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 Cobalt and Lithium Morning Meeting Minutes: Refined cobalt spot prices fluctuated upward this week. Supply side, the current market social inventory remained high, but the inventory structure showed slight differences. Supply side, due to raw materials maintaining high levels, the economic viability of refined cobalt production was poor, and smelters' enthusiasm for refined cobalt production was relatively low, with some smelters implementing production cuts. Demand side, downstream producers' inquiry activity slightly increased, but their willingness to stock up at high prices was not strong. It is expected that refined cobalt prices will maintain a fluctuating trend next week.