Downstream Steel Tender Pricing Negotiations, SiMn Spot Price Rises [SMM SiMn Daily Review]

As of Wednesday, SiMn 6517 (cash) in the northern market was at 5,650-5,750 yuan/mt, up 50 yuan WoW; in the southern market, it was at 5,675-5,775 yuan/mt, up 50 yuan WoW from the previous Wednesday.

Cost side, the manganese ore market held up well, with inventory levels at some Qinzhou Port mines declining, and miners becoming more reluctant to sell, keeping offers firm.

Supply side, SiMn futures fluctuated at highs recently, market sentiment for SiMn recovered, willingness to offer increased, and offers rose. Northern factories offered around 5,675 yuan/mt, while southern factories offered around 5,725 yuan/mt. Production-wise, operations in northern Inner Mongolia and Ningxia saw relatively small fluctuations, while factories in southern regions like Yunnan and Guangxi were at breakeven, with no significant changes in operating rates.

Demand side, mainstream steel tenders for SiMn alloy faced pricing negotiations; social inventory of stainless steel declined for the ninth consecutive week, but macro tailwinds had not yet materialized, and the market maintained a heavy wait-and-see sentiment with cautious purchasing of high-silicon SiMn, leaving negotiations ongoing.

In summary, the SiMn alloy market currently maintains a cautious upward exploration sentiment, with overall sentiment leaning warm, awaiting the final tender pricing from HBIS for market guidance.