[SMM Daily Review] Ferromanganese futures market holds up well, manganese ore prices rebound after falling On May 13: Northern ports: Australian lump ore at 38-38.5 yuan/mtu, unchanged WoW from last Tuesday; Australian seed ore at 36.5-37.5 yuan/mtu, down 1.33% WoW from last Tuesday; South African semi-carbonate ore at 32.5-33 yuan/mtu, unchanged WoW from last Tuesday; Gabon ore at 37-38 yuan/mtu, down 1.35% WoW from last Tuesday; South African high-iron ore at 30-30.5 yuan/mtu, down 1.63% WoW from last Tuesday. Southern ports: Australian lump ore at 39-39.5 yuan/mtu, down 2.48% WoW from last Tuesday; Australian seed ore at 38-38.5 yuan/mtu, unchanged but down 1.29% WoW from last Tuesday; South African semi-carbonate ore at 34-34.5 yuan/mtu, unchanged but down 1.44% WoW from last Tuesday; Gabon ore at 39-39.5 yuan/mtu, down 3.09% WoW from last Tuesday; South African high-iron ore at 28.3-28.8 yuan/mtu, down 2.39% WoW from last Tuesday.

[SMM Ferrosilicon-Manganese Futures Review: Market Sentiment Improves in SiMn Market, Spot Prices Rise Slightly] The SM2509 contract opened at 5,842 yuan/mt, fluctuated downward after the morning session, and eventually closed at 5,810 yuan/mt, down 0.62%. The daily high was 5,888 yuan/mt, and the low was 5,770 yuan/mt. Trading volume was 248,880 lots, and open interest was 386,757. Affected by favourable macro front policies, the market sentiment in the manganese alloy sector improved, with strong sentiment to stand firm on quotes among SiMn producers, leading to a slight increase in quoted prices. It is still necessary to monitor the actual procurement changes of downstream steel mills in the future.

[SMM EMM Daily Review: Ongoing Tenders by Steel Mills, Firm Quotations from EMM Plants] The average spot price of EMM in major producing areas was 13,350-13,500 yuan/mt, unchanged MoM; the average FOB price was 1,870-1,900 US dollars/mt, unchanged MoM. Supply side, quotations from EMM plants remained firm, with weak willingness to sell at low prices. Affected by the successive entry of steel tenders, some EMM plants held back from selling spot orders. Demand side, downstream buyers adopted a wait-and-see attitude towards EMM, awaiting guidance on future price trends from steel tenders.

[SMM Manganese-Silicon Futures Review: Futures Market Fluctuates Upward, Spot Prices Remain Stable] The SM2509 contract opened at 5,826 yuan/mt, fluctuated upward after the morning session, and eventually closed at 5,866 yuan/mt, up 1.80%. The daily high was 5,916 yuan/mt, and the low was 5,762 yuan/mt. Trading volume was 336,948 lots, and open interest was 381,170. On the raw material side, the manganese ore market saw sluggish transactions, with alloy plants driving down prices when purchasing manganese ore, leading to a continuous decline in spot prices. On the spot side, the futures market held up well, with SiMn plants showing weak willingness to quote prices actively. Downstream steel mills' purchases were sluggish, and the market was mostly in a wait-and-see attitude.

[SMM EMM Daily Review: Steel Tenders Enter the Market One After Another, Wait-and-See Sentiment Prevails in the EMM Market] The average spot price of EMM in major producing areas was 13,350-13,500 yuan/mt, unchanged MoM; the average FOB price was 1,870-1,900 US dollars/mt, unchanged MoM. On the supply side, EMM plants maintained firm quotations, with some holding back from selling, making it difficult to find low-priced EMM in the market. On the demand side, downstream inquiries were relatively active, but acceptance of high-priced EMM was low, resulting in sluggish actual transactions. As steel tenders enter the market one after another, the market is paying close attention to their progress.

As of Friday this week, at northern ports: Australian lump ore was priced at 37-37.5 yuan/mtu; Australian fines at 37-38 yuan/mtu; South African semi-carbonate ore at 32.5-33 yuan/mtu; Gabon ore at 36.5-37.5 yuan/mtu; and South African high-iron ore at 30-30.5 yuan/mtu. At southern ports: Australian lump ore was priced at 39-39.5 yuan/mtu; Australian fines at 38.5-39 yuan/mtu; South African semi-carbonate ore at 34-34.5 yuan/mtu; Gabon ore at 39.5-40.5 yuan/mtu; and South African high-iron ore at 28.5-29 yuan/mtu.

[SMM Weekly Review: Futures Market Holds Up Well, Most Parties Adopt a Wait-and-See Attitude] As of Friday this week, the price of SiMn alloy 65/17 (cash) in the northern market was 5,550-5,650 yuan/mt; in the southern market, it was 5,550-5,750 yuan/mt. According to SMM, on the raw material side, the manganese ore market saw sluggish transactions, with spot prices continuing to be in the doldrums. On the supply side, there are still plans for SiMn alloy producers to reduce or halt production. With the futures market holding up well, the spot price of SiMn alloy has stabilized after a decline. On the demand side, downstream steel mills are mostly waiting for major steel tenders to enter the market. Spot order transactions in the market are sluggish, and most parties are adopting a wait-and-see attitude.

[SMM Ferrosilicon Futures Review: Ferrosilicon Futures Market Experiences Sideways Movement, Spot Prices Remain Stable] The SM2509 contract opened at 5,762 yuan/mt, fluctuated upward after the morning session, and eventually closed at 5,758 yuan/mt, up 1.20%. The daily high was 5,794 yuan/mt, and the low was 5,736 yuan/mt. Trading volume was 239,183 lots, and open interest was 400,557. Currently, the futures market is holding up well, and market sentiment in the spot market has slightly improved. Prices of manganese ore, a raw material, continue to decline, and the cost support for SiMn continues to weaken. There are still no favorable factors to support the market, and all parties continue to maintain a wait-and-see sentiment.

[SMM Weekly Review: Manganese Plants Maintain Firm Quotations, Spot Prices Remain Stable] As of Friday this week, the domestic average spot price of electrolytic manganese (EMM) was 13,350-13,500 yuan/mt; the FOB price was US$1,870-1,900/mt. According to SMM, on the supply side, EMM plants maintained firm quotations during the week, with weak willingness to sell at low prices. Traders largely followed the quotations of manganese plants, remaining firm, with room for negotiation based on actual orders. On the demand side, downstream buyers were cautious in purchasing EMM. Although market inquiries were active, there was low acceptance of high-priced EMM, resulting in relatively sluggish actual transactions. Currently, the tug-of-war between supply and demand in the market continues, and the spot price of EMM remains stable.

[SMM Manganese-Silicon Futures Review: Futures Market Fluctuates Upward, SiMn Spot Price Remains Stable] The SM2509 contract opened at 5,566 yuan/mt, fluctuated upward after the morning session, and eventually closed at 5,758 yuan/mt, up 2.53%. The daily high was 5,786 yuan/mt, and the low was 5,552 yuan/mt. Trading volume was 374,215 lots, and open interest was 412,745. Currently, the SiMn market remains in a wait-and-see mood, with most SiMn plants having no production resumption plans for the time being. Idled SiMn plants are mainly selling their inventory. Market participants are mostly waiting for the guidance of mainstream steel tenders on future price trends.