According to the latest release from the General Administration of Customs, SMM statistics showed that China’s SiMn exports were 2,539.52 mt in January 2026, down 50.55% MoM and down 31.84% YoY. China’s SiMn imports were 0 mt in January 2026, down 100% MoM and down 100% YoY. By import and export regional structure, SiMn exports were mainly destined for Indonesia.

According to the latest release from the General Administration of Customs, SMM statistics showed that China’s total manganese ore imports were 3.4426 million mt in January 2026, up 5.14% MoM and up 102.98% YoY. January imports by origin were Australia (601,700 mt, up 3.93% MoM), South Africa (1.963 million mt, up 12.1% MoM), Gabon (331,900 mt, down 11.61% MoM), Ghana (265,700 mt, down 21.39% MoM), Brazil (121,400 mt, up 80.69% MoM), and Myanmar (43,500 mt, down 4.56% MoM).

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.

[SMM Analysis: SiMn Alloy Market Review for 2024 and Outlook for 2025] I. Price Aspect: In 2024, the annual average price of SiMn alloy 65/17 in Inner Mongolia was 6,541.32 yuan/mt, down 5.07% YoY; in Guangxi, the annual average price was 6,660.74 yuan/mt, down 4.69% YoY. From the quarterly price review: 2024 Q1: Supply side, the reduction caused by power rationing or maintenance in north China recovered, but SiMn alloy production fell short of expectations. However, due to relatively high social inventory levels, SiMn alloy supply remained sufficient. Demand side, as steel mills had sufficient stockpiling of SiMn alloy and resumed production at a slow pace after the holiday, downstream steel mills showed weak demand and low enthusiasm for purchasing SiMn alloy, leading to a decline in SiMn alloy prices in Q1. 2024 Q2: Due to disruptions in mine shipments and other news, miners showed strong sentiment to stand firm on quotes, and manganese ore spot prices rose significantly. With strong cost support, SiMn alloy spot prices surged rapidly. Supply side, SiMn alloy plants with pre-stocked manganese ore resumed production, and SiMn alloy production increased month by month. Demand side, downstream steel mills entered the traditional "golden March and silver April" peak demand season, boosting their purchasing enthusiasm for SiMn alloy. Supported by cost-driven factors and recovering demand from downstream steel mills, SiMn alloy spot prices continued to rise.

[SMM Analysis: Severe Losses in Production Costs Lead to MoM Decline in SiMn Alloy Production in April] SMM data shows that in April 2025, China's total production of SiMn alloy decreased by approximately 9% MoM and over 12% YoY. The main reason for the decline in SiMn production in April was that, although regions with relative cost advantages in the north, such as Inner Mongolia and Ningxia, maintained high operating rates compared to the south, severe losses in production costs at SiMn plants led to production cuts and suspensions. In the south, due to relatively high prices of raw materials such as manganese ore, production pressures remained significant, prompting some SiMn plants to suspend production. Overall, both northern and southern SiMn plants experienced production cuts and suspensions, resulting in a slight decrease in overall SiMn production in April. As of May, SiMn inventory remains at a high level. With the traditional off-season for steel consumption approaching in May, the supply surplus in the SiMn market remains unchanged. SiMn plants still have varying degrees of production cut and suspension plans. It is expected that the production schedule and transaction volumes of SiMn will remain under pressure in the near future. Therefore, overall SiMn production in May is expected to continue to decline.

【SMM Analysis: SiMn Alloy Production Increased MoM in March, Expected to Decrease Slightly in April】SMM data shows that China's total SiMn alloy production in March 2025 increased by over 4% MoM, but decreased by over 7% YoY. The main reasons for the increase in SiMn alloy production in March were the maintained high operating rates in regions with relatively cost advantages, such as Inner Mongolia and Ningxia, while SiMn alloy plants in other parts of north China basically maintained normal production, with relatively small daily production fluctuations. In addition, affected by the continuous rise in manganese ore prices in south China, raw material costs increased, and SiMn alloy plants still faced significant production resistance. The daily production of some SiMn alloy plants decreased slightly, but due to the increase in calendar days in March compared to February, the overall SiMn alloy production in March increased slightly. In April, most SiMn alloy plants face a shortage of manganese ore inventory, with spot manganese ore prices at a relatively high level. SiMn alloy plants are severely affected by losses, and both north and south China have plans to reduce or halt production. In addition, the current inventory of SiMn alloy is at a relatively high level, and the growth of SiMn alloy production remains under pressure. Therefore, the overall SiMn alloy production in April is expected to turn to a decrease.

