【SMM Analysis：Resumed SiMn alloy production increases， October SiMn alloy production up MoM.】

【SMM Analysis：Resumed SiMn alloy production increases， October SiMn alloy production up MoM.】According to SMM data, China's total SiMn alloy production in October 2024 increased by about 4% MoM but decreased by over 30% YoY. From January to October 2024, China's cumulative SiMn alloy production decreased by over 10% YoY. The main reason for the increase in October SiMn alloy production is the resumption of production in SiMn alloy plants in both northern and southern regions. Specifically, Inner Mongolia maintained a high operating rate, with some reductions due to maintenance having been restored. Additionally, due to eased production pressure, the overall production of SiMn alloy plants in Inner Mongolia saw a slight increase. Stimulated by favourable macro news, SiMn alloy plants in regions such as Guangxi and Guizhou also resumed production. Overall, the total national SiMn alloy production in October showed an increase. Entering November, SiMn alloy plants in cost-advantaged areas like Inner Mongolia are expected to maintain their operating rates. However, SiMn alloy plants in Yunnan and other regions are entering the rainy season, with rising electricity prices and significant production pressure, leading to plans for production cuts or suspensions. Additionally, the firm manganese ore prices at southern ports are driving up costs, making a significant increase in the operating rate of SiMn alloy plants relatively small. Therefore, the overall SiMn alloy production in November is expected to decrease.