SMM

[SMM Daily Review] Market Mostly Observes, Spot Prices Remain Stable February 25: Northern Ports: Australian lump ore at 49-49.5 yuan/mtu (flat MoM); Australian fines at 41.5-42 yuan/mtu (flat MoM); South African semi-carbonate at 38-38.5 yuan/mtu (flat MoM); Gabonese ore at 47-49 yuan/mtu (flat MoM); South African high-iron ore at 30-30.5 yuan/mtu (flat MoM). Southern Ports: Australian lump ore at 44.5-45 yuan/mtu (flat MoM); Australian fines at 42.5-43 yuan/mtu (flat MoM); South African semi-carbonate at 36.5-37 yuan/mtu (flat MoM); Gabonese ore at 44-46 yuan/mtu (flat MoM); South African high-iron ore at 29.5-30 yuan/mtu (flat MoM). Impacted by the continued downward fluctuation in SiMn alloy futures, miners mostly adopted a wait-and-see approach, with some holding back from selling. Port manganese ore inventory remains relatively low, and most industry participants maintain a bullish outlook on manganese ore, with a weak willingness to sell at low prices. Downstream alloy plants showed lukewarm interest in manganese ore purchases. As month-end approaches, alloy plants have just-in-time procurement needs, and attention should be paid to actual changes in manganese ore demand in the future.