Group 1: Report Information - The report is about the weekly inventory of manganese ore at Tianjin Port (Tianjin Zhenhong's scope) [1] Group 2: Inventory Data - Total inventory as of March 27, 2026, is 722,160 tons, with last week's inventory at 284,349 tons,出库 at 3,310,149 tons,入库 at 437,810 tons, and a change of 3,594,498 tons [2] - Inventory by origin: Gabon has 171,300 tons, Australia 420,912 tons, South Africa 374,642 tons, Ghana 163,038 tons, and other origins 215,572 tons [2] - Inventory changes by origin: Gabon has a 10.89% change, Australia 10.42%, South Africa -46,270 tons, Ghana 64.88%, and other origins 7.98% [2] Group 3: Graphs - There are graphs showing the inventory,出库, and入库 of Tianjin Zhenhong's manganese ore, including oxidation ore (Gabon + Australian ore), South African semi - carbonate powder lumps, and Ghanaian ore over different years [6]

Group 1: Report Overview - The report is a weekly inventory report of manganese ore at Tianjin Port (Tianjin Zhenhong's caliber) [1] Group 2: Inventory Data - Total inventory this week is 722,160 tons, last week was 284,349 tons,出库 was 3,310,149 tons,入库 was 437,810 tons, and the change was 0 tons [2] - For Gabon, inventory this week is 171,300 tons, last week was 220,307 tons,出库 was 215,500 tons,入库 was 44,200 tons, and the change rate is 10.89% [2] - For Australia, inventory is 420,912 tons, and the change rate is 10.42% [2] - For South Africa, inventory is 374,642 tons, the change is -46,270 tons [2] - For Ghana, inventory this week is 163,038 tons, last week was 194,088 tons,出库 was 2,331,962 tons,入库 was 2,275,829 tons, the change is 56,133 tons, and the change rate is 64.88% [2] - For others, inventory this week is 215,572 tons, last week was 312,572 tons,出库 was 286,686 tons,入库 was 168,500 tons, the change is 118,186 tons, and the change rate is 7.98% [2] Group 3: Graphical Data - There are graphical data showing the inventory,出库, and入库 of Tianjin Zhenhong's manganese ore, including total, oxidized ore (Gabon + Australian ore), South African semi - carbonated powder lumps, and Ghanaian ore from 2023 - 2026 [3][4][5][6]

1. Report Summary - The report is a weekly inventory report of manganese ore at Tianjin Port (Tianjin Zhenhong's data), presenting inventory, outbound, and inbound data for different origins of manganese ore as of March 13, 2026, along with historical trends [1][2]. 2. Core Viewpoints - The report provides a comprehensive overview of the current situation and historical trends of manganese ore inventory, outbound, and inbound at Tianjin Port, which can assist in understanding the supply - demand dynamics of the manganese ore market [2]. 3. Key Data Summaries by Origin Total - As of March 13, 2026, the total inventory was 3,345,944 tons, with an outbound volume of 3,292,000 tons and an inbound volume of 475,435 tons. The pre - Spring Festival inventory was 529,378 tons, and the inventory accounted for 53,944 tons [2]. Gabon - The inventory was 271,907 tons, with an outbound volume of 286,812 tons and an inbound volume of 67,712 tons. The change was - 14,905 tons, and the change rate was 8.13% [2]. Australia - The inventory accounted for 14.24%, and the document did not provide other detailed data [2]. South Africa - The inventory was 476,477 tons, with an outbound volume of 483,007 tons, an inbound volume of 0 tons, and a change of - 6,530 tons [2]. Ghana - The inventory was 151,017 tons, with an outbound volume of 302,217 tons and an inbound volume of 172,579 tons. The change was 218,6881 tons, and the change rate was 70.52% [2]. Others - The inventory was 78,000 tons, accounting for 3.14%. The outbound volume was 105,000 tons, the inbound volume was 183,000 tons, and the change was - 78,000 tons [2]. 4. Historical Trend Charts - There are historical trend charts for the total inventory, inbound, and outbound of manganese ore at Tianjin Port Zhenhong, as well as for different types of manganese ore such as oxide ore (Gabon + Australian ore), South African semi - carbonate powder and lumps, and Ghanaian ore [4][6][8][9].

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The report presents the inventory, outbound, inbound, and changes of manganese ore at Tianjin Port (Tianjin Zhenhong caliber) before the Spring Festival, including data for different origins such as Gabon, Australia, South Africa, Ghana, and others [2] 3. Summary by Related Catalog - **Overall Data** - Total inventory before the Spring Festival was 700,527 tons, with a total inventory proportion of 3,526,335 tons. The current week's inventory was 2,825,808 tons, outbound was 288,898 tons, inbound was 989,425 tons [2] - **Data by Origin** - **Gabon**: Inventory was 189,700 tons, with a proportion of 9.63%. The current week's inventory was 149,812 tons, outbound was 13,100 tons, inbound was 202,800 tons [2] - **Australia**: No specific data provided for outbound and inbound, with inventory of 422,596 tons and a proportion of 11.98% [2] - **South Africa**: Inventory was 338,327 tons, with a proportion of 65.74%. The current week's inventory was 191,544 tons, outbound was 2,318,156 tons, inbound was 93,183 tons [2] - **Ghana**: Inventory was 93,677 tons, with a proportion of 7.48%. The current week's inventory was 357,546 tons, outbound was 0 tons, inbound was -93,677 tons [2] - **Other**: Inventory was 182,202 tons, with a proportion of 5.17%. The current week's inventory was 136,900 tons, outbound was 88,938 tons, inbound was 448,298 tons [2]

Report Summary 1. Reported Industry Investment Rating - No information provided 2. Core Viewpoints - The total manganese ore inventory at Tianjin Port (Tianjin Zhenhong's data) decreased by 64,529 tons this week compared to last week, mainly due to higher outbound volume (420,826 tons) than inbound volume (356,297 tons) [2] 3. Summary by Relevant Catalog - **Total Inventory and Changes** - This week's total inventory is 2,825,808 tons, last week's was 2,890,337 tons, with an outbound volume of 420,826 tons, an inbound volume of 356,297 tons, and a decrease of 64,529 tons [2] - **Inventory by Origin** - **Gabon**: Inventory is 149,812 tons, accounting for 5.30%, a decrease of 42,076 tons compared to last week [2] - **Australia**: Inventory is 272,319 tons, a decrease of 6,213 tons compared to last week, accounting for 9.42% [2] - **South Africa**: Inventory is 2,046,101 tons, a decrease of 130,657 tons compared to last week, accounting for 67.78% [2] - **Ghana**: Inventory is 225,369 tons, an inbound volume of 41,500 tons, and an inventory change of -17,367 tons, accounting for 12.65% [2] - **Other Origins**: Inventory is 178,323 tons, a decrease of 17,760 tons compared to last week, accounting for 4.84% [2]

Group 1: Report Overview - The report is a weekly inventory report of manganese ore at Tianjin Port (Tianjin Zhenhong's data) [1] Group 2: Inventory Data - Total inventory this week is 2,934,578 tons, compared to 3,169,783 tons last week, a decrease of 235,205 tons [2] - Total出库 is 400,431 tons, and total入库 is 635,636 tons [2] Group 3: Inventory by Origin - Gabon: Inventory is 204,355 tons, accounting for 6.96% of the total, with a decrease of 45 tons compared to last week [2] - Australia: Inventory is 273,732 tons, accounting for 10.44% of the total, with no change in inventory [2] - South Africa: Inventory is 1,915,041 tons, accounting for 65.26% of the total, a decrease of 210,377 tons [2] - Ghana: Inventory is 13,500 tons, accounting for 11.60% of the total, a decrease of 13,500 tons [2] - Other: Inventory is 212,364 tons, accounting for 5.74% of the total, a decrease of 43,900 tons [2] Group 4: Graphs - There are graphs showing the出库, inventory, and入库 of manganese ore at Tianjin Port Zhenhong, including total, oxide ore (Gabon + Australian ore), South African semi - carbonate powder lumps, and Ghanaian lump ore from 2023 - 2026 [3][4][5][6]

Group 1: Overall Inventory Information - Total inventory this week is 3,504,599 tons, compared to 3,654,107.9 tons last week, with a decrease of 149,509 tons. The出库 is 534,147 tons and the入库 is 384,638 tons [2] Group 2: Inventory by Country - Gabon: This week's inventory is 218,300 tons, a decrease of 63,100 tons from last week, accounting for 6.23% of the total [2] - Australia: This week's inventory is 67,300 tons, accounting for 10.31% of the total [2] - South Africa: This week's inventory is 361,198 tons, compared to 365,279 tons last week, with a decrease of 4,081 tons. The出库 is 71,381 tons [2] - Ghana: This week's inventory is 229,878 tons, last week it was 246,359 tons, with a decrease of 42,074 tons. It accounts for 70.30% of the total [2] - Other: This week's inventory is 218,074.9 tons, compared to 152,477 tons last week, with an increase of 87,460 tons, accounting for 6.79% of the total [2] Group 3: Graphical Data - There are graphs showing the入库,出库, and inventory of manganese ore in Tianjin Port for different types including oxidation ore (Gabon + Australian ore), South African semi - carbonate powder + block, and Ghanaian block ore from 2023 - 2025 [6]

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].

Core Viewpoint - The manganese silicon futures market has shown a significant increase, with the main contract rising by 2.12% to 5502.00 CNY/ton [1] Group 1: Market Supply and Demand - A certain group has announced its latest silicon manganese procurement, with prices at 5400 CNY/ton for 500 tons delivered to Anhui and 5550 CNY/ton for 500 tons delivered to Yunfu, both prices are cash inclusive and tax included [2] - The inventory of manganese ore at Tianjin Port was reported at 3.129 million tons, a decrease of 117,000 tons week-on-week; Lianyungang Port had 5,000 tons, and Qinzhou Port had 936,000 tons, a decrease of 18,000 tons week-on-week, totaling 4.07 million tons, down 135,000 tons from the previous period [2] Group 2: Industry Insights - According to Ruida Futures, manufacturers have reduced production, leading to a low operating rate, but overall inventory remains high. The imported manganese ore inventory at ports has decreased by 135,000 tons, while downstream pig iron production has peaked and is now declining, indicating potential price volatility [3] - Guotou Anxin Futures noted that after a significant price drop, there has been a rebound. However, the basic improvement is limited as production levels are starting to rise again, and manganese ore inventory is expected to trend upwards, leading to a weak price outlook [3]