slow Destocking at Ports, Manganese Ore Expected to Stabilize and Rebound [SMM Analysis]

【SMM Analysis: Slow Destocking at Ports, Manganese Ore Expected to Stabilize and Rebound】 As of this Friday, northern ports: Australian lump at 49-49.5 yuan/mtu, down 1.99% MoM; Australian fines at 41.5-42 yuan/mtu, down 2.34% MoM; South African semi-carbonate at 38-38.5 yuan/mtu, down 2.55% MoM; Gabonese ore at 47-49 yuan/mtu, down 2.04% MoM; South African high-iron ore at 30-30.5 yuan/mtu, flat MoM. Southern ports: Australian lump at 44.5-45 yuan/mtu, down 2.19% MoM; Australian fines at 42.5-43 yuan/mtu, down 2.29% MoM; South African semi-carbonate at 36.5-37 yuan/mtu, flat MoM; Gabonese ore at 44-46 yuan/mtu, down 2.17% MoM; South African high-iron ore at 29.5-30 yuan/mtu, flat MoM. During the week, manganese ore production from Consolidated Minerals Limited (CML) in Australia dropped significantly in Q1 due to flooding, which is expected to impact normal manganese ore shipments from the mine in Q2. This news has fueled bullish sentiment among some industry participants. However, downstream alloy plants showed weak enthusiasm for manganese ore procurement, with insufficient downstream demand support, putting pressure on spot price increases. Currently, port manganese ore is undergoing slow destocking, with inventory at relatively low levels. Coupled with concentrated manganese ore ownership and strong miner sentiment to withhold supply, tight spot supply is expected in the market. Additionally, the slight rise in overseas market quotations has strengthened cost support, reducing miners' willingness to sell at low prices. On the demand side, alloy plants are expected to maintain just-in-time procurement. The manganese ore market is anticipated to...