Latest Update in the SMM Nickel And Manganese Market

As of Wednesday, SiMn 6517 (cash) in the north China market was quoted at 5,550-5,560 yuan/mt, down 25 yuan WoW, while in the south China market, it was quoted at 5,600-5,650 yuan/mt, flat WoW. This week, the domestic SiMn alloy market continued to be in the doldrums, with overall market conditions remaining under pressure.

December 17 News: The SM2603 contract opened at 5,744 yuan/mt and closed at 5,758 yuan/mt, up 0.17%. The highest price during the daytime session was 5,776 yuan/mt, and the lowest was 5,732 yuan/mt. Trading volume reached 130,800 lots, with open interest at 276,107 lots. Today, futures fluctuated upward, rising at opening before declining. Cost side, although coke prices fell by 50 yuan/mt, easing some cost pressure, core raw material manganese ore prices remained firm. Supply side, alloy plants in the main northern production areas maintained stable operating rates, while those in south China operated at lower rates. Spot silicon manganese prices in production areas were below most enterprises' cost levels, putting significant pressure on producers and dampening willingness to offer retail quotations. Demand side, HBIS Group set its December SiMn price at 5,770 yuan/mt, down significantly from November's price of 5,820 yuan/mt. This price is below most enterprises' cost levels, exerting downward pressure on the SiMn alloy market.

On December 17, the SMM battery-grade nickel sulphate index price was 27,129 yuan/mt, with the quotation range for battery-grade nickel sulphate at 27,380-27,480 yuan/mt, and the average price decreased compared to the previous day.

[SMM Daily Review: Market Lacks Confidence Under Terminal Pressure, High-Grade NPI Price Continues to Decline] December 17 (SMM) - The average price of SMM 10-12% high-grade NPI was 885 yuan/mtu (ex-factory, tax included), down 1.5 yuan/mtu MoM from the previous working day.

December 16 news: Northern ports: South African high-grade iron 30-30.5 yuan/mtu, up 1.34% WoW; South African semi-carbonic 34-34.5 yuan/mtu, down 0.58% WoW; Gabon 42.9-43.5 yuan/mtu, up 1.41% WoW; Australian lumps 43.4-43.9 yuan/mtu, up 4.30% WoW; South African medium-grade iron 36.9-37.4 yuan/mtu, up 0.81% WoW. Southern ports: South African high-grade iron 30.3-30.8 yuan/mtu, down 1.61% WoW; South African semi-carbonic 36-36.7 yuan/mtu, down 2.68% WoW; Gabon 41.1-42 yuan/mtu, flat WoW; Australian lumps 41.5-42.2 yuan/mtu, up 1.21% WoW; South African medium-grade iron 37.1-37.6 yuan/mtu, up 1.32% WoW.

In 2025, the global nickel pig iron (NPI) market, influenced by the interplay of supply-demand dynamics, cost fluctuations, and policy environment, exhibited an overall trend of "fluctuations in the first half of the year, followed by initial stability and subsequent weakness in the second half." Significant divergence was observed between the two core production regions, China and Indonesia. Price trends shifted from cost-supported increases at the beginning of the year to off-season demand-driven declines by year-end. Throughout the year, the industry revolved around two fundamental themes: "capacity release and cost constraints on the supply side, and volatility in the stainless steel industry on the demand side."

On December 16, global nonferrous metals markets experienced a collective correction, with nickel performing particularly weakly. The most-traded SHFE nickel contract (2601) fell 2.36% for the day, at one point dropping more than 3,000 yuan/mt during the session; LME nickel closed down 2.22% in sync, settling at $14,295/mt, reflecting strong market pessimism.

SM2603 contract opened at 5,756 yuan/mt and closed at 5,736 yuan/mt, down 0.69%. The highest price was 5,778 yuan/mt and the lowest 5,716 yuan/mt. Trading volume was 160,300 lots, and open interest 278,789 lots. The futures market experienced volatile pressure today. Cost side, core manganese ore prices remained high; although some ore prices declined, overall SiMn alloy cost support held firm. Supply side, operating rates at alloy plants in northern main production areas were stable, while rates in south China were lower. Spot SiMn prices in production regions were below most enterprises' cost levels, leaving producers under significant loss pressure and reluctant to offer retail quotations. Demand side, HBIS Group's December SiMn pricing was 5,770 yuan/mt, down notably from November's 5,820 yuan/mt. This price is below most enterprises' costs, leading to negative market sentiment for SiMn.