Electrolytic manganese entered its traditional off-season in May and June 2026, with the market witnessing a loose supply-demand surplus and narrow price fluctuation ranges. Hit by sluggish downstream purchases, prices once corrected notably......

In the week ending April 25, 2026 (Week 17), US raw steel production fell by 1.0% compared to the previous week, totaling 1.68 million net tons, with a capability utilization rate of 74.5%. This output represents a 3.5% decline compared to the same week in 2025. On a year-to-date basis, adjusted production reached 27.5 million net tons, reflecting a cumulative decrease of 2.1% year-on-year. The continued slide in utilization rates suggests a cooling in domestic industrial demand and may prompt US mills to consider further production curbs to stabilize spot prices.

On April 17, SMM reported that a major Indonesian stainless steel mill increased the price gap between 304 and 316L series from $1,800/mt to $1,850/mt. The widening spread is driven by the soaring price of molybdenum, a key element in 316L. Research indicates that molybdenum concentrate supply remains tight due to aging mining equipment, environmental production curbs, and export restrictions in major producing countries. Simultaneously, surging demand from aerospace and defense industries has further pushed up molybdenum product prices. Additionally, Indonesia's new nickel pricing formula and geopolitical risks have collectively raised the overall cost benchmark for the 300-series.

DCE iron ore futures mostly fluctuated rangebound today, and the most-traded contract I2605 finally closed at 752 yuan/mt, up 0.04% from the previous trading session. The spot price fell 0-2 yuan from the previous trading day. Traders were moderately active in quoting, while steel mills mainly purchased on rigid demand and generally stayed on the sidelines. Overall, the spot trading atmosphere was somewhat average. This week, the SMM survey showed that daily average hot metal production was 2.3878 million mt, down 5,900 mt MoM. The decline in hot metal was mainly due to environmental protection-driven production curbs. Next week, eight blast furnaces were expected to enter maintenance, so overall hot metal showed a downward trend. The reduction in hot metal production was expected to be a bearish factor for iron ore demand. Meanwhile, iron ore originally shipped to the Middle East might be redirected to China amid the blockade of the Strait of Hormuz, potentially exacerbating supply-side looseness. Therefore, with strong supply and weak demand, resistance for iron ore remained evident. In the short term, iron ore prices were expected to maintain sideways movement or be biased to the downside.

[SMM Daily Coke and Coal Briefing] Mainstream steel mills have accepted the sixth round of coke price increases, with the increase ranging from 50-55 yuan/mt or 70-75 yuan/mt, to be implemented from 00:00 on August 14. In terms of supply, coke producers' profits have improved, leading to a slight increase in coke supply. However, due to factors such as environmental protection and military parades, some coke producers have received production restriction notices, and coke supply is expected to tighten. Demand side, blast furnace operations at steel mills remain at a high level, with high daily coke consumption. Additionally, some steel mills have low coke inventory levels and strong purchase willingness. In summary, the tight coke supply situation is difficult to change. Even if the sixth round of coke price increases are implemented and cost support weakens somewhat, coke prices can still maintain temporary stability in the short term.