Since entering Q2 2026, the silicon manganese alloy market has remained under sustained pressure. Prices of upstream raw materials—including manganese ore and coke—have stayed elevated, while downstream steel consumption remains sluggish amid strong price-suppression efforts from mills. The industry is caught in a dual squeeze of “high costs and weak demand,” with losses spreading rapidly from isolated cases to a widespread trend.

According to the latest data released by the General Administration of Customs, SMM statistics indicate that China exported 3607.39 tons​ of silicomanganese in June 2026, marking a 41.70% month-on-month​ decline and 213.25% year-on-year​ increase. Total exports for January–June 2026 reached 24856.28 tons, up76.68%​ year-on-year.

According to the latest release from the General Administration of Customs, SMM statistics show that China's total manganese ore imports reached 3.0167 million tons​ in June 2026, up 10.59%​ month-on-month and 12.41%​ year-on-year. The total imports for January–June 2026 were approximately 17.4912 million tons, an increase of 3.0319 million tons​ (up 20.97%) compared with the same period in 2025 (approximately 14.4593 million tons).

The spot price of domestic electrolytic manganese showed a clear staged trend in the first half of 2026: it first surged upward, retreated amid intensified long-short game, and then rebounded and stabilized supported by coordinated production cuts. The price center remained elevated throughout the period, underpinned mainly by high sulfuric acid costs and joint industry regulation.

The 2026 H1 manganese market trended up first and down later, with high-level volatility driven by persistent friction between rigid high-cost support and weak terminal demand. The H2 market is poised for cost-supported limited recovery. Firm overseas ore prices will underpin the market, while high port inventories cap upside. Silicomanganese prices are expected to trend higher on production cuts and destocking, with rebound room constrained by demand recovery progress.

According to the latest release from the General Administration of Customs, SMM data show that China's total manganese ore imports in May 2026 amounted to 2.7278 million mt, down 3.06% MoM and 7.32% YoY. In January-May 2026, total manganese ore imports reached approximately 14.4745 million mt, up 2.699 million mt YoY (compared with about 11.7755 million mt in January-May 2025), an increase of 22.92% YoY. Specifically, Australian ore imports were 489,500 mt, up 42.79% MoM; South African ore 1.5865 million mt, up 3.15% MoM; Gabonese ore 276,800 mt, up 36.8% MoM; Ghanaian ore 171,800 mt, down 61.57% MoM; Brazilian ore 132,900 mt, up 21.3% MoM, Myanmar ore 57,400 mt, down 0.68% MoM.