SiMn Spot Prices Pulled Back Across the Board, Supply-Demand Imbalance Kept the Market in the Doldrums [SMM SiMn Daily Review]

Published: Jun 3, 2026 13:51

Save

As of Wednesday, the spot price of SiMn 6517 (cash) in the north China market was 5,900-6,000 yuan/mt, down WoW from the previous Wednesday; the spot price of SiMn 6517 (cash) in the south China market was 6,000-6,100 yuan/mt, also down WoW from the previous Wednesday. Currently, SiMn futures and spot prices were moving sideways within a mid-range overall, and the short-term support of raw material costs for spot prices had somewhat weakened.

As of Wednesday this week, the spot price of SiMn 6517 (cash) in the north China market was 5,900-6,000 yuan/mt, down WoW from last Wednesday; the spot price of SiMn 6517 (cash) in the south China market was 6,000-6,100 yuan/mt, down WoW from last Wednesday.

Currently, SiMn futures and spot prices were overall moving sideways within a mid-range band, and the short-term support of raw material costs for spot prices had somewhat loosened.

Cost side: Overseas manganese ore offers were cut again in June, and the short-term cost support for SiMn spot prices had somewhat loosened. However, arriving manganese ore remained in a high-cost price range, and producers' willingness to restock raw materials was overall mediocre. Electricity prices in Guangxi and Guizhou stayed high after the increase, with no expectations of decline. Following safety incidents at Shanxi coke operations, coke costs rose once again, highlighting cost pressure on producers.

Supply side: Operating rates of SiMn enterprises in both north and south China remained generally stable, with no significant fluctuations for the time being. Northern plants mostly operated on an order-based production model, while operating rates in the south were relatively lower. Overall industry supply saw limited changes, and finished product inventories stayed high. High destocking pressure exerted some downward pressure on SiMn futures and spot prices in the short term.

Demand side: End-use consumption of alloys was sluggish. Downstream procurement sentiment was weak overall, and steel mills and traders adopted a cautious restocking stance, making it difficult to effectively boost the SiMn market in the short term. HBIS Group's SiMn procurement volume for May 2026 was 8,500 mt, unchanged from April. The first-round inquiry was at 6,000 yuan/mt, with the final pricing at 6,050 yuan/mt, indicating a clear sentiment from steel mills to push for lower prices.

In the short term, the market is expected to remain in the doldrums amid ample supply and weak demand.

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.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

1 hour ago

[SMM Steel] ASEAN hot-rolled coil prices have fallen but have yet to attract Vietnamese buyers

[Vietnam] Dragged down by sluggish trading, ASEAN hot-rolled coil (HRC) import prices fell to 550 USD/tonne CFR, with some Indian sellers proactively conceding margins and lowering their HRC offers to 545 USD/tonne CFR Vietnam. However, due to weak expectations and extremely low purchasing intent among Vietnamese buyers, this price reduction still failed to attract any substantial buying interest.

1 hour ago

6.24 SMM Global Steel Daily Report

[Billet] Today, export billet quotations remained stable. Currently, mill quotes were on the high side, generally above $470/mt, while market tradable prices were mostly at $465-467/mt. Steel mills had a strong willingness to hold prices firm due to cost considerations, making it quite difficult to close export billet orders. [Rebar] Today, rebar export FOB quotations were basically stable. According to market feedback, recently, some steel mills, due to maintenance of blast furnaces and associated construction steel rolling lines, controlled the pace of taking rebar export orders. Meanwhile, wait-and-see sentiment among overseas clients was strong, leading to a noticeable shrinkage in overall export rebar orders. [Sheets & Plates] Today, export prices of HRC and other sheets & plates edged down day-on-day but held steady, with HRC transactions at $492-501/mt. Recently, due to declines in domestic futures and adjustments in the yuan exchange rate, some distant countries began to increase inquiry and purchasing demand. In terms of semi-finished products, short-term inquiry and purchasing willingness was low due to high domestic prices and the fact that overseas buyers had already made a certain amount of purchases earlier.

1 hour ago

[SMM Steel] Hoa Phat Develops High-Strength Steel for Auto and Heavy Equipment

Vietnamese steelmaker Hoa Phat has produced S700MC high-strength hot-rolled steel plate for load-bearing structures in trucks, trailers, special-purpose vehicles and heavy equipment. The grade offers strength, formability and weldability, supporting weight reduction and higher load capacity. The move expands Hoa Phat’s value-added steel portfolio and reduces reliance on imported advanced grades. "

1 hour ago