Report Summary 1) Report Industry Investment Rating - No investment rating information is provided in the report. 2) Core View - The report presents the weekly inventory data of manganese ore at Tianjin Port as of July 18, 2025, including details of inventory, outbound, inbound, and changes for different origins such as Gabon, Australia, South Africa, Ghana, and others [1]. 3) Summary by Related Catalog - **Overall Inventory Data**: The total inventory of manganese ore at Tianjin Port this week is 3,437,658 tons, a decrease of 111,081 tons compared to last week. The total outbound volume is 406,823 tons, and the total inbound volume is 295,743 tons [1]. - **Inventory by Origin**: - **Gabon**: The inventory is 268,412 tons, a decrease of 52,280 tons, accounting for 6.50% of the total inventory [1]. - **Australia**: The inventory is 107,440 tons, an increase of 18,744 tons, accounting for 3.23% of the total inventory [1]. - **South Africa**: The inventory is 2,495,357 tons, a decrease of 115,993 tons, accounting for 75.01% of the total inventory [1]. - **Ghana**: The inventory is -30,702 tons (indicating a net decrease), with an outbound volume of 128,700 tons and an inbound volume of 159,402 tons, accounting for 3.87% of the total inventory [1]. - **Other Origins**: The inventory is 378,948 tons, an increase of 69,150 tons, accounting for 11.39% of the total inventory [1].

6月4日，锰硅期货主力合约大幅收涨2.12%，报5502.00元/吨。 机构观点 【消息面汇总】 瑞达期货（002961）：基本面来看，厂家减产开工率来到同期低位，但是库存整体仍偏高，成本端，本 期原料端进口锰矿石港口库存下降13.5万吨，下游铁水产量见顶回落，谨防需求回落后价格波动变大。 利润方面，内蒙古现货利润-210元/吨；宁夏现货利润-430元/吨。市场方面，钢厂采购较为谨慎，招标 价格延续下跌。技术方面，4小时周期K线位于20和60均线下方，操作上，震荡运行对待，请投资者注 意风险控制。 据悉某集团最新硅锰采购情况公布，送安徽价格5400元/吨，数量500吨，送云浮价格5550元/吨，数量 500吨；以上均为现款含税价格。 国投安信期货：价格大幅下行后有所反弹。由于前期持续的减产，库存水平有所下降，不过周都产量开 始回升，基本面好转有限。从锰矿预计到港数据来看，South32澳矿将会在本月底到港五万吨左右。铁 水产量持续小幅下滑，硅锰供应稍有上行。锰矿库存开启趋势性累增，市场预期有所转变，价格依旧疲 弱。 截至5月30日当周，天津港（600717）港口锰矿库存为312.9万吨，环比减少11.7万吨； ...