I. Holiday Prices: Stable and Firm Operation, Maintaining a High Range
During the Spring Festival holiday, the domestic manganese sulfate market operated stably overall, with prices continuing the pre-holiday upward tone without significant fluctuations, mainly supported by strong cost-side support and the industry's low inventory pattern. The core logic for the stable and firm prices lies in the solid cost-side support. Prices of upstream manganese ore and sulfuric acid remained at a high level, further pushing up the production cost of manganese sulfate, and enterprises had a strong willingness to maintain prices. In terms of manganese ore, quotations for mainstream Australian lumps and Gabonese manganese ore at Tianjin Port and Qinzhou Port remained stable, maintaining a high-level operation, which continued to transmit pressure to the cost side of manganese sulfate and greatly compressed the downward space of manganese sulfate prices. The market showed the characteristics of "stable prices and price maintenance" during the holiday.
II. Supply Pattern: Partial Fluctuations, Prominent Support from Low Inventory
During the Spring Festival holiday, the overall supply of manganese sulfate remained relatively stable without significant contraction, and the industry's historical low inventory continued to support the market. However, affected by factors such as staff returning home during the Spring Festival and regular equipment maintenance, some small and medium-sized enterprises suspended production or reduced capacity utilization, leading to short-term fluctuations in supply, but the overall impact on market supply was limited.
In terms of inventory, the industry inventory has been continuously destocked to a historical low. During the holiday, enterprises mainly focused on delivering existing orders, with no large-scale stockpiling or inventory accumulation, and the pressure of order delivery remained relatively high. By the end of the holiday, the inventory of most enterprises was at a low level, and spot resources were tight. This pattern not only supported the stability of manganese sulfate prices during the holiday but also laid the foundation for the continuous stable and firm prices after the holiday.
III. Demand Performance: Supported by Long-Term Orders, Sustained Rigid Demand, Unabated Momentum of Structural Growth
During the Spring Festival holiday, the demand side of the manganese sulfate market showed the characteristics of "stable long-term orders and weak spot orders" overall. After the concentrated pre-holiday stockpiling, downstream enterprises continued the rhythm of rigid demand replenishment, and the momentum of structural strong growth remained unchanged. During the holiday, market trade activities stagnated, spot transactions were almost zero due to logistics suspension, downstream enterprises were mostly in a wait-and-see state, and the purchasing sentiment was relatively cautious. Overall transactions were mainly based on the delivery of long-term orders locked in before the holiday, with no new large-scale spot orders, showing the holiday characteristics of "stable demand and weak transactions".
IV. Market Outlook: Recovery After Resumption in March, Stable and Firm Prices Expected
With the end of the Spring Festival holiday, domestic industrial enterprises have gradually entered the stage of resuming production. The manganese sulfate market is expected to see a pick-up in inquiries and transactions. Combined with supply-demand and cost-side factors, the market is expected to maintain a tight supply-demand and stable-firm price operation pattern in the short term.
In terms of price expectations, manganese sulfate prices are expected to remain stable and firm in the short term. Supported by the high operation of upstream manganese ore and sulfuric acid prices, the downward space is limited. In the medium and long term, it is necessary to continuously pay attention to changes in raw material prices, actual order demand after downstream resumption of production, and adjustments in enterprise production arrangements. If raw material prices remain high and downstream stockpiling intensity exceeds expectations, manganese sulfate prices are expected to continue their upward trend; otherwise, they may enter a narrow range of volatile adjustment.
In summary, the domestic manganese sulfate market achieved a smooth transition during the 2026 Spring Festival holiday, with the core pattern of stable and firm prices and tight supply-demand remaining unchanged. The holiday served as a "accumulation period" for the market. With the advancement of resumption of production in March and the gradual release of downstream demand, the manganese sulfate market is expected to see increased activity and a positive overall operation trend. The subsequent trend needs to focus on tracking raw material prices and downstream stockpiling rhythm.
