【SMM Analysis：The SiMn alloy market is marked by strong wait-and-see sentiment, with spot prices remaining stable.】

Published: Nov 14, 2024 11:57

Source: SMM

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【SMM Analysis：The SiMn alloy market is marked by strong wait-and-see sentiment, with spot prices remaining stable.】As of this Thursday, the SiMn alloy 65/17 (cash) in the northern market was priced at 5,900-6,100 yuan/mt, unchanged WoW; in the southern market, it was priced at 6,000-6,050 yuan/mt, also unchanged WoW. With major steel tenders entering the market, the SiMn alloy market is marked by strong wait-and-see sentiment, and spot prices remain stable. For November SiMn alloy prices, the majority of market participants are bearish. Most traders expect a decline in the price outlook, mainly due to the anticipated drop in raw material prices such as coke and manganese ore in November, leading to a decrease in SiMn alloy production costs and weaker cost support. Additionally, SiMn alloy production is expected to remain relatively stable, but end-use consumption is weak, leading to cautious purchasing of SiMn alloy. Overall, the current surplus in the SiMn alloy market has not changed, negatively impacting the spot market, and the price outlook for SiMn alloy is expected to continue fluctuating downward. On the other hand, some traders are bullish on the price outlook, mainly because SiMn alloy plants are experiencing relatively high production costs, with most plants still facing losses on production. This results in a low willingness to sell at low prices, and holders of SiMn alloy are quoting firmly.

As of this Thursday, the SiMn alloy 65/17 (cash) in the northern market was priced at 5,900-6,100 yuan/mt, unchanged WoW; in the southern market, it was priced at 6,000-6,050 yuan/mt, also unchanged WoW. With major steel tenders entering the market, the SiMn alloy market is marked by strong wait-and-see sentiment, and spot prices remain stable.

For November SiMn alloy prices, the majority of market participants are bearish. Most traders expect a decline in the price outlook, mainly due to the anticipated drop in raw material prices such as coke and manganese ore in November, leading to a decrease in SiMn alloy production costs and weaker cost support. Additionally, SiMn alloy production is expected to remain relatively stable, but end-use consumption is weak, leading to cautious purchasing of SiMn alloy. Overall, the current surplus in the SiMn alloy market has not changed, negatively impacting the spot market, and the price outlook for SiMn alloy is expected to continue fluctuating downward.

On the other hand, some traders are bullish on the price outlook, mainly because SiMn alloy plants are experiencing relatively high production costs, with most plants still facing losses on production. This results in a low willingness to sell at low prices, and holders of SiMn alloy are quoting firmly.

Market forecast

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