This week, China's manganese-based battery materials market showed a differentiated operating trend: battery-grade Mn3O4 prices dropped back slightly, EMD prices edged up slightly, and LMO remained in a weak balance amid the tug-of-war between sellers and buyers. Although the three major products showed different trends, all were supported by the cost side......

During the last working week before the Chinese New Year, the EMM market saw a significant narrowing of its decline after a cumulative drop of 600 yuan/mt the previous week, gradually entering a state of weak stabilization. The mainstream tax-inclusive ex-factory prices in the Manganese Triangle Region (Chongqing Xiushan, Hunan Huayuan, Guizhou Songtao) and Guangxi were quoted at 17,200-17,400 yuan/mt, while distributor prices at Tianjin Port and Huangpu Port ranged from 17,400-17,600 yuan/mt, with the lower end of the price range approaching the key threshold of 17,000 yuan/mt...

[SMM EMM Daily Review: Reluctance to Budge on EMM Prices Persists Before the Holiday, Spot Prices Remain Stable] The average spot price of EMM in major producing areas ranges from 13,450 to 13,600 yuan/mt, unchanged MoM; the average FOB price ranges from $1,890 to $1,920/mt, unchanged MoM. Supply side, the reluctance to budge on EMM prices persists before the Dragon Boat Festival, with EMM holders refusing to sell at low prices, and quoted prices remaining relatively stable. Demand side, downstream buyers continue to make just-in-time procurement of EMM, with some buyers remaining cautious and adopting a wait-and-see sentiment towards high-priced EMM.

SMM EMM Daily Review: Market Maintains Cautious Stance, EMM Prices Hold Up Well. The average spot price of EMM in major production areas ranged from 13,350 to 13,550 yuan/mt, flat MoM. The average FOB price stood at $1,870-1,900/mt, also flat MoM. Supply side, EMM plants maintained firm offers with weak willingness to sell at lower prices. Demand side, downstream steel mills showed low acceptance of EMM plant offers, resulting in sluggish spot order transactions.

[SMM EMM Daily Review: Market Remains Consolidated, EMM Struggles to Rise] The average spot price of EMM in major production areas was 13,300-13,500 yuan/mt, flat MoM; the average FOB price was $1,845-1,875/mt, also flat MoM. Currently, the EMM market prices appear slightly chaotic, with some holders showing a strong willingness to sell at lower prices, leading to an increase in low-priced supplies in circulation. Downstream buyers of EMM have low acceptance of high-priced EMM and tend to push for lower prices in their purchases. The fundamentals of the EMM market remain unchanged, and EMM prices struggle to rise.

【SMM Analysis: EMM Plants Stand Firm on Quotes, Spot Market Fluctuates Upward】 In January 2025, the average spot price of domestic EMM (main production areas) was 12,433.33 yuan/mt, up 1.0% MoM. The FOB monthly average price of EMM was $1,715.56/mt, up 1.1% MoM. Market Analysis: Supply side, due to production pressure and equipment maintenance, some EMM plants reduced or halted production, leading to a decrease in overall EMM production. In late January, as the Chinese New Year approached, rising freight costs intensified the sentiment to stand firm on quotes among EMM plants, driving EMM prices to fluctuate upward. Demand side, downstream buyers showed increased enthusiasm for EMM procurement before the holiday due to stockpiling needs. In summary, supported by the sentiment to stand firm on quotes among EMM holders and just-in-time procurement from downstream buyers, EMM spot prices fluctuated upward in January. Looking into February 2025, EMM prices are expected to continue fluctuating upward. Supply side, some EMM plants are expected to conduct equipment maintenance after the Chinese New Year. Additionally, as February is a shorter calendar month, overall EMM production is expected to decrease. Demand side, with other manganese alloy prices continuing to fluctuate upward, downstream buyers may prefer to procure EMM. In conclusion, the imbalance of EMM oversupply is expected to ease, and EMM prices are anticipated to continue fluctuating upward in the near term.

[SMM Weekly Review: EMM Prices Firm but Market Sluggish] As of this Friday, the domestic average spot price of EMM was 12,400-12,600 yuan/mt, flat MoM; FOB prices were $1,700-1,740/mt, also flat MoM. According to SMM, in terms of supply, EMM plants generally held back from selling, showing a strong reluctance to release stocks, which kept market quotations at high levels. Additionally, on the demand side, downstream purchases of EMM remained relatively sluggish, with market transactions appearing rather quiet. The overseas market also saw weak transactions, with overall inquiries being limited as participants mostly observed post-holiday purchasing trends.

[SMM EMM Daily Review: Strong Sentiment to Stand Firm on Quotes, Market Mostly Observing] The average spot price of EMM in major production areas was 12,400-12,600 yuan/mt, flat MoM; the average FOB price was $1,700-1,740/mt, also flat MoM. Currently, EMM quotations appear somewhat chaotic, with holders showing weak willingness to sell at low prices and a strong sentiment to stand firm on quotes. Export quotations for EMM continued to rise, with market quotes reaching as high as 13,000 yuan/mt, but actual transaction details await market feedback. As the Chinese New Year approaches, rising freight costs and transportation difficulties are expected to result in a relatively quiet purchasing situation for EMM this week, with limited upside room for EMM prices in the near term.

[SMM Daily Review on EMM: EMM Prices Remain Firm, Market Temporarily Stable] The average spot price of EMM in major production areas stood at 12,400-12,600 yuan/mt, flat MoM; FOB prices averaged $1,700-1,740/mt, also flat MoM. Supply side, most EMM plants are holding back from selling and mainly fulfilling long-term contracts during the week. Many traders are on holiday, with offers at a relatively high level. Demand side, downstream buyers showed low purchasing enthusiasm before the Chinese New Year and had limited acceptance of high-priced EMM.

[1.2 Morning Meeting Summary] Last week, nickel prices fluctuated upward, with spot prices ranging between 126,950-130,700 yuan/mt, while futures prices fluctuated within the 125,700-128,800 yuan/mt range. The premium for Jinchuan-brand nickel dropped rapidly, declining from an average of 2,200 yuan/mt at the beginning of the week to around 1,700 yuan/mt by Friday, reflecting sluggish market transactions and ample supply...