SiMn Alloy Plants Show Weak Willingness to Cut Production, Spot Prices Remain Stable [SMM Weekly Review]

Published: Nov 1, 2024 17:51

Source: SMM

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As of this Friday, spot prices for SiMn alloy 65/17 (cash) in the northern market were 5,900-6,100 yuan/mt, down 125 yuan/mt WoW.

As of this Friday, spot prices for SiMn alloy 65/17 (cash) in the northern market were 5,900-6,100 yuan/mt, down 125 yuan/mt WoW; in the southern market, prices were 6,000-6,100 yuan/mt, down 100 yuan/mt WoW. According to SMM, on the raw material side, due to the good performance of the alloy market, manganese ore prices stabilized this week after a decline, with miners showing a strong sentiment to stand firm on quotes and a weak willingness to sell at low prices. Supply side, new capacity was added in Inner Mongolia this week, and SiMn alloy plants in Guangxi resumed production. Overall, SiMn alloy plants showed a weak willingness to cut production. Demand side, at the beginning of the month, downstream steel mills mostly adopted a wait-and-see attitude, being cautious about SiMn alloy procurement and waiting for mainstream tenders to provide price outlook guidance.

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