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During the 2026 Spring Festival holiday, the electrolytic manganese market stabilized at the bottom with sluggish transactions. Before the holiday, the market’s downward momentum slowed after a cumulative 600 yuan/ton drop, with mainstream prices approaching the 17,000 yuan/ton mark, supported by steel mills’ final pre-holiday stockpiling. During the holiday, prices remained stable at around 17,300 yuan/ton with almost no transactions.

During the 2026 Spring Festival holiday, the domestic manganese sulfate market continued its pre-holiday upward trend, with prices maintaining stable and firm operation without significant fluctuations. On the supply side, although some enterprises suspended production for maintenance during the holiday leading to short-term fluctuations, the industry's low inventory pattern remained unchanged.

In January, the silicon metal market experienced a relatively loose supply-demand balance, with a theoretical inventory buildup of approximately 30,000 mt. In February, both supply and demand contracted simultaneously, and the market is expected to show a tight balance or minor destocking. The current high industry inventory still requires time to be digested, and the sustainability of destocking remains a key variable affecting price trends and market sentiment.

In late January 2026, China’s domestic manganese sulfate market has presented a three-pronged pattern of soaring costs, tight supply and strong demand. Coupled with the concentrated restocking demand from downstream industries ahead of the Spring Festival, spot resources remain in acute shortage and order schedules are tight. The industry widely expects a new round of sharp price hikes in the near future.

[SMM Magnesium Morning Conference Summary: Domestic Magnesium Market Strengthens While Overseas Market Remains Stable, Prices Diverge Amid Raw Material Cost Support] On December 19, the price of Wutai dolomite held steady, supported by stable demand; ferrosilicon supply decreased as some manufacturers in Gansu switched production, but stockpiling by steel mills on the demand side has largely concluded, with prices expected to fluctuate rangebound. The magnesium ingot market was driven by domestic reluctance to sell and firm price sentiment, with Fugu transaction prices edging up to 15,550-15,600 yuan/mt. The supply side showed structural divergence, with large enterprises experiencing inventory buildup and small plants holding zero inventory, reducing resistance to price increases. The overseas market heat pulled back, with FOB transaction prices holding in the range of $2,170-2,200/mt. Traders' procurement saw a slight increase, leading to a mild raise in offers. Magnesium alloy prices remained firm on cost support, with tight supply and demand bolstering processing fees. The magnesium powder market continued its weakness, with prices stabilizing along with raw materials. Enterprises adopted a produce-based-on-sales approach, maintaining operating rates around 50%, with overall performance remaining sluggish.

To better serve as a benchmark for spot prices in the nickel, cobalt, manganese, and new energy industries, and to assist the market in optimizing order signing mechanisms, SMM, after a period of consolidation and market survey, plans to advance the release time of some prices starting from March 24, 2025

In December 2024, China's EMD production saw a slight decline MoM. The primary reason for the slight decrease in December production was the year-end lull in the primary battery market, with no significant increase in demand observed......

According to SMM statistics, as of December 13, the total national social inventory of silicon metal reached 536,000 mt, up 9,000 mt WoW.

According to the SMM survey, the weekly production of silicon enterprises in Xinjiang (accounting for 76% of capacity) was 20,540 mt, with a weekly operating rate of 61%, showing a slight decline WoW.

The specific process route for LMFP is still being explored, and there is considerable variation among companies without a unified standard. Therefore, the manganese sources used also vary, including tetramanganese, manganese carbonate, manganese sulphate, dimanganese, manganese nitrate, and manganese oxalate, all of which are employed by various companies......

According to SMM statistics, China's silicon metal production in November decreased by 65,100 mt, down 13.9% MoM, and slightly increased by 0.3% YoY.

According to the SMM survey, the weekly production of sample silicon enterprises in Xinjiang (accounting for 79% of capacity) was 30,540 mt, with a weekly operating rate of 63%, significantly down WoW.

According to SMM statistics, as of Dec 6, the national social inventory of silicon metal totaled 518,000 mt, remaining flat WoW.

In November, the domestic production of polysilicon decreased significantly by approximately 11.8% MoM from October.