Wait-and-see Sentiment Still Dominates as Market Awaits Steel Tender Pricing [SMM SiMn Weekly Review]

Published: Sep 11, 2026 17:32

Save

As of this Friday, SiMn 6517 (cash) prices in north China were 5,800-5,900 yuan/mt, up WoW from last Friday; in south China, SiMn 6517 (cash) prices were 5,850-5,950 yuan/mt, up WoW from last Friday, and SiMn 6014 (cash) prices in south China were 5,400-5,500 yuan/mt, up WoW from last Friday. Recently, SiMn futures consolidated on a strong note, with market pessimism easing somewhat, though wait-and-see sentiment still prevailed.

As of this Friday, SiMn 6517 (cash) in the north China market was at 5,800-5,900 yuan/mt, up WoW from last Friday; SiMn 6517 (cash) in the south China market was at 5,850-5,950 yuan/mt, up WoW from last Friday, and SiMn 6014 (cash) in the south China market was at 5,400-5,500 yuan/mt, up WoW from last Friday.

Recently, SiMn futures consolidated on a strong note, with the pessimistic market atmosphere easing somewhat, though wait-and-see sentiment still prevailed.

Cost side: On the ore front, spot manganese ore prices saw little change. On the electricity price front, electricity charges in Guangxi and Guizhou stayed high with no expectations of decline, while Yunnan entered the rainy season, leading to lower electricity charges. In Inner Mongolia, power rationing in some areas during the windy season pushed electricity prices up slightly. Coke side: With successive increases, coke prices maintained their upward trend.Under the interplay of multiple factors, the comprehensive production cost of SiMn declined somewhat.

Supply side: Operating rates in Inner Mongolia remained stable, but most producers reported severe losses and significant production pressure. In Ningxia, producers' losses deepened, extending last month's production cuts, with low operating rates. In south China, conditions diverged: Yunnan alloy plants saw relatively notable cost declines due to lower electricity prices in the rainy season, boosting operations, while other south China regions still had low overall operating rates, fewer shipment opportunities, and a sluggish market trading atmosphere.Overall industry supply declined, while finished product inventories at enterprises stayed high. High destocking pressure continued to weigh on SiMn spot and futures prices in the short term.

Demand side: End-use consumption of alloys remained sluggish, with overall downstream purchasing sentiment weak. Steel mills and traders took a cautious approach to restocking, making it difficult to effectively boost the SiMn market in the short term. Steel mill tenders were gradually entering the market, with HBIS Group's first-round inquiry for September 2026 SiMn at 6,000 yuan/mt. The August settlement price was 5,880 yuan/mt. SiMn purchase volume was 14,800 mt (excluding 6,000 mt of medium-thickness plates).Market selling sentiment remained cautious, with participants watching the final pricing from mainstream steel mills in north China.

Overall, current demand struggled to effectively boost prices, with producers generally mired in losses and facing significant production pressure. Under a loose supply-demand balance, SiMn is expected to maintain a fluctuating trend in the short term, with the market still dominated by wait-and-see sentiment.

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

8 hours ago

【Flash | QB Q2FY2026 Molybdenum Output Nearly Doubles on Stronger Operations】

Teck Resources reported Q2FY2026 molybdenum production of 840 tonnes at Quebrada Blanca, up about 95% from 430 tonnes a year earlier and 31% from 640 tonnes in Q1FY2026. The company attributed the increase to another quarter of strong operational performance and process stability, indicating a marked rise in by-product molybdenum supply from the mine.

8 hours ago

20 hours ago

[SMM Chromium Flash] EU's Toughening Trade Stance Raises Fresh Risks for Ferrochrome and Stainless Steel Supply Chains

European governments are preparing to seek broader safeguard measures against surging imports, primarily from China, marking a further shift toward tighter trade protection as European industrial sectors face high energy costs and weak demand. The European Union currently has a safeguard regime covering ferro-alloys, while governments including France, Italy and Germany are now pushing for additional investigations covering chemicals and plastics. For the chromium market, the development could have implications beyond the products directly targeted by the new proposals. A more protectionist EU trade environment could alter stainless-steel import flows and procurement strategies, potentially affecting demand for ferrochrome and the competitiveness of overseas suppliers. With the EU already using trade safeguards for ferro-alloys, further expansion of trade-defense measures could increase uncertainty for global ferrochrome flows and premiums, particularly if protection increasingly extends across both upstream alloy inputs and downstream steel products.

20 hours ago

23 hours ago

Cost Support Meets Supply-Demand Tug-of-War; Silicon Metal Prices Stay Stagnant and Stable [SMM Silicon Industry Weekly Review]

[Cost Support Combined with Supply-Demand Tug-of-War Keeps Silicon Metal Prices in Stalemate]: Silicon metal trading saw a tug-of-war between sellers and buyers, with prices consolidating in a stalemate. As of September 10, SMM oxygen-blown #553 silicon in east China stood at 9,400-9,600 yuan/mt, up 50 yuan/mt WoW, while #441 silicon was at 9,500-9,700 yuan/mt, flat WoW. In the futures market, the SI2611 contract moved sideways around 8,700-8,900 yuan/mt during the week. Affected by the tug-of-war between longs and shorts, prices repeatedly pulled back and forth around the 8,800 yuan/mt level, with Friday's close at 8,745 yuan/mt, up 10 yuan/mt WoW. In terms of market quotes and transactions, silicon producers maintained firm offers, with quotes largely stable during the week. Spot-futures traders also held prices relatively firm amid high-level consolidation in futures. Recently, trucking freight rates have stayed high, and downstream acceptance of high-priced spot cargo was moderate. Some users showed weaker purchasing enthusiasm compared with the previous week, with the market dominated by buying on dips or just-in-time procurement. Wait-and-see sentiment persisted, and transactions overall maintained a just-in-time pace, leaving the price center in a stagnant stalemate.

23 hours ago