【SMM SiMn Steel Mill Tender Update】 HBIS Group set the April SiMn price at 5,950 yuan/mt, with the first round inquiry at 5,900 yuan/mt. The March SiMn price was 6,400 yuan/mt. (The April 2024 price was 6,000 yuan/mt). The April SiMn procurement volume was 11,400 mt. The March procurement volume was 11,000 mt.

【SMM Analysis: Partial SiMn Alloy Plants Halt Production for Maintenance, January SiMn Alloy Production Decreases MoM】 According to SMM data, China's total SiMn alloy production in January 2025 decreased by approximately 5% MoM and dropped by over 10% YoY. The main reason for the January decline in SiMn alloy production was the production cuts observed in both northern and southern SiMn alloy plants. Specifically, Inner Mongolia maintained a high operating rate, and although there was some newly added capacity, the actual production release was limited. In Ningxia, production reductions were caused by maintenance at certain plants. Additionally, in south China, due to a shortage of manganese ore at southern ports and rising raw material prices, SiMn alloy production costs remained high. Under production pressure, most SiMn alloy plants that had previously halted production currently have no production resumption plans. In Guangxi, although some small-scale SiMn alloy plants resumed production, the increase was smaller than the reduction. Overall, the reduction in SiMn alloy production outweighed the increase, resulting in a decline in total national SiMn alloy production in January. Heading into February, some SiMn alloy plants are expected to conduct maintenance around the Chinese New Year, leading to a slight decrease in production. Furthermore, due to the shorter number of calendar days in February, SiMn alloy production is expected to decline, with the total national SiMn alloy production showing a reduction.

[SMM Analysis: SiMn Alloy Plants Continue to Incur Losses, with SiMn Production Declining MoM in May] According to SMM data, China's total SiMn alloy production in May 2025 decreased by over 6% MoM and over 20% YoY. The main reason for the decline in SiMn production in May was that, despite the higher operating rates maintained in north China regions such as Inner Mongolia and Ningxia due to their cost advantages compared to south China, the continuous decline in spot SiMn prices led to sustained losses for SiMn alloy plants. As a result, production cuts or shutdowns persisted in some plants, contributing to an overall reduction in production. Entering June, as the terminal steel market for SiMn entered the off-season for consumption, the supply surplus of SiMn intensified, leading to a continuous increase in in-plant inventory at SiMn alloy plants. Plans to cut or suspend silicon production continued. Additionally, with fewer calendar days in June, it is expected that SiMn production schedules will remain reduced in the coming market.

2. On February 6, the SM2605 contract opened at 5,880 yuan/mt and closed at 5,856 yuan/mt, down 0.48%. The daily highest price was 5,930 yuan/mt, and the lowest price was 5,850 yuan/mt. Trading volume reached 206,300 lots, and open interest stood at 359,017 lots. Today, SiMn futures fluctuated downward under pressure. Cost side, overall manganese ore transaction prices remained high and the market was temporarily stable, providing strong cost support for SiMn alloy prices. In 2026, electricity prices in Inner Mongolia and south China were expected to likely increase alloy costs. This week, SiMn alloy cost support remained steady. Supply side, newly added SiMn furnaces in the main northern production areas gradually started producing iron, increasing supply pressure for standard SiMn. With the Chinese New Year approaching, operating rates at southern alloy plants remained stably low, as manufacturers opted for temporary shutdowns and adopted a strong wait-and-see attitude, pending post-holiday electricity settlement prices. Currently, loose SiMn supply pressure persisted. Demand side, HBIS Group's SiMn procurement for February 2026 awaited confirmation. The current SiMn market continued to be dominated by fluctuating movements.