SiMn Market Operated with Volatility, Weak Production Enthusiasm Among Plants [SMM SiMn Daily Review]

Published: Oct 29, 2025 18:17

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As of Wednesday, the price of SiMn 6517 (cash) in the north China market was 5,600-5,700 yuan/mt, down 25 yuan WoW from the average price level last Wednesday; in the south China market, the price of SiMn 6517 (cash) was 5,645-5,705 yuan/mt, down 25 yuan WoW from the average price level last Wednesday. Recently, the silicon manganese market has been in the doldrums, with a strong wait-and-see sentiment prevailing in the market.

As of Wednesday, the SiMn 6517 (cash) price in the north China market was 5,600-5,700 yuan/mt, down 25 yuan WoW from the average price level last Wednesday; in the south China market, SiMn 6517 (cash) was 5,645-5,705 yuan/mt, also down 25 yuan WoW from the average price level last Wednesday.

Recently, the SiMn market has been in the doldrums, with strong wait-and-see sentiment prevailing.

Cost side, the second round of coke price increases was implemented this week, with the coke market holding up well in the short term, while the manganese ore market remained stable. Overall, cost support has strengthened.

Supply side, alloy plants are only maintaining scheduled production, with low production enthusiasm. Some individual alloy plants, as the SiMn market did not meet expectations, began blast furnace maintenance in October, leading to a slight decline in the overall operating rate in October compared to September. In Yunnan, due to the end of the rainy season, electricity prices are expected to rise in November, significantly increasing the total production cost of SiMn. Some Yunnan plants have already clearly stated that they will initiate production cuts after the electricity price adjustment, and it is expected that the SiMn operating rate in Yunnan will gradually decline.

Demand side, after two rounds of inquiries, HBIS Group set the final October SiMn price at 5,820 yuan/mt, a relatively small increase from the second inquiry price of 5,800 yuan/mt, but a relatively large decrease compared to the September SiMn price of 6,000 yuan/mt. Most steel mill tenders were priced around 5,800-5,850 yuan/mt, with steel mills still attempting to drive down prices, and the SiMn market showing little enthusiasm for the steel tender pricing.

Overall, the current SiMn supply-demand situation has seen little change, with the market generally exhibiting a volatile pattern.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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