【SMM Analysis：Downstream Alloy Plant Demand Weakens, November Manganese Ore Imports Decrease MoM.】

【SMM Analysis：Downstream Alloy Plant Demand Weakens, November Manganese Ore Imports Decrease MoM.】According to the latest release from the General Administration of Customs, SMM statistics show that China's total manganese ore imports in November 2024 were 2.2 million mt, down 24.88% MoM and 26.12% YoY. From January to November, cumulative imports totaled 26.79 million mt, down 15% YoY. In November, Australian ore imports were 101,200 mt (up 64.3% MoM); South African ore, 1.2383 million mt (down 26.62% MoM); Gabonese ore, 345,200 mt (down 17.58% MoM); Ghanaian ore, 305,500 mt (down 24.36% MoM); Brazilian ore, 105,300 mt (down 32.61% MoM); and Myanmar ore, 41,800 mt (up 868.82% MoM). Manganese ore imports from South Africa and Gabon decreased significantly, while imports from Australia increased. The primary reason for the MoM decrease in November manganese ore imports was the relatively high manganese ore inventory at Chinese ports, coupled with weak demand from downstream alloy plants, leading to lower purchasing enthusiasm for manganese ore. Overall, the supply surplus in the manganese ore market remains unchanged, and upward momentum for manganese ore is under pressure. To maintain supply-demand dynamics, overseas mines have adopted policies such as altering manganese ore transportation methods and reducing shipments.