Due to manganese oxide ore disturbance, bullish sentiment spread [SMM Weekly Review]

As of May 31, the price of 6517 SiMn alloy in North China was 8,300-8,500 yuan/mt (in cash), up 400 yuan/mt WoW, and that in South China was 8,400-8,600 yuan/mt (in cash), up 400 yuan/mt WoW. According to SMM, last week, SiMn alloy prices, influenced by high-grade manganese oxide ore disturbances, showed an upward trend. The new round of quotations from Australian mines increased, pushing up the spot price of SiMn alloy due to higher costs, with futures prices staying high. The industry held a strong bullish sentiment towards the SiMn alloy spot market. Supply side, some manufacturers suspended quotations and showed a low willingness to sell, making low-priced cargoes scarce and market circulating supply tight. Some manufacturers were willing to restart, but with an unclear time for production resumption. Some manufacturers without low-priced manganese ore inventory were reluctant to produce and rejected high-priced manganese ores. Demand side, overall transactions were slightly sluggish, with cautious procurement. We need to keep an eye on changes in raw material prices and supply-demand relationships.