Ore Price Pullback Combined with Capacity Contraction: April Manganese Ore Import Volume Shrank MoM [SMM Analysis]

According to the latest data released by the General Administration of Customs, SMM statistics showed that China's total manganese ore imports in April 2026 were 2.814 million mt, down 11.61% MoM and down 5.29% YoY. From January to April 2026, total manganese ore imports were approximately 11.7467 million mt, up 1.9144 million mt YoY (approximately 8.8323 million mt imported from January to April 2025), up 33.00% YoY. Specifically, South African ore was 1.5381 million mt (down 17.02% MoM), Ghanaian ore 447,000 mt (up 127.24% MoM), Australian ore 342,800 mt (down 13.37% MoM), Gabonese ore 202,400 mt (down 55.26% MoM), Brazilian ore 109,600 mt (up 15.52% MoM), and Myanmar ore 57,800 mt (up 7.15% MoM).

China's manganese ore imports in April 2026 declined notably MoM and also edged down YoY. Market side, manganese ore prices rose significantly in March, then slowly pulled back in April, largely giving back earlier gains. Bearish sentiment intensified in the market, with downstream buyers mostly adopting a wait-and-see sentiment and slowing their stockpiling pace. The demand side became the core drag factor, as downstream SiMn enterprises saw profit margins compressed, with the industry generally falling into losses. Production cuts occurred in northern main producing areas, and the market's ability to absorb raw materials weakened significantly. Operating rates at south China alloy plants remained at low levels, with insufficient overall production intensity and low actual consumption of manganese ore raw materials. Supply side, arrivals from mainstream manganese ore sources including South Africa, Australia, and Gabon all declined notably. Only imports from niche origins such as Ghana, Brazil, and Myanmar edged up, but their limited volumes were unable to offset the reduction from mainstream sources. In addition, port manganese ore inventory remained at a reasonably high level, and producers prioritized consuming existing inventory, with weak willingness to place new import orders. Multiple factors collectively led to the MoM pullback in overall manganese ore import volumes in April.