Bid Pricing by Mainstream Steel Mills: Market Holds a Wait-and-See Attitude [SMM SiMn Alloy Daily Review]

On November 20, in the northern market, SiMn alloy 65/17 was priced at 5,850-6,050 yuan/mt (cash), down 50 yuan/mt compared to last Wednesday; in the southern market, SiMn alloy 65/17 was priced at 5,950-6,150 yuan/mt (cash), down 50 yuan/mt compared to last Wednesday. According to SMM, on the raw material side, manganese ore inventories in both northern and southern regions are at relatively high levels, while demand from downstream alloy plants remains weak, leading to a slight decline in spot market prices for manganese ore. Supply side, SiMn alloy production costs have slightly decreased, and the willingness to reduce production among SiMn alloy plants is weak, keeping supply at a high level. Additionally, the willingness to sell at low prices is low among SiMn alloy plants in both northern and southern regions, with many holding back from selling and adopting a wait-and-see attitude. Demand side, downstream steel mills are cautious in their procurement of SiMn alloy, with final bid pricing being closely watched for guidance on the price outlook.