As a key fundamental material supporting the stainless steel and new energy battery industries, electrolytic manganese is standing at a critical industrial transformation stage. Driven by tightening environmental policies, accelerating technological iteration, steady traditional demand and booming new energy consumption, the industry features shrinking supply, structural optimization and rising price center, with its strategic value growing increasingly prominent.

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).

In March, China's manganese ore market trended upward MoM, driven by the resonance of multiple cost factors outside China. South African ore led the gains, with South African semi-carbonate at Tianjin port up 10.42% MoM and South African high-iron ore up 8.77% MoM, making them the core varieties leading the gains. Other manganese ore varieties also posted varying degrees of increases. The core drivers of this rally came from geopolitical factors and rising costs outside China, compounded by mild port inventory pressure and marginal improvement in demand. The market overall held up well.