Some SiMn alloy plants halted production for maintenance, with SiMn alloy production in January decreasing MoM [SMM Analysis].

【SMM Analysis: Partial SiMn Alloy Plants Halt Production for Maintenance, January SiMn Alloy Production Decreases MoM】 According to SMM data, China's total SiMn alloy production in January 2025 decreased by approximately 5% MoM and dropped by over 10% YoY. The main reason for the January decline in SiMn alloy production was the production cuts observed in both northern and southern SiMn alloy plants. Specifically, Inner Mongolia maintained a high operating rate, and although there was some newly added capacity, the actual production release was limited. In Ningxia, production reductions were caused by maintenance at certain plants. Additionally, in south China, due to a shortage of manganese ore at southern ports and rising raw material prices, SiMn alloy production costs remained high. Under production pressure, most SiMn alloy plants that had previously halted production currently have no production resumption plans. In Guangxi, although some small-scale SiMn alloy plants resumed production, the increase was smaller than the reduction. Overall, the reduction in SiMn alloy production outweighed the increase, resulting in a decline in total national SiMn alloy production in January. Heading into February, some SiMn alloy plants are expected to conduct maintenance around the Chinese New Year, leading to a slight decrease in production. Furthermore, due to the shorter number of calendar days in February, SiMn alloy production is expected to decline, with the total national SiMn alloy production showing a reduction.