External Demand Recovery Combined with Price Spread Advantage Boosted SiMn and FeMn Exports in May [SMM Analysis]

According to the latest release from the General Administration of Customs, SMM statistics show that in May 2026, China's SiMn alloy exports reached 6,188.1 mt, up 40.80% MoM and 35.85% YoY. From January to May, China's total SiMn alloy exports amounted to 21,248.89 mt, up 64.50% YoY cumulative.

Exports surged significantly, primarily driven by the continued recovery in demand outside China. Recently, global steel industry operating rates have steadily rebounded, with increased production activity at overseas steel mills and markedly higher rigid demand for SiMn-type raw materials. Overseas purchasing enterprises gradually initiated restocking, concentratedly releasing purchase orders, directly boosting the MoM rebound in May exports. Meanwhile, the weak demand in overseas markets in the same period last year also accentuated this year's strong YoY growth.

Secondly, a clear price spread advantage emerged between domestic and overseas markets. Domestic SiMn alloy prices were pressured by downstream steel mills pushing for lower prices and divergent industry operating rates, keeping market prices relatively low. In contrast, international SiMn alloy quotes were high, highlighting the cost-effectiveness of domestic products and attracting growing foreign trade orders. Producers and traders actively increased their export shipment ratios.

In terms of regional import-export structure, SiMn exports were primarily destined for Indonesia.

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