April 30 update: Northern ports: South African high-grade iron ore at 33.1-35 yuan/mtu, flat WoW from last Friday; South African semi-carbonate at 39.8-40.3 yuan/mtu, down WoW from last Friday; Gabon at 44-44.6 yuan/mtu, down WoW from last Friday; 46% Australian lumps at 45.5-46 yuan/mtu, down WoW from last Friday. South China ports: South African high-grade iron ore at 36-36.5 yuan/mtu, flat WoW from last Friday; South African semi-carbonate at 37.8-38.5 yuan/mtu, down WoW from last Friday; Gabon at 42.5-43 yuan/mtu, down WoW from last Friday; 46% Australian lumps at 45-45.5 yuan/mtu, down WoW from last Friday.

China's manganese market has completely moved away from the pattern of rising and falling in unison, with severe divergence across product categories: EMM and Mn3O4 pulled back on weakness, battery-grade manganese sulphate remained resilient and firm with tight spot supply, EMD traded sideways steadily, LMO struggled to catch up passively, and the industry has officially entered a structural market with clear differentiation between strong and weak segments, with distinct investment and stockpiling opportunities hidden beneath the divergence.

China's manganese market showed clear divergence: EMM softened at high levels with prices pulling back, while battery-grade manganese sulphate maintained firm cost support, and market opinions on the May outlook became increasingly divided.

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 SiMn and FeMn exports in March 2026 totaled 6,161.003 mt, up 213.48% MoM and up 579.32% YoY. Total SiMn and FeMn exports from China from January to March reached 10,665.897 mt, up 116.0% YoY. In March, China's SiMn market first saw a cost rise, which laid the foundation for firm export offers and increased export willingness among enterprises.

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.

March 27 News: Northern ports: South African high-grade ore was 36-37.9 yuan/mtu, up WoW from last Friday; South African semi-carbonate was 43.5-44 yuan/mtu, up WoW from last Friday; Gabon ore was 47.3-47.9 yuan/mtu, up WoW from last Friday; 46% Australian lumps were 48-48.5 yuan/mtu, up WoW from last Friday. South China ports: South African high-grade ore was 34.5-35 yuan/mtu, flat WoW from last Friday; South African semi-carbonate was 38.8-39.5 yuan/mtu, up WoW from last Friday; Gabon ore was 44-44.5 yuan/mtu, up WoW from last Friday; 46% Australian lumps were 45.2-45.7 yuan/mtu, up WoW from last Friday.

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 in February 2026 were 2.3064 million mt, down 33.00% MoM and up 3.24% YoY. Cumulative imports in January-February were 5.749 million mt, up 46.29% YoY from the same period last year. February imports from Australia were 413,100 mt, down 31.35% MoM; South Africa 990,400 mt, down 49.55% MoM; Gabon 375,100 mt, up 13.01% MoM; Ghana 270,400 mt, up 1.78% MoM; Brazil 99,700 mt, down 17.87% MoM; and Myanmar 49,900 mt, up 14.8% MoM.