[SMM Data] Regular Procurement Season: September Manganese Ore Imports Increased MoM

According to the latest release from the General Administration of Customs, in September 2024, China's total manganese ore imports were 2.73 million mt, up 4.56% MoM, but down 10.18% YoY. The cumulative imports from January to September were 21.66 million mt, up 6.21% YoY. In September, manganese ore imports increased slightly. Specifically, in September 2024, China imported 126,900 mt of Australian manganese ore, up 39.01% MoM; 1.448 million mt of South African manganese ore, down 16.15% MoM; 408,800 mt of Gabonese manganese ore, up 320.97% MoM; 409,600 mt of Ghanaian manganese ore, up 0.44% MoM; 143,400 mt of Brazilian manganese ore, up 2489.56% MoM; and 20,800 mt of Myanmar manganese ore, down 80.18% MoM.

Due to September being the regular procurement season for manganese ore, alloy plants are expected to increase their procurement from manganese plants, leading to a 5% MoM increase in manganese ore imports. Among these, the imports of Australian and Gabonese manganese ore were significant, mainly because alloy plants still primarily use high-grade manganese oxide ore in production, resulting in high procurement enthusiasm for Australian and Gabonese ore. Looking ahead, the current port inventory of manganese ore is at a relatively high level, and alloy plants' procurement of manganese ore is lower-than-expected. Currently, the manganese ore market is oversupplied, and manganese ore prices are expected to fluctuate downward.