China: Manganese ore imports rise 7% m-o-m in October

• Mn ore imports reach new peak since Nov'23
  
  
• Shipments from SA surge 48% m-o-m in Oct
  
  

Mysteel: China's manganese ore imports climbed up by 7% m-o-m in October to 2.93 million tonnes (mnt), a new high since last November, according to data released by China's General Administration of Customs (GACC). Notably, October marks the fourth consecutive month in which the total volume has risen m-o-m.

The result was in line with Mysteel's survey, which showed that the total tonnage of manganese ore delivered to China's major ports from South Africa, Australia and Gabon last month reached 2.24 mnt, higher by 16.1% from September. Notably, the volume shipped from South Africa posted a substantial rise of 48% m-o-m to 1.69 mnt in October.

With the increase in import volume, manganese ore inventories at China's major ports hovered high last month. By the end of October, the tonnage of this ore at the ports under Mysteel's regular tracking totalled 6.35 mnt, jumping by 569,000 tonnes or 9.8% m-o-m.

Additionally, during the first ten months of this year (10MCY'24), China's imports of manganese ore totalled 24.54 mnt, lower by 1.54 mnt or 5.9% from the same period last year, the GACC data showed.

China's manganese ore prices were range-bound last month, while prices of manganese alloys fluctuated in both the physical and futures markets.

As of 31 October, prices of South African-origin 36.5% grade manganese ore at North China's Tianjin Port were assessed by Mysteel at RMB 32/dry metric tonne unit (dmtu) ($4.4/dmtu), including 13% VAT, unchanged m-o-m. In October, the national price of 6517 silico manganese under Mysteel's assessment slipped by RMB 110/t m-o-m to RMB 6,060/t, including 13% VAT.

As for the derivative market, the most-traded silico manganese contract on the Zhengzhou Futures Exchange for delivery in January closed the daytime trading session at RMB 6,398/t on 31 October, lower by RMB 190/t from the settlement price on 30 September.

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