I. Holiday Prices: Stable and Firm, Maintaining Highs

During the Chinese New Year holiday, the domestic manganese sulphate market operated steadily overall, with prices continuing the pre-holiday upward trend and showing no significant fluctuations. This was primarily underpinned by strong cost-side support and the industry's low inventory landscape. The core logic behind the price stability lies in solid cost-side support, as upstream manganese ore and sulphuric acid prices continued to fluctuate at highs, further driving up manganese sulphate production costs and strengthening enterprises' resolve to hold prices firm. In terms of manganese ore, quotations for mainstream Australian lumps and Gabon ore at Tianjin Port and Qinzhou Port remained stable, with the high-price trend unchanged, continuously transmitting pressure to the manganese sulphate cost side and significantly compressing the downside room for manganese sulphate prices. The holiday period was characterized by "stable prices and firm pricing."

II. Supply Landscape: Mainstream Stability, Local Fluctuations, Low Inventory Support Prominent

During the Chinese New Year holiday, manganese sulphate supply remained relatively stable overall, without significant contraction, while historically low industry inventories continued to support the market. However, some small and medium-sized enterprises suspended production or reduced capacity utilization rates due to factors such as workers returning home for the holiday and routine equipment maintenance, leading to minor short-term supply fluctuations, though the overall impact on market supply was limited.

Inventory side, industry inventories had been drawn down to historical lows. During the holiday, enterprises focused mainly on fulfilling existing orders, with no large-scale stockpiling or inventory buildup activities. Order fulfillment pressure remained high. By the end of the holiday, most enterprises' inventories were at low levels, and spot resources were tight. This landscape not only supported stable manganese sulphate prices during the holiday but also laid the foundation for prices to maintain their firmness post-holiday.

III. Demand Performance: Long-Term Contract Support, Sustained Rigid Demand, Structural Growth Momentum Unabated

During the Chinese New Year holiday, the manganese sulphate demand side overall exhibited the characteristics of "stable long-term contracts, weak spot orders." Following concentrated pre-holiday stockpiling, downstream enterprises continued their rigid demand restocking pace, with the structurally strong growth trend unchanged. Market trade activity nearly halted during the holiday, with logistics suspensions causing spot order transactions to approach zero. Downstream enterprises were mostly in a wait-and-see mode, with a relatively cautious procurement atmosphere. Overall transactions were dominated by the delivery of long-term contracts locked in before the holiday, with no new large-scale spot orders emerging, presenting a holiday characteristic of "stable demand, weak transactions."

IV. Post-Holiday Outlook: Recovery Expected in March with Resumption of Work, Prices Likely to Remain Firm

As the Chinese New Year holiday concludes, domestic industrial enterprises are gradually entering a phase of resuming work and production. The manganese sulphate market is expected to see an increase in enquiries and transactions. Considering supply-demand and cost-side factors, the market is likely to maintain a tight supply-demand balance and firm price trend in the short term.

Price expectations: In the short term, manganese sulphate prices are expected to remain firm, supported by high costs from upstream manganese ore and sulphuric acid, with limited downside room. Medium and long-term, it is necessary to continuously monitor fluctuations in raw material prices, changes in actual order demand after downstream resumption of work, and adjustments in enterprise production arrangements. If raw material prices remain high and downstream restocking exceeds expectations, manganese sulphate prices are expected to continue rising; otherwise, they may enter a phase of rangebound fluctuations.