June long-term contract arrivals surge, exacerbating port inventory pressure for manganese ore.

Published: Jul 20, 2026 15:40

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According to the latest release from the General Administration of Customs, SMM statistics show that China's total manganese ore imports reached 3.0167 million tons in June 2026, up 10.59% month-on-month and 12.41% year-on-year. The total imports for January–June 2026 were approximately 17.4912 million tons, an increase of 3.0319 million tons (up 20.97%) compared with the same period in 2025 (approximately 14.4593 million tons).

In detail:

Australian ore: 443,600 tons (-9.37% MoM)
South African ore: 1.5853 million tons (-0.08% MoM)
Gabonese ore: 411,900 tons (+48.78% MoM)
Ghanaian ore: 250,800 tons (+46.02% MoM)
Brazilian ore: 58,500 tons (-55.98% MoM)
Myanmar ore: 69,200 tons (+20.67% MoM)

Firstly, the stable domestic rigid demand base combined with inventory strategy impacts. Although downstream silicon-manganese plants are generally operating at a loss, domestic manganese alloy capacity (represented by Inner Mongolia and Ningxia) maintains a basic operating rate due to high shut-down costs, forming a rigid "base consumption" of manganese ore and supporting constant import demand. In addition, port inventories continued to accumulate to high levels in the first half of the year, a considerable proportion of which resulted from long-term contract orders signed during previous high-price periods arriving with a lag—even though the spot market is currently in a state of inversion (loss), the long-term contract performance mechanism still forces goods to clear customs as scheduled, directly driving up the June import figures.

Secondly, divergent shipping structures and the release of pent-up logistics capacity. Affected by the geopolitical tensions in the Middle East in March, freight rates surged and triggered risk-aversion, causing delays to some vessel schedules. With the subsequent easing of tensions and the decline in overseas benchmark prices in June, previously backlog cargoes arrived at ports en masse. Structurally, shipments from Brazil and Australia fell by 55.98% and 9.37% month-on-month, respectively; however, volumes from Gabon, Ghana, and Myanmar rebounded sharply (+48.78%, +46.02%, and +20.67%), effectively offsetting the marginal shortfall in mainstream supply. Given the low base of these niche ores, their month-on-month volatility appears significantly amplified in statistical terms.

Additionally, it is worth noting the first-ever import of manganese ore from Timor-Leste in June. This marks a further expansion of China’s manganese sourcing map—beyond traditional mainstream suppliers (South Africa, Australia, Gabon) and established non-mainstream sources—into emerging resource-rich nations in Southeast Asia. As domestic requirements for manganese ore grades grow increasingly stringent, the establishment of stable, scaled shipments from Timor-Leste would provide domestic smelters with a new option for high-grade feedstock, thereby enhancing supply chain resilience.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

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