According to the latest release from the General Administration of Customs, SMM statistics showed that China’s SiMn exports were 2,539.52 mt in January 2026, down 50.55% MoM and down 31.84% YoY. China’s SiMn imports were 0 mt in January 2026, down 100% MoM and down 100% YoY. By import and export regional structure, SiMn exports were mainly destined for Indonesia.

According to the latest release from the General Administration of Customs, SMM statistics showed that China's SiMn exports in December 2025 were 5,135.35 mt, down 12.51% MoM. The cumulative export volume from January to December was 39,600 mt, a cumulative decrease of 8.06% YoY. China's SiMn imports in December 2025 were 655.37 mt, down 73.25% MoM. The cumulative import volume from January to December was 16,400 mt, a cumulative decrease of 45.02% YoY.

[SMM Ferromanganese-Silicon Futures Review: Ferromanganese-Silicon Futures Market in the Doldrums, Spot Prices Remain Stable] The SM2509 contract opened at 5,532 yuan/mt, experienced sideways movement after the morning session, and eventually closed at 5,542 yuan/mt, down 0.18%. The daily high was 5,590 yuan/mt, and the low was 5,506 yuan/mt. Trading volume was 184,780 lots, and open interest was 436,151. On the raw material side, the quotes from ore merchants fluctuated relatively small, and manganese ore prices remained stable. On the spot side, influenced by the doldrums in the futures market, SiMn holders maintained their quotes, and spot prices remained stable. Currently, there are no positive factors in the SiMn market, and it is expected that spot SiMn prices will remain weak in the future.

[SMM Analysis: SiMn Alloy Plants Continue to Incur Losses, with SiMn Production Declining MoM in May] According to SMM data, China's total SiMn alloy production in May 2025 decreased by over 6% MoM and over 20% YoY. The main reason for the decline in SiMn production