[SMM Ferromanganese-Silicon Futures Review: Insufficient Upside Momentum in Futures Market Leads to Temporary Stability in Spot Prices] The SM2509 contract opened at 5,538 yuan/mt, fluctuated upward after the morning session, and eventually closed at 5,538 yuan/mt, up 1.17%. The daily high was 5,580 yuan/mt, and the low was 5,510 yuan/mt. Trading volume was 285,546 lots, and open interest was 452,001. On the raw material side, miners' quotes declined, and the spot prices of manganese ore remained in the doldrums. On the spot side, although the SiMn futures market continued to hold up well, it provided insufficient upside momentum for SiMn spot prices. Most SiMn producers held back from selling, and some holders' quotes still dropped slightly. On the demand side, downstream steel mills were mostly waiting for mainstream steel tenders to enter the market, maintaining a cautious wait-and-see sentiment.

[SMM Weekly Review: EMM Holders Slightly Loosen Their Grip, Spot Prices Drop Slightly] As of Friday this week, the domestic average spot price of EMM was 13,400-13,550 yuan/mt, down 50 yuan/mt WoW from last Friday; the FOB price was $1,890-1,920/mt, unchanged WoW from last Friday. According to SMM, on the supply side, some EMM plants maintained firm quotes, with weak willingness to sell at a discount, focusing mainly on fulfilling orders. However, EMM holders in the market slightly loosened their grip, with quotes slightly lowered. On the demand side, downstream steel mills were cautious in purchasing EMM, with weak acceptance of high-priced EMM, leading to a decline in spot transaction prices.

[SMM SiMn Weekly Review: Downstream Procurement Enthusiasm Remains Weak Post-Holiday, Spot Prices in the Doldrums] As of Friday this week, the price of SiMn alloy 65/17 (cash) in the northern market was 5,450-5,550 yuan/mt, down 50 yuan/mt WoW from last Friday; in the southern market, it was 5,450-5,650 yuan/mt, also down 50 yuan/mt WoW from last Friday. According to SMM, on the raw material side, manganese ore prices continued to decline, weakening the cost support for SiMn. On the supply side, fluctuations in SiMn mills' production schedules were relatively small, with some SiMn mills in the southern region expressing willingness to resume production. SiMn mills' willingness to offer quotes actively remained weak, with some holders' quotes dropping slightly. On the demand side, downstream steel mills were cautious in procuring SiMn, mostly waiting for mainstream steel tenders to commence.

As of Friday this week, at northern ports: Australian lump ore was priced at 39.5-40.5 yuan/mtu, unchanged WoW from last Friday; Australian seed ore was priced at 35.8-36.8 yuan/mtu, down 0.55% WoW from last Friday; South African semi-carbonate ore was priced at 32.6-33.1 yuan/mtu, down 1.50% WoW from last Friday; Gabon ore was priced at 35.6-36.6 yuan/mtu, down 1.37% WoW from last Friday; South African high-iron ore was priced at 29.3-29.8 yuan/mtu, down 0.67% WoW from last Friday. At southern ports: Australian lump ore was priced at 39.3-40.3 yuan/mtu, down 0.50% WoW from last Friday; Australian seed ore was priced at 35.5-36 yuan/mtu, down 1.38% WoW from last Friday; South African semi-carbonate ore was priced at 33-33.5 yuan/mtu, down 1.48% WoW from last Friday; Gabon ore was priced at 38.1-38.6 yuan/mtu, down 0.52% WoW from last Friday; South African high-iron ore was priced at 28.3-28.8 yuan/mtu, up 0.70% WoW from last Friday. Manganese ore inventories at ports continued to decline slowly during the week. Downstream alloy plants maintained a cautious approach to purchasing small quantities of manganese ore to meet their immediate needs. However, due to ongoing losses on production, alloy plants had low acceptance of high-priced manganese ore raw materials and tended to drive down prices when purchasing. Miners' offers were under pressure, and the spot price of manganese ore was in the doldrums. Attention should be paid to the future performance of SiMn futures and the actual purchasing situation of manganese ore by downstream alloy plants.

[SMM Ferromanganese-Silicon Futures Review: Futures Market Holds Up Well, Spot Price Remains Stable] The SM2509 contract opened at 5,508 yuan/mt, fluctuated upward after the morning session, and eventually closed at 5,482 yuan/mt, up 0.48%. The daily high was 5,508 yuan/mt, and the low was 5,438 yuan/mt. Trading volume was 222,232 lots, and open interest was 476,759. On the raw material side, manganese ore inventory at ports continued to build up, alloy plants' purchases of manganese ore were sluggish, and spot prices dropped slightly. On the spot side, most SiMn plants held back from selling, and the market was dominated by wait-and-see sentiment.

[SMM Ferromanganese Futures Review: Futures Market Fluctuates Upward, Market Participants Hold Wait-and-See Sentiment] The SM2509 contract opened at 5,456 yuan/mt, fluctuated upward after the morning session, and eventually closed at 5,502 yuan/mt, down 2.12%. The daily high was 5,532 yuan/mt, and the low was 5,398 yuan/mt. Trading volume was 314,831 lots, and open interest was 487,679. On the futures side, influenced by the overall hold up well of the ferrous metals series, the ferromanganese futures market fluctuated upward. On the spot side, SiMn holders mostly held a wait-and-see sentiment, and spot prices remained stable. Downstream steel mills mostly maintained a cautious purchasing sentiment, waiting for the progress of the new round of steel tenders.

[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.

[SMM EMM Daily Review: Market Quotations Fluctuate Relatively Small After Holiday, EMM Spot Prices Remain Stable] The average spot price of EMM in major producing areas ranges from 13,450 to 13,600 yuan/mt, unchanged MoM; the average FOB price ranges from $1,890 to $1,920/mt, unchanged MoM. Supply side, after the Dragon Boat Festival, the quotations of EMM plants fluctuate relatively small, with factories maintaining firm quotations. Traders follow the firm quotations of manganese plants, making it difficult to find low-priced goods in the market. Demand side, downstream buyers made small purchases of EMM during the Dragon Boat Festival, with most still adopting a wait-and-see attitude towards the sentiment of manganese plants after the holiday.

[SMM Daily Review] No Positive Factors in the Market, Spot Prices Remain Stable for Now June 3 News: Northern Ports: Australian lump ore is priced at 39.5-40.5 yuan/mtu, unchanged WoW from Tuesday; Australian fines are priced at 36-37 yuan/mtu, unchanged WoW from Tuesday; South African semi-carbonate ore is priced at 33.1-33.6 yuan/mtu, unchanged WoW from Tuesday; Gabon ore is priced at 36.1-37.1 yuan/mtu, unchanged WoW from Tuesday; South African high-iron ore is priced at 29.5-30 yuan/mtu, down 1.00% WoW from Tuesday. Southern Ports: Australian lump ore is priced at 39.5-40.5 yuan/mtu, unchanged WoW from Tuesday; Australian fines are priced at 36-36.5 yuan/mtu, down 2.68% WoW from Tuesday; South African semi-carbonate ore is priced at 33.5-34 yuan/mtu, down 1.46% WoW from Tuesday; Gabon ore is priced at 38.3-38.8 yuan/mtu, down 1.28% WoW from Tuesday; South African high-iron ore is priced at 28.5-29 yuan/mtu, unchanged WoW from Tuesday.

In May 2025, the production of electrolytic manganese dioxide (EMD) increased compared to the previous month and also achieved a certain increase YoY. This was mainly due to the steady growth in demand from the downstream primary battery market and the good performance of enterprises' production status. Among them, the production of carbon-zinc and alkaline-manganese dioxide both increased slightly...