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]