【SMM Analysis：Overseas summer vacation demand decreased, EMM export volume down MoM】

【SMM Analysis：Overseas summer vacation demand decreased, EMM export volume down MoM】According to the latest release from the General Administration of Customs, SMM statistics show that in July 2024, China's export volume of unwrought manganese; scrap; and powder was 27,735 mt, down 14.84% MoM, up 8.17% YoY. The export volume of wrought manganese and manganese products was 1,835 mt, down 49.44% MoM, down 49.44% YoY. The total export volume of EMM and manganese products in July 2024 was 29,600 mt, down 18.31% MoM. There are two main reasons for the decrease in export volume in July. On one hand, due to the overseas summer vacation period, the number of overseas steel mills reducing or halting production increased. At the same time, the market, being in a regular off-season, had limited demand for EMM, leading to generally weak purchasing enthusiasm for EMM, with inquiries and purchases being relatively light. On the other hand, the rise in ocean freight rates in July led to an increase in overseas transportation costs for EMM. With downstream demand being weak, this further suppressed the overseas market's willingness to purchase EMM. Therefore, overseas purchases of EMM decreased, and the export volume was down MoM.