Insufficient support from downstream demand, spot price in the doldrums [SMM SiMn Daily Review]

[SMM SiMn Daily Review: Insufficient Downstream Demand Support Leads to Spot Prices in the Doldrums] In the northern market, the price of SiMn alloy 65/17 (cash) was 5,450-5,550 yuan/mt, down 50 yuan/mt WoW from last Wednesday. In the southern market, the price of SiMn alloy 65/17 (cash) was 5,450-5,650 yuan/mt, down 50 yuan/mt WoW from last Wednesday. According to SMM, on the raw material side, the inventory of manganese ore at ports continued to decline slowly, with a small volume of transactions in the market. Alloy plants were mostly driving down prices for purchases, leading to spot prices in the doldrums. On the supply side, SiMn holders mostly maintained a wait-and-see sentiment, with spot prices temporarily stable. Downstream steel mills mostly adopted a cautious purchasing attitude, waiting for the progress of the new round of steel tenders.