The supply surplus situation persists, and spot prices remain in the doldrums. [SMM SiMn Daily Review]

SMM SiMn Daily Review: Supply Surplus Persists, Spot Prices in the Doldrums. In the northern market, SiMn alloy 65/17 (cash) was quoted at 5,650-5,800 yuan/mt, down 50 yuan/mt MoM. In south China, SiMn alloy 65/17 (cash) was quoted at 5,700-5,850 yuan/mt, down 50 yuan/mt MoM. According to SMM, on the raw material side, manganese ore inventory at ports saw a slight buildup, and alloy plants drove down prices for ore purchases, putting pressure on miners' offers. Supply side, severely impacted by losses on production, SiMn plants are expected to reduce or halt production, but current SiMn production remains high. Demand side, the SiMn market is dominated by long-term contract transactions, with spot transactions being relatively sluggish. Currently, the SiMn market continues to face a supply surplus, and spot prices remain in the doldrums.