Recently, China's EMM market displayed a distinct dual pattern of "strong cost support with loosening at highs," with intensifying industry supply-demand and cost dynamics.

According to the latest data released by the General Administration of Customs, SMM statistics showed that China's total manganese ore imports in March 2026 were 3.1837 million mt, up 38.03% MoM and up 64.86% YoY. Total manganese ore imports from January to March 2026 were approximately 8.9327 million mt, up 3.0717 million mt YoY (approximately 5.8611 million mt imported from January to March 2025), up 52.41% YoY. In March, imports by origin were: Australia (395,700 mt, down 4.2% MoM), South Africa (1.8537 million mt, up 87.16% MoM), Gabon (452,300 mt, up 20.58% MoM), Ghana (196,700 mt, down 27.26% MoM), Brazil (94,800 mt, down 4.91% MoM), and Myanmar (53,900 mt, up 7.99% MoM).

【SMM Steel】A cyclone that earlier hit Australia's northeast is now threatening LNG and mining ops in the west. System Narelle is expected to intensify as it moves parallel to the Pilbara coast. It threatens key LNG facilities and iron ore mines. Ports are clearing vessels. Australia, the top iron ore exporter, remains vulnerable. Narelle earlier forced closures of bauxite and manganese mines.

March 13 News: Northern ports: South African high-grade ore, 32.5-35.4 yuan/mtu, prices up WoW from last Friday; South African semi-carbonate, 38.9-39.4 yuan/mtu, prices up WoW from last Friday; Gabon ore, 44.3-44.9 yuan/mtu, prices up WoW from last Friday; 46% Australian lumps, 44.9-45.4 yuan/mtu, prices up WoW from last Friday. South China ports: South African high-grade ore, 33-33.5 yuan/mtu, prices flat WoW from last Friday; South African semi-carbonate, 35.9-36.4 yuan/mtu, prices up WoW from last Friday; Gabon ore, 42-42.5 yuan/mtu, prices flat WoW from last Friday; 46% Australian lumps, 43.4-43.9 yuan/mtu, prices flat WoW from last Friday.

Feb. 26: The SM2605 contract opened at 5,748 yuan/mt and closed at 5,918 yuan/mt, up 2.85%, with the highest price at 5,968 yuan/mt and the lowest at 5,740 yuan/mt. Trading volume was 722,600 lots, and open interest stood at 451,708 lots. Futures showed an upward trend. Cost side, frequent news from manganese mines continues to stimulate the manganese ore market to hold up well. Regional divergence in electricity costs is significant, becoming a key factor affecting the competitiveness of alloy plants in different production areas. Electricity prices in northern production areas are expected to remain low, offering notable cost advantages, while the main production areas in south China see no downside room for electricity prices. The coking coal and coke markets overall remain in the doldrums, exerting a mild impact on SiMn costs. Supply side, SiMn supply diverges between the north and south markets. On one hand, some alloy plants in Inner Mongolia still have expectations to start production or resume production, which will lead to an increase in SiMn capacity release and gradually highlight supply-side pressure, likely restraining price increases. On the other hand, most SiMn producers in the south face difficulties resuming production due to rising costs from raised electricity pricing policies. Demand side, the mainstream steel tender prices for February have not been announced, and the market is watching for the impact of tender pricing on the market.

Formation and Characteristics of Manganese Carbonate Ore: Manganese carbonate ore primarily forms in deep underground rocks, with its main component being manganese carbonate, also known as rhodochrosite. This type of ore belongs to the carbonate category and is easily distinguishable from other ores. It typically appears in bait-like, granular, massive, or nodular forms, with colors ranging from grayish-black to rose. After oxidation, it turns dark brown. Its hardness ranges from 3.5 to 4.5, and its density ranges from 3.6 to 3.7...