The application of Mn3O4 in lithium-ion batteries has been expanding in recent years, primarily used in LMO batteries. The significance and growth potential of its market warrant attention...

[SMM Weekly Review: Buyers Drive Down Prices for EMM Purchases, Spot Prices Under Pressure] As of Friday this week, the domestic average spot price of EMM was 13,350-13,450 yuan/mt, down 50 yuan/mt WoW from last Friday; the FOB price was $1,870-$1,910/mt, down $5/mt WoW from last Friday. According to SMM, on the supply side, EMM plants mostly delivered long-term agreement orders, with relatively small fluctuations in spot quotes. Traders mostly followed the quotes from manganese plants, which were relatively firm, but there was still room for negotiation in actual orders. On the demand side, downstream buyers drove down prices for EMM purchases, with slightly looser market transactions, and spot prices were under pressure.

[SMM SiMn Weekly Review: Mine-related News Disturbs Market, Spot Prices Rise Slightly During the Week] As of Friday this week, the price of SiMn alloy 65/17 (cash) in the northern market was 5,450-5,550 yuan/mt, up 25 yuan/mt WoW from last Friday; in the southern market, it was 5,500-5,600 yuan/mt, up 25 yuan/mt WoW from last Friday. According to SMM, on the raw material side, affected by the news of reduced shipments of South African manganese ore during the week, miners showed strong reluctance to budge on prices, and the prices of some manganese ore varieties rose slightly. On the supply side, due to the enhanced cost support, the spot price of SiMn rose slightly, and SiMn mills had a weak willingness to sell at low prices. On the demand side, downstream steel mills were cautious in purchasing SiMn and maintained a wait-and-see sentiment towards the market.

As of this Friday, at northern ports: Australian lump ore was priced at 39-40 yuan/mtu, unchanged from last Friday; Australian seed ore was priced at 35.8-36.8 yuan/mtu, unchanged from last Friday; South African semi-carbonate ore was priced at 33.1-33.6 yuan/mtu, up 1.52% WoW from last Friday; Gabonese ore was priced at 36.4-37.4 yuan/mtu, up 1.1% WoW from last Friday; South African high-iron ore was priced at 29.1-29.6 yuan/mtu, unchanged from last Friday. At southern ports: Australian lump ore was priced at 39-40 yuan/mtu, unchanged from last Friday; Australian seed ore was priced at 35.3-35.8 yuan/mtu, down 0.56% WoW from last Friday; South African semi-carbonate ore was priced at 33.4-33.9 yuan/mtu, up 1.22% WoW from last Friday; Gabonese ore was priced at 38.5-39 yuan/mtu, up 1.04% WoW from last Friday; South African high-iron ore was priced at 28.5-29 yuan/mtu, up 0.7% WoW from last Friday. At month-end, downstream alloy plants stockpiled manganese ore, leading to a gradual reduction in inventory at northern and southern ports. Influenced by the positive performance of the SiMn futures market this week, spot manganese ore prices showed an upward trend, with some miners maintaining firm quotes. Future price movements will depend on the performance of the SiMn futures market and the purchasing behavior of downstream alloy plants for manganese ore.

[SMM EMM Daily Review: Downstream Buyers Drive Down Prices for Purchases, EMM Spot Prices Drop Slightly] The average spot price of EMM in major producing areas ranges from 13,400 to 13,500 yuan/mt, unchanged MoM; the average FOB price ranges from $1,880 to $1,910/mt, unchanged MoM. On the supply side, EMM plants' quoted prices have seen relatively small fluctuations, with many long-term contract orders being delivered as month-end approaches. On the demand side, downstream buyers are driving down prices for EMM purchases, showing relatively weak acceptance of previously high-priced EMM. Overall, the downstream demand for EMM lacks sufficient support, and spot prices are in the doldrums.

[SMM SiMn Futures Review: Mine-related News Disturbs Futures Market, Continuing to Hold Up Well] The SM2509 contract opened at 5,660 yuan/mt, fluctuated upward after the morning session, and finally closed at 5,676 yuan/mt, up 0.96%. The daily high was 5,704 yuan/mt, and the low was 5,624 yuan/mt. Trading volume was 266,707 lots, and open interest was 398,460. On the raw material side, affected by news of reduced shipments from overseas mines, miners' reluctance to budge on prices has gradually strengthened, and high-grade manganese oxide ore has seen a slight increase in prices. On the spot side, supported by stronger cost support, SiMn spot prices have slightly increased, and factories' willingness to sell at low prices is relatively weak. Attention should still be paid to the development of mine-related news in the future market.

[SMM Ferromanganese Futures Review: Futures Market Fluctuates Upward, Spot Prices Remain Stable] The SM2509 contract opened at 5,566 yuan/mt, fluctuated upward after the morning session, and finally closed at 5,654 yuan/mt, up 1.80%. The daily high was 5,670 yuan/mt, and the low was 5,556 yuan/mt. Trading volume was 327,757 lots, and open interest was 401,426. On the raw material side, the manganese ore market was influenced by news, and miners' bullish sentiment strengthened, with spot prices of South African semi-carbonate and Gabon manganese ore continuing to rise. On the spot side, SiMn plants currently have a relatively weak willingness to sell actively, and spot prices remain stable.

[SMM EMM Daily Review: EMM Spot Prices Remain Stable, All Parties Await Guidance from Alliance Meeting] The average spot price of EMM in major producing areas was 13,400-13,500 yuan/mt, unchanged MoM; the average FOB price was $1,880-1,910/mt, unchanged MoM. On the supply side, the EMM alliance meeting concluded today, and market participants are awaiting guidance from the meeting. Currently, EMM plants have relatively small willingness to sell at discounted prices, with quoted prices showing little fluctuation. Downstream steel mills remain cautious about purchasing EMM and still need to await the final outcome of the meeting.

[SMM Manganese Ore Daily Review] Limited Increase in SiMn Demand, Spot Prices Struggle to Rise Demand side, the supply surplus in the SiMn market has not been effectively improved. The increase in demand for SiMn from steel mills is limited, and SiMn inventory levels in both the south and north remain high. Downstream demand for SiMn is weak, with alloy plants mostly driving down prices when purchasing manganese ore, creating significant resistance to upward movement in manganese ore prices.

[SMM EMM Daily Review: Market Stable at Start of Week, Awaiting Alliance Meeting] The average spot price of EMM in major producing areas was 13,400-13,500 yuan/mt, unchanged MoM; the average FOB price was $1,880-1,910/mt, unchanged MoM. Supply side, as the alliance meeting was approaching at the start of the week, many EMM plants held back from selling, with weak willingness to sell actively. Demand side, downstream steel mills were cautious in purchasing EMM, with most market participants adopting a wait-and-see sentiment, awaiting guidance from the alliance meeting on future market trends.