Capacity Contraction and Weakening External Demand Led to MoM Decline in SiMn and FeMn Exports in April [SMM Analysis]

According to the latest data released by the General Administration of Customs, SMM statistics showed that China's SiMn and FeMn exports in April 2026 totaled 4,394.9 mt, down 28.67% MoM and up 28.38% YoY. From January to April, China's total SiMn and FeMn exports reached 15,060.79 mt, up 80.10% YoY.

In April 2026, China's SiMn and FeMn exports declined significantly MoM while still maintaining YoY growth. The short-term export pullback was mainly constrained by multiple real-world factors. First, the domestic production side remained under pressure. Affected by raw material price fluctuations, the SiMn industry had weak profitability. Enterprises in northern production areas actively cut production, while alloy plants in south China maintained low operating rates. Overall market circulating supply tightened, and enterprises had insufficient spot cargo available for exports. Second, after the earlier surge in domestic SiMn market prices followed by a rapid correction, market volatility intensified. Foreign trade merchants saw reduced pricing stability, overseas buyers exhibited strong wait-and-see sentiment, and temporarily slowed their concentrated purchase pace. Third, export orders were released in a concentrated manner in March, prematurely consuming part of the foreign trade demand. In April, overseas downstream stocking entered its final stage, and overseas market procurement demand weakened on a periodic basis. Meanwhile, the price spread between domestic and overseas markets narrowed, China's SiMn export price advantage diminished, and foreign trade order signing volumes declined notably. Overall, domestic capacity contraction, periodic weakness in external demand, and the earlier depletion of orders collectively caused this month's SiMn exports to pull back significantly MoM.

From the perspective of import and export regional structure, SiMn exports were primarily destined for Indonesia.

Regarding the sustainability of future SiMn alloy exports: from a macro perspective, it is necessary to track the transmission effects of changes in the global economic environment on the overall SiMn market; from a fundamentals perspective, the focus should be on the recovery pace of overseas steel mill production demand, as well as changes in domestic SiMn producers' capacity release and cost control.