China: Manganese ore imports fall 7% y-o-y in CY'24

• Shipments from Australia, Gabon plunge y-o-y
  
  
• Mn ore consumption falls on lower alloy output
  
  

Mysteel: China's total manganese ore imports totalled 29.3 million tonnes (mnt) in CY'24, slipping by 2.1 mnt or 6.6% from the previous year, according to the latest data released by China's General Administration of Customs (GACC).

The reduction in shipments from countries such as Australia and Gabon was mainly responsible for the y-o-y fall.

Mysteel's survey showed that the volume of manganese ore delivered from Australia to China dropped by 62% y-o-y to 2.1 mnt in 2024, as shipments were disrupted by the damage to South32's Australian Manganese port at Groote Eylandt, caused by Tropical Cyclone Megan in mid-March.

In parallel, the volume of manganese ore delivered from Gabon to China also posted a y-o-y fall of 14% to 4.3 mnt last year, findings showed.

Besides, manganese ore consumption declined last year, as Chinese manganese smelters reduced their alloy production in response to shrinking demand from steelmakers.

Last year, total silico manganese (SiMn) output among the 187 Chinese smelters under Mysteel's regular tracking reached 10.15 mnt, falling by 12% y-o-y. The sampled plants host 99% of China's SiMn smelting capacity.

Mn ore imports rise 15.8% m-o-m in Dec'24 as demand recovers

However, in December, China imported 2.55 mnt of manganese ore, which was higher by a substantial 349,080 tonnes (t) or 15.8% from November, the GACC data showed.

Meanwhile, inventories of manganese ore at China's major ports declined last month thanks to steady demand from SiMn smelters. As of 27 December, total manganese ore stocks at China's major ports reached 5.2 mnt, lower by 892,000 tonnes or 14.7% m-o-m, according to Mysteel's weekly survey.

Many domestic SiMn smelters kept their run rates at a relatively high level in December, as they could still gain profits from sales. In parallel, some new smelting furnaces were put into operation last month, contributing to the further growth in SiMn production and boosting demand for manganese ore.

Last month, daily SiMn output among the sampled 187 smelters averaged 28,349 t, higher by 907 t/d or 3.3% from November and making for the third consecutive m-o-m rise.

Domestic manganese ore prices remained stable in December, and tags of South Africa-origin 36.5% grade manganese ore at North China's Tianjin Port under Mysteel's assessment reached RMB 33.5/dmtu ($4.6/dmtu), including 13% VAT, by the end of December, higher by RMB 0.3/dmtu compared with one month earlier.

On the other hand, domestic SiMn prices in both the physical and futures markets lost ground last month. As of 31 December, the national price of 6517 SiMn under Mysteel's assessment was at RMB 5,903/t including 13% VAT, slipping by RMB 185/t m-o-m.

On the same day, the most-traded SiMn contract on the Zhengzhou Futures Exchange for delivery in May 2025 closed the daytime trading session at RMB 6,090/t, lower by RMB 352/t from the contract's settlement price recorded one month earlier.

Note: This article has been written in accordance with a content exchange agreement between Mysteel Global and BigMint.