Latest Update in the SMM Manganese Market

December 8: The SM2603 contract opened at 5,750 yuan/mt and closed at 5,736 yuan/mt, down 0.42%. The highest price during the daytime session was 5,766 yuan/mt, and the lowest price was 5,696 yuan/mt. Trading volume was 265,100 lots, and open interest stood at 271,282 lots. Today, futures were under pressure. Cost side, the manganese ore market remained firm, with traders showing strong confidence in holding prices firm, providing solid cost support for SiMn. Supply side, alloy plants in both the north and south maintained stable operations. Spot SiMn prices in production areas were below the cost levels of most enterprises, putting significant pressure on producers with losses. Demand side, a new round of steel mill tenders was gradually unfolding. HBIS Group's December SiMn procurement volume was 14,700 mt, down from the November tender volume of 16,000 mt. Overall, the market is watching for the new round of steel tender prices, and spot SiMn prices are expected to remain in the doldrums in the short term.

December 5 news: Northern ports: South African high-iron ore at 29.6-30.1 yuan/mtu, flat WoW; South African semi-carbonate ore at 34.1-34.8 yuan/mtu, flat WoW; Gabon ore at 41.7-42.5 yuan/mtu, up 2.43% WoW; Australian lumps at 41-41.7 yuan/mtu, up 2.48% WoW; South African medium-iron ore at 36.6-37.1 yuan/mtu, up 3.37% WoW. Southern ports: South African high-iron ore at 30.8-31.3 yuan/mtu, flat WoW; South African semi-carbonate ore at 36.9-37.8 yuan/mtu, flat WoW; Gabon ore at 40.6-41.5 yuan/mtu, flat WoW; Australian lumps at 40.5-41.2 yuan/mtu, up 0.49% WoW; South African medium-iron ore at 37.6-38.1 yuan/mtu, flat WoW. Overall, port inventories of high-grade lump ore are tightening, bargaining power is tilting toward sellers, and purchasing negotiations are becoming increasingly difficult. The manganese ore market is expected to hold up well in the short term, with high-grade ore likely to continue leading the gains.

December 5: The SM2603 contract opened at 5,752 yuan/mt and closed at 5,758 yuan/mt, down 0.42%. The highest price during the daytime session was 5,784 yuan/mt, and the lowest price was 5,740 yuan/mt. Trading volume reached 162,500 lots, and open interest stood at 263,926 lots. Today, the futures market was under pressure and fluctuated. Cost side, the manganese ore market remained firm, with traders showing strong confidence in holding prices firm, providing solid cost support for SiMn. Supply side, new capacity was put into operation at alloy plants in north China, but iron output had not yet begun; production is expected to start slowly later, which will increase supply-side pressure. In south China, overall operating rates remained relatively low, and supply releases were stable. Spot SiMn prices in production areas fluctuated around the cost line, with significant pressure from losses. Demand side, a new round of steel mill tenders was gradually unfolding, but the market's capacity to absorb SiMn remained to be verified. Overall, the market is watching for the new round of steel tender prices, and spot SiMn prices are expected to remain in the doldrums in the short term.

December 4 news: The SM2603 contract opened at 5,744 yuan/mt and closed at 5,796 yuan/mt, up 0.69%, with the highest price at 5,816 yuan/mt and the lowest at 5,734 yuan/mt. Trading volume was 290,300 lots, and open interest was 252,039 lots. Today's futures fluctuated upward. Cost side, the manganese ore market remained firm, with traders confident in holding prices firm, providing strong cost support for SiMn. Supply side, alloy plants in north China still have new capacity planned to be put into operation, increasing supply-side pressure; overall operating rates in south China remained relatively low, with supply releases being stable. Spot prices in SiMn production areas fluctuated around the cost line, with significant loss pressure. Demand side, a new round of steel mill tenders is gradually unfolding, and the market's absorption capacity for SiMn still needs to be verified. Overall, the market is watching for the new round of steel tender prices, and short-term spot SiMn prices are expected to remain in the doldrums.

As of Wednesday, SiMn 6517 (cash) in the northern market was at 5,550-5,650 yuan/mt, up 25 yuan WoW; in the southern market, SiMn 6517 (cash) was at 5,600-5,650 yuan/mt, up 25 yuan WoW. Overall, the SiMn market continues to be locked in a stalemate of "strong cost side, weak demand." The rigid support from the cost side is contending with uncertainty on the demand side, leading to a strong wait-and-see sentiment across the market, as participants watch for the finalization of tender prices from mainstream steel mills in the short term.

December 2 news: Northern ports: South African high-iron manganese ore at 29.6-30.1 yuan/mtu, flat WoW; South African semi-carbonate at 34.1-34.8 yuan/mtu, flat WoW; Gabonese ore at 41.2-42 yuan/mtu, up 3.23% WoW; Australian lumps at 40-41.4 yuan/mtu, up 1.73% WoW; South African medium-iron manganese ore at 35.9-36.4 yuan/mtu, up 1.40% WoW. Southern ports: South African high-iron manganese ore at 30.8-31.3 yuan/mtu, flat WoW; South African semi-carbonate at 36.9-37.8 yuan/mtu, flat WoW; Gabonese ore at 40.6-41.5 yuan/mtu, flat WoW; Australian lumps at 40.5-41.2 yuan/mtu, up 0.49% WoW; South African medium-iron manganese ore at 37.6-38.1 yuan/mtu, up 0.80% WoW. At the beginning of the week, the manganese ore market continued its previous firm trend, with varied performance across different varieties.

SM2601 contract opened at 5,702 yuan/mt and closed at 5,722 yuan/mt, down 0.07%. The highest price was 5,748 yuan/mt and the lowest price was 5,692 yuan/mt. Trading volume was 121,900 lots and open interest was 227,457 lots. Today's futures showed a fluctuating trend. Cost side, the manganese ore market remained firm, with traders confident in holding prices firm, providing strong cost support for SiMn. Supply side, alloy plants in north China maintained normal production pace, while new capacity was recently put into operation in Inner Mongolia, increasing supply-side pressure; overall operating rates in south China were relatively low, with supply release remaining stable. Spot prices in SiMn production areas fluctuated around the cost line, with significant loss pressure. Demand side, a new round of steel mill tenders was gradually unfolding, and the market's absorption capacity for SiMn still needed verification. Overall, the market awaited the new round of steel tender prices, and short-term spot SiMn prices remained in the doldrums.

December 1: The SM2601 contract opened at 5,622 yuan/mt and closed at 5,724 yuan/mt, up 1.85%. The highest price during the daytime session was 5,786 yuan/mt, and the lowest was 5,618 yuan/mt. Trading volume was 256,200 lots, and open interest stood at 253,444 lots. Today, futures fluctuated rangebound. Cost side, the manganese ore market remained firm, with traders confident in holding prices firm, providing strong cost support for SiMn. Supply side, alloy plants in north China maintained normal production pace, while new capacity in Inner Mongolia recently commenced operation, increasing supply-side pressure. In south China, overall operating rates remained relatively low, with supply release remaining stable. Demand side, a new round of steel mill tenders is gradually unfolding, but the extent of support for the SiMn market remains to be seen. Overall, spot SiMn prices were in the doldrums, fluctuating around the cost line.

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