SMM

According to the latest release from the General Administration of Customs, in October 2024, China's exports of unwrought manganese and scrap totaled 28,754 mt, down 15.24% MoM, up 12.77% YoY. Exports of wrought manganese and manganese products were 1,631 mt, down 41.23% MoM, down 23.21% YoY. The total export volume of EMM in October 2024 was 32,600 mt, down 8.43% MoM, up 5% YoY.

The main reason for the decline in October export volume was the weakening demand for domestic EMM after the end of the overseas procurement cycle. Additionally, from late September to October, EMM prices rose due to macroeconomic boosts, leading to decreased economic viability and increased wait-and-see sentiment among overseas buyers. Furthermore, by country, the significant reduction in exports was mainly to regions with high US dollar usage. Due to the US presidential election, the exchange rate between the US dollar and the yuan fluctuated greatly, making international trade more cautious. However, with EMM prices declining in November and the approach of the December Christmas stockpiling month, EMM export volumes are expected to increase slightly in November.