As of Wednesday, SiMn 6517 (cash) in the north China market was at 5,575-5,675 yuan/mt, flat WoW; in the south China market, SiMn 6517 (cash) was at 5,625-5,675 yuan/mt, also flat WoW.
Cost side, coke and manganese ore remained firm, keeping overall cost pressure on SiMn high.
Supply side, the SiMn market continued the weak fluctuating trend seen in October. For spot cargo, SiMn plants showed low willingness to sell at low prices, holding offers steady in the 5,600-5,650 yuan/mt range. South China officially entered the dry season, with electricity prices in Yunnan rising by about 0.11-0.15 yuan, leading some alloy plants to cut production. Production at alloy plants in other regions remained largely normal.
Demand side, steel mills began concentrated maintenance in mid-to-late November, with output expected to increase first then decrease. Additionally, HBIS's November tender volume fell MoM, with the first round inquiry price at 5,750 yuan/mt, unchanged from October's first round. East China steel mills mostly finalized prices in the 5,800-5,850 yuan/mt range. Given the current weak SiMn market, expectations for HBIS's final tender price are not high—either flat or a slight drop are possible—and wait-and-see sentiment is strong, as the market awaits price direction from the steel tender.
Overall, the current SiMn market is in a stalemate with strong costs and weak demand, with attention on how HBIS's final price will guide the market.
