Posted on 22 Mar 2023
China's imports of manganese ore reached 5.17 million tonnes over the first two months of this year, higher by a significant 12.1% from the same period last year, according to new data released by the country's General Administration of Customs (GACC).
For February alone, China imported 2.7 million tonnes of manganese ore, higher by 242,833 tonnes or 9.9% from the prior month, the GACC data showed.
"Domestic traders purchased more manganese ore at the end of last year (which arrived in China over January-February), as the offering prices of the ore from overseas mines were lower at that time," a market watcher in Shanghai said.
Besides, the steady recovery in manganese alloy production also gave domestic traders some confidence to increase their manganese ore imports, given their expectations for better demand, Mysteel Global noted.
For example, daily silicomanganese output among the 121 Chinese smelters under Mysteel's tracking continued to move up in February to average 31,076 tonnes/day, up for the sixth consecutive month by another 2,402 t/d from the prior month, the survey showed.
With the uptick in import arrivals, inventories of manganese ore at China's major ports also mounted over the first two months, with the total volume reaching 6.18 million tonnes as of February 24, jumping by 460,000 tonnes or 8% from the end of last December, according to Mysteel's data.
Domestic manganese ore prices tracked through an inverted 'V' shape over the first two months of this year, and the decrease in February was mainly attributed to pressure from the mounting stocks at ports and the weakness of manganese alloys markets, Mysteel Global learned.
As of February 28, the price of South Africa-origin 36.5% grade Mn ore at North China's Tianjin port was assessed by Mysteel at Yuan 35/dmtu ($5.1/dmtu) including the 13% VAT. This was lower by Yuan 1.8/dmtu on month, but higher by a tiny Yuan 0.3/dmtu from the end of last December.
By the end of February, the national price of 6517 SiMn under Mysteel's assessment came in at Yuan 7,313/t including the 13% VAT, lower by Yuan 96/t on month, or down Yuan 28/t compared with two months earlier.
Source:Mysteel Global
