SMM

【SMM Analysis: SiMn Alloy Production Increased MoM in March, Expected to Decrease Slightly in April】SMM data shows that China's total SiMn alloy production in March 2025 increased by over 4% MoM, but decreased by over 7% YoY. The main reasons for the increase in SiMn alloy production in March were the maintained high operating rates in regions with relatively cost advantages, such as Inner Mongolia and Ningxia, while SiMn alloy plants in other parts of north China basically maintained normal production, with relatively small daily production fluctuations. In addition, affected by the continuous rise in manganese ore prices in south China, raw material costs increased, and SiMn alloy plants still faced significant production resistance. The daily production of some SiMn alloy plants decreased slightly, but due to the increase in calendar days in March compared to February, the overall SiMn alloy production in March increased slightly. In April, most SiMn alloy plants face a shortage of manganese ore inventory, with spot manganese ore prices at a relatively high level. SiMn alloy plants are severely affected by losses, and both north and south China have plans to reduce or halt production. In addition, the current inventory of SiMn alloy is at a relatively high level, and the growth of SiMn alloy production remains under pressure. Therefore, the overall SiMn alloy production in April is expected to turn to a decrease.