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Whether or Not EMM will Fell below RMB 15,000/mt

Power Shortages at Henan Aluminum Producers Ease Temporarily 

<p style="text-align: justify">SHANGHAI, Jan. 21 (SMM) -- According to latest SMM survey, growth of costs at EMM producers is as follows:</p>
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            <td valign="top" width="568" colspan="6" style="border-right: windowtext 1pt solid; padding-right: 5.4pt; border-top: windowtext 1pt solid; padding-left: 5.4pt; padding-bottom: 0cm; border-left: windowtext 1pt solid; width: 426.1pt; padding-top: 0cm; border-bottom: windowtext 1pt solid; background-color: transparent">
            <div style="text-align: justify"><b><span style="font-size: 10pt">Growth of Costs at EMM Producers</span></b></div>
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            <td valign="top" width="123" style="border-right: windowtext 1pt solid; padding-right: 5.4pt; border-top: #ffffff; padding-left: 5.4pt; padding-bottom: 0cm; border-left: windowtext 1pt solid; width: 92.45pt; padding-top: 0cm; border-bottom: windowtext 1pt solid; background-color: transparent">
            <div style="text-align: justify"><b><span style="font-size: 10pt">Region/material</span></b></div>
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            <td valign="top" width="84" style="border-right: windowtext 1pt solid; padding-right: 5.4pt; border-top: #ffffff; padding-left: 5.4pt; padding-bottom: 0cm; border-left: #ffffff; width: 63.1pt; padding-top: 0cm; border-bottom: windowtext 1pt solid; background-color: transparent">
            <div style="text-align: justify"><b><span style="font-size: 10pt">Manganese carbonate (RMB/mt)</span></b></div>
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            <td valign="top" width="101" style="border-right: windowtext 1pt solid; padding-right: 5.4pt; border-top: #ffffff; padding-left: 5.4pt; padding-bottom: 0cm; border-left: #ffffff; width: 75.8pt; padding-top: 0cm; border-bottom: windowtext 1pt solid; background-color: transparent">
            <div style="text-align: justify"><b><span style="font-size: 10pt">Electric power </span></b><b><span style="font-size: 10pt">（</span></b><b><span style="font-size: 10pt">RMB/kWh</span></b><b><span style="font-size: 10pt">）</span></b></div>
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            <td valign="top" width="87" style="border-right: windowtext 1pt solid; padding-right: 5.4pt; border-top: #ffffff; padding-left: 5.4pt; padding-bottom: 0cm; border-left: #ffffff; width: 64.95pt; padding-top: 0cm; border-bottom: windowtext 1pt solid; background-color: transparent">
            <div style="text-align: justify"><b><span style="font-size: 10pt">Sulphuric acid</span></b></div>
            <div style="text-align: justify"><b><span style="font-size: 10pt">(RMB/kg)</span></b></div>
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            <td valign="top" width="88" style="border-right: windowtext 1pt solid; padding-right: 5.4pt; border-top: #ffffff; padding-left: 5.4pt; padding-bottom: 0cm; border-left: #ffffff; width: 65.9pt; padding-top: 0cm; border-bottom: windowtext 1pt solid; background-color: transparent">
            <div style="text-align: justify"><b><span style="font-size: 10pt">Selenium dioxide (RMB/kg)</span></b></div>
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            <td valign="top" width="85" style="border-right: windowtext 1pt solid; padding-right: 5.4pt; border-top: #ffffff; padding-left: 5.4pt; padding-bottom: 0cm; border-left: #ffffff; width: 63.9pt; padding-top: 0cm; border-bottom: windowtext 1pt solid; background-color: transparent">
            <div style="text-align: justify"><b><span style="font-size: 10pt">Growth on a weekly basis</span></b></div>
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            <td valign="top" width="123" style="border-right: windowtext 1pt solid; padding-right: 5.4pt; border-top: #ffffff; padding-left: 5.4pt; padding-bottom: 0cm; border-left: windowtext 1pt solid; width: 92.45pt; padding-top: 0cm; border-bottom: windowtext 1pt solid; background-color: transparent">
            <div style="text-align: justify"><b><span style="font-size: 10pt">Hunan</span></b><b><span style="font-size: 10pt"> province</span></b></div>
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            <td valign="top" width="84" style="border-right: windowtext 1pt solid; padding-right: 5.4pt; border-top: #ffffff; padding-left: 5.4pt; padding-bottom: 0cm; border-left: #ffffff; width: 63.1pt; padding-top: 0cm; border-bottom: windowtext 1pt solid; background-color: transparent">
            <div style="text-align: justify"><span style="font-size: 10pt">850/16%</span></div>
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            <td valign="top" width="101" style="border-right: windowtext 1pt solid; padding-right: 5.4pt; border-top: #ffffff; padding-left: 5.4pt; padding-bottom: 0cm; border-left: #ffffff; width: 75.8pt; padding-top: 0cm; border-bottom: windowtext 1pt solid; background-color: transparent">
            <div style="text-align: justify"><span style="font-size: 10pt">0.53</span></div>
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            <td valign="top" width="87" style="border-right: windowtext 1pt solid; padding-right: 5.4pt; border-top: #ffffff; padding-left: 5.4pt; padding-bottom: 0cm; border-left: #ffffff; width: 64.95pt; padding-top: 0cm; border-bottom: windowtext 1pt solid; background-color: transparent">
            <div style="text-align: justify"><span style="color: #000000"><span style="font-size: 10pt">660</span></span></div>
            </td>
            <td valign="top" width="88" style="border-right: windowtext 1pt solid; padding-right: 5.4pt; border-top: #ffffff; padding-left: 5.4pt; padding-bottom: 0cm; border-left: #ffffff; width: 65.9pt; padding-top: 0cm; border-bottom: windowtext 1pt solid; background-color: transparent">
            <div style="text-align: justify"><span style="color: #000000"><span style="font-size: 10pt">455</span></span></div>
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            <td valign="top" width="85" style="border-right: windowtext 1pt solid; padding-right: 5.4pt; border-top: #ffffff; padding-left: 5.4pt; padding-bottom: 0cm; border-left: #ffffff; width: 63.9pt; padding-top: 0cm; border-bottom: windowtext 1pt solid; background-color: transparent">
            <div style="text-align: justify"><span style="color: #000000"><span style="font-size: 10pt">+233</span></span></div>
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            <td valign="top" width="123" style="border-right: windowtext 1pt solid; padding-right: 5.4pt; border-top: #ffffff; padding-left: 5.4pt; padding-bottom: 0cm; border-left: windowtext 1pt solid; width: 92.45pt; padding-top: 0cm; border-bottom: windowtext 1pt solid; background-color: transparent">
            <div style="text-align: justify"><span style="color: #000000"><b><span style="font-size: 10pt">Chongqing</span></b></span></div>
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            <td valign="top" width="84" style="border-right: windowtext 1pt solid; padding-right: 5.4pt; border-top: #ffffff; padding-left: 5.4pt; padding-bottom: 0cm; border-left: #ffffff; width: 63.1pt; padding-top: 0cm; border-bottom: windowtext 1pt solid; background-color: transparent">
            <div style="text-align: justify"><span style="color: #000000"><span style="font-size: 10pt">913/16.5%</span></span></div>
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            <td valign="top" width="101" style="border-right: windowtext 1pt solid; padding-right: 5.4pt; border-top: #ffffff; padding-left: 5.4pt; padding-bottom: 0cm; border-left: #ffffff; width: 75.8pt; padding-top: 0cm; border-bottom: windowtext 1pt solid; background-color: transparent">
            <div style="text-align: justify"><span style="color: #000000"><span style="font-size: 10pt">0.506</span></span></div>
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            <td valign="top" width="87" style="border-right: windowtext 1pt solid; padding-right: 5.4pt; border-top: #ffffff; padding-left: 5.4pt; padding-bottom: 0cm; border-left: #ffffff; width: 64.95pt; padding-top: 0cm; border-bottom: windowtext 1pt solid; background-color: transparent">
            <div style="text-align: justify"><span style="color: #000000"><span style="font-size: 10pt">680</span></span></div>
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            <td valign="top" width="88" style="border-right: windowtext 1pt solid; padding-right: 5.4pt; border-top: #ffffff; padding-left: 5.4pt; padding-bottom: 0cm; border-left: #ffffff; width: 65.9pt; padding-top: 0cm; border-bottom: windowtext 1pt solid; background-color: transparent">
            <div style="text-align: justify"><span style="color: #000000"><span style="font-size: 10pt">455</span></span></div>
            </td>
            <td valign="top" width="85" style="border-right: windowtext 1pt solid; padding-right: 5.4pt; border-top: #ffffff; padding-left: 5.4pt; padding-bottom: 0cm; border-left: #ffffff; width: 63.9pt; padding-top: 0cm; border-bottom: windowtext 1pt solid; background-color: transparent">
            <div style="text-align: justify"><span style="color: #000000"><span style="font-size: 10pt">+143</span></span></div>
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            <td valign="top" width="123" style="border-right: windowtext 1pt solid; padding-right: 5.4pt; border-top: #ffffff; padding-left: 5.4pt; padding-bottom: 0cm; border-left: windowtext 1pt solid; width: 92.45pt; padding-top: 0cm; border-bottom: windowtext 1pt solid; background-color: transparent">
            <div style="text-align: justify"><span style="color: #000000"><b><span style="font-size: 10pt">Guizhou</span></b><b><span style="font-size: 10pt"> province</span></b></span></div>
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            <td valign="top" width="84" style="border-right: windowtext 1pt solid; padding-right: 5.4pt; border-top: #ffffff; padding-left: 5.4pt; padding-bottom: 0cm; border-left: #ffffff; width: 63.1pt; padding-top: 0cm; border-bottom: windowtext 1pt solid; background-color: transparent">
            <div style="text-align: justify"><span style="color: #000000"><span style="font-size: 10pt">900/17%</span></span></div>
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            <td valign="top" width="101" style="border-right: windowtext 1pt solid; padding-right: 5.4pt; border-top: #ffffff; padding-left: 5.4pt; padding-bottom: 0cm; border-left: #ffffff; width: 75.8pt; padding-top: 0cm; border-bottom: windowtext 1pt solid; background-color: transparent">
            <div style="text-align: justify"><span style="color: #000000"><span style="font-size: 10pt">0.57</span></span></div>
            </td>
            <td valign="top" width="87" style="border-right: windowtext 1pt solid; padding-right: 5.4pt; border-top: #ffffff; padding-left: 5.4pt; padding-bottom: 0cm; border-left: #ffffff; width: 64.95pt; padding-top: 0cm; border-bottom: windowtext 1pt solid; background-color: transparent">
            <div style="text-align: justify"><span style="color: #000000"><span style="font-size: 10pt">680</span></span></div>
            </td>
            <td valign="top" width="88" style="border-right: windowtext 1pt solid; padding-right: 5.4pt; border-top: #ffffff; padding-left: 5.4pt; padding-bottom: 0cm; border-left: #ffffff; width: 65.9pt; padding-top: 0cm; border-bottom: windowtext 1pt solid; background-color: transparent">
            <div style="text-align: justify"><span style="color: #000000"><span style="font-size: 10pt">455</span></span></div>
            </td>
            <td valign="top" width="85" style="border-right: windowtext 1pt solid; padding-right: 5.4pt; border-top: #ffffff; padding-left: 5.4pt; padding-bottom: 0cm; border-left: #ffffff; width: 63.9pt; padding-top: 0cm; border-bottom: windowtext 1pt solid; background-color: transparent">
            <div style="text-align: justify"><span style="color: #000000"><span style="font-size: 10pt">+166</span></span></div>
            </td>
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            <td valign="top" width="123" style="border-right: windowtext 1pt solid; padding-right: 5.4pt; border-top: #ffffff; padding-left: 5.4pt; padding-bottom: 0cm; border-left: windowtext 1pt solid; width: 92.45pt; padding-top: 0cm; border-bottom: windowtext 1pt solid; background-color: transparent">
            <div style="text-align: justify"><span style="color: #000000"><b><span style="font-size: 10pt">Guangxi province</span></b></span></div>
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            <td valign="top" width="84" style="border-right: windowtext 1pt solid; padding-right: 5.4pt; border-top: #ffffff; padding-left: 5.4pt; padding-bottom: 0cm; border-left: #ffffff; width: 63.1pt; padding-top: 0cm; border-bottom: windowtext 1pt solid; background-color: transparent">
            <div style="text-align: justify"><span style="color: #000000"><span style="font-size: 10pt">500/13%</span></span></div>
            </td>
            <td valign="top" width="101" style="border-right: windowtext 1pt solid; padding-right: 5.4pt; border-top: #ffffff; padding-left: 5.4pt; padding-bottom: 0cm; border-left: #ffffff; width: 75.8pt; padding-top: 0cm; border-bottom: windowtext 1pt solid; background-color: transparent">
            <div style="text-align: justify"><span style="color: #000000"><span style="font-size: 10pt">0.63</span></span></div>
            </td>
            <td valign="top" width="87" style="border-right: windowtext 1pt solid; padding-right: 5.4pt; border-top: #ffffff; padding-left: 5.4pt; padding-bottom: 0cm; border-left: #ffffff; width: 64.95pt; padding-top: 0cm; border-bottom: windowtext 1pt solid; background-color: transparent">
            <div style="text-align: justify"><span style="color: #000000"><span style="font-size: 10pt">450</span></span></div>
            </td>
            <td valign="top" width="88" style="border-right: windowtext 1pt solid; padding-right: 5.4pt; border-top: #ffffff; padding-left: 5.4pt; padding-bottom: 0cm; border-left: #ffffff; width: 65.9pt; padding-top: 0cm; border-bottom: windowtext 1pt solid; background-color: transparent">
            <div style="text-align: justify"><span style="color: #000000"><span style="font-size: 10pt">455</span></span></div>
            </td>
            <td valign="top" width="85" style="border-right: windowtext 1pt solid; padding-right: 5.4pt; border-top: #ffffff; padding-left: 5.4pt; padding-bottom: 0cm; border-left: #ffffff; width: 63.9pt; padding-top: 0cm; border-bottom: windowtext 1pt solid; background-color: transparent">
            <div style="text-align: justify"><span style="color: #000000"><span style="font-size: 10pt">+63</span></span></div>
            </td>
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<p style="text-align: justify">According to SMM data, current average costs at EMM producers in main producing regions were around RMB 14,700/mt and reasonable profit margin at EMM producers were in the RMB 500-1,000/mt range. In this context, the reasonable EMM prices were in the RMB 15,200-15,700/mt range. Based on current market conditions, prices of raw materials like ore powder, sulfuric acid and selenium dioxide will not only hover at high levels but will also climb slightly in the future. In this context, costs at EMM producers will continue to climb.</p>
<p style="text-align: justify">&nbsp;</p>
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<p style="text-align: justify">&nbsp;</p>

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