The Impact of China’s Market Changes on Imported Manganese Ore Demand and Prices

The Chinese market, which serves as the primary benchmark for global manganese ore pricing, showed a comprehensive downward trend in both import volume and market prices in April.

The total import volume of manganese ore in April is estimated at 2.7-2.9 million tons, down 9%-15% month-on-month and a sharp decline compared with 3.18 million tons in March, putting an end to the strong import momentum of the previous month. The port inventories stood at 4.8 million tons at the week ending 17^th April, with a monthly inventory reduction of around 200,000 tons.

Imported ore prices showed a “firm at the start, weak in the middle and stable at the end” trend throughout April. Mainstream ore varieties including South African semi-carbonate ore, Australian lump and Gabon lump recorded a monthly price drop of RMB2-3 per dry ton. In accordingly, Indian imported manganese ore prices recorded a week-on-week decline of up to 4% during the week ending 17 April 2026, reversing the upward movement observed in the previous week.

Silico manganese (SiMn) and ferro manganese (FeMn) smelters in China reduced operating rates amid softer ore prices, leading to lower consumption of manganese ore. Chinese SiMn and FeMn smelters implemented a 30% voluntary production reduction in April. As of incomplete statistics, at least 5 medium/large FeMn smelters announced production cuts or shutdown at the end of March. The monthly output of SiMn was estimated at 720,000-750,000 tons, down 8-10% month-on-month.

On the supply side, shipments from major exporting regions including South Africa, Australia, and Gabon remained stable, with no significant disruptions reported. Despite firm cost structures, suppliers faced reduced pricing power in the short term due to weaker demand signals. The market, therefore, shifted from being supply-driven in the previous week to demand-driven in the current assessment period.

In India, market participants tracked developments in the Chinese market closely, with imported ore prices influencing procurement decisions among alloy producers. Domestic sentiment remained stable, supported by expectations of steady demand in the steel sector, although immediate buying activity remained measured.

In the short term, China’s manganese ore import volume is expected to remain at a low level, and port inventories will continue to decline slowly. Supported by stable production cut and marginal recovery in steel demand, manganese ore demand may see a mild recovery. Nevertheless, the game between high costs and weak demand will persist, and market prices are expected to operate in a narrow range with limited volatility.