SMM

[SMM Analysis: Silicon-manganese alloy production increased MoM in June, and is expected to increase in July] According to SMM data, China's total silicon-manganese alloy production in June 2025 increased by approximately 1% MoM, but decreased by nearly 30% YoY. The main reason for the MoM increase was the maintenance of high operating rates in cost-advantageous regions such as Inner Mongolia, while production in other north China regions remained basically stable. Additionally, production in Yunnan and other regions slightly increased due to electricity tariff discounts during the rainy season; some enterprises in Guangxi increased their production schedules due to order growth. Looking ahead to July, most north China enterprises expect production fluctuations to be relatively small, while in south China, some enterprises plan to resume production due to continued electricity tariff discounts, and overall production is expected to increase.