SMM Analysis on China November EMM Production and December Forecast

According to SMM data, China's EMM production in November 2024 increased by approximately 8.4% MoM and 7.9% YoY. The cumulative production grew by about 11.2% YoY. The primary reasons for the production increase in November were the reduction in power costs and the rise in export orders, which led to higher operating rates in Guangxi and the Manganese Triangle Region (Chongqing Xiushan, Hunan Huayuan, Guizhou Songtao). Additionally, several EMM plants in Guangxi and Guizhou resumed production, while the operating rates of EMM plants in other regions remained stable. Consequently, the overall EMM production showed a significant increase. Currently, EMM prices have slightly rebounded due to the price hikes of other manganese products and the growth in export demand. Moreover, some EMM plants in Sichuan are expected to resume production. Therefore, it is anticipated that EMM production in December will see a slight increase, up approximately 0.9% MoM.