SiMn Market Stalemate Persists, Manufacturers Reluctant to Offer Quotes [SMM SiMn Daily Review]

As of Wednesday, SiMn 6517 (cash) in the north China market was quoted at 5,650-5,750 yuan/mt, flat WoW; in the south China market, SiMn 6517 (cash) was quoted at 5,675-5,775 yuan/mt, also flat WoW.

Cost side, based on last week’s data, manganese ore inventories at both northern and southern ports decreased significantly, with relatively small inventory pressure. Ore miners showed strong willingness to refuse to budge on prices, keeping ore prices firm and stable. At southern ports, spot available inventory of South African semi-carbonate ore decreased, and miners became more reluctant to sell, pushing semi-carbonate ore prices back to high levels.

Supply side, SiMn futures fluctuated this week, and market sentiment remained cautious. Production fluctuations at plants in Inner Mongolia and Ningxia were relatively small. With few favorable market conditions recently, the market was dominated by a wait-and-see sentiment, resulting in low willingness to offer and most suppliers holding back from selling.

Demand side, HBIS set its September tender at 6,000 yuan/mt, which provided little boost to SiMn market sentiment. Alloy plants reported sluggish offers. The stainless steel market did not show a clear strengthening trend, nor did it exhibit the active trading typically seen during the peak season. Transaction prices for spot stainless steel remained largely stable, and the market maintained a heavy cautious and wait-and-see sentiment, with purchasing of high-silicon SiMn also tending to be cautious.

Overall, the SiMn market has been fluctuating recently. Due to continued cost support, SiMn alloy prices are expected to remain volatile in the near term. The specific price trend will still depend on supply-demand changes and sentiment-driven factors.