SMM

[SMM Analysis: Overseas Steel Mills Show Low Acceptance of High-Priced EMM, EMM Exports Continue to Decline in January-February] According to the latest release from the General Administration of Customs, SMM statistics show that China's exports of unwrought manganese; scrap; and powder in January 2025 were 23,851 mt, down 15.66% MoM and 44.79% YoY. Exports of wrought manganese and manganese products were 5,903 mt, up 113.91% MoM and down 6.11% YoY. The total exports of EMM and manganese products in January 2025 were 29,800 mt, down 4.14% MoM. In February 2025, China's exports of unwrought manganese; scrap; and powder were 19,316 mt, down 19.01% MoM and 19.44% YoY. Exports of wrought manganese and manganese products were 1,191 mt, up 79.82% MoM and 26.30% YoY. The total exports of EMM and manganese products in February 2025 were 20,500 mt, down 31.08% MoM. The main reasons for the continuous decline in exports in January-February were: many overseas steel mills conducted equipment maintenance during January-February, leading to weak demand for EMM. Additionally, before and after the Chinese New Year, EMM exporters quoted at a relatively high level, and downstream overseas steel mills were cautious in purchasing, showing low acceptance of high-priced EMM. Therefore, the total exports of EMM and manganese products continued to decline in January-February.