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]