[SMM Data] Downstream Alloy Plants' Winter Stockpiling Demand Supports Increase in Manganese Ore Imports in December MoM

According to the latest release by the General Administration of Customs, SMM statistics show that China's total manganese ore imports in December 2024 reached 2.25 million mt, up 15.94% MoM and up 11.46% YoY. The cumulative import volume from January to December totaled 29.34 million mt, down 7% YoY. Manganese ore imports from Gabon and Ghana increased, while manganese ore exports from South Africa rose significantly. The MoM increase in manganese ore imports in December was mainly due to the rainy season in Gabon during Q1 2025, which increased mining difficulties and reduced manganese ore output. Shipments of manganese ore from Gabon are expected to decrease, prompting Gabon to increase shipments before the rainy season and stockpile manganese ore at ports in advance for Q1 2025. Additionally, domestic SiMn alloy operating rates remained stable, and alloy plants had winter stockpiling demand for manganese ore, leading to moderate demand for manganese ore.