EMM prices stabilize temporarily, lack upward momentum [SMM EMM Daily Review]

Published: Aug 21, 2025 10:41

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[SMMElectrolyticManganeseDailyReview:Electrolyticmanganesepricesstabilize,insufficientupwardmomentum]OnAugust21,thespotaveragepriceofelectrolyticmanganeseinmainproductionareasremainedat13,500-13,650yuan/mt,flatMoM;theexportFOBpriceaverageremainedat$1,900-1,940/mt,flatMoM.Costside,manganescarbonateoreandsulphuricacidpricesremainhigh,withEMMplantsshowingstrongreluctancetobudgeonprices,leadingtoscarcityoflow-pricedgoods.Demandside,despitepositivemacroeconomicpolicies,Augustisstillthetraditionaloff-seasonforsteelmillswithastrongwait-and-seesentiment.Purchasesaremainly"restockingasneeded,"withacautiousattitude,makingitdifficultforsustainedhigh-leveltransactionsandlimitingtheboosttoprices.Overall,intheshortterm,electrolyticmanganesepriceswillstabilize,withinsufficientupwardmomentum.Futureattentionshouldbefocusedonsignalsofsubstantiveimprovementindemand.

On August 21, the average spot price of EMM in the main production areas was 13,500-13,650 yuan/mt, flat MoM; the average FOB export price remained at $1,900-1,940/mt, also flat MoM. Cost side, manganese carbonate ore and sulphuric acid prices remained high, with EMM producers showing a strong reluctance to budge on prices, leading to a scarcity of low-priced supplies in the market. Demand side, despite favorable macro policies, steel mills were still in the traditional off-season in August, with a strong wait-and-see sentiment. Purchasing was mainly based on restocking as needed, with a cautious attitude, making it difficult for high-level transactions to sustain and providing limited upward momentum for prices. Overall, EMM prices are expected to remain stable in the short term, lacking the impetus for another rise, and further attention should be paid to signals of substantial improvement on the demand side.

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