SMM

SMM Analysis: Weak Demand from Downstream Steel Mills, SiMn Exports Show Declining Trend in January-February According to the latest release by the General Administration of Customs, SMM statistics show that China's SiMn exports in January 2025 were 3,725.81 mt, up 63.55% MoM. In February 2025, China's SiMn exports were 306.25 mt, down 91.78% MoM. The cumulative export volume for January-February was 4,000 mt, down 26.83% YoY. China's SiMn imports in January 2025 were 513 mt, down 66.53% MoM. In February 2025, China's SiMn imports were 1,983.45 mt, up 269.09% MoM. The cumulative import volume for January-February was 2,400 mt, down 5.89% YoY. The decrease in exports during January-February was due to weak demand for SiMn from overseas steel mills, leading to an overall reduction in purchases. From the import and export data, the main export volumes in January came from Indonesia, while the main import volumes came from India. In February, the main export volumes came from Thailand, while the main import volumes came from Kazakhstan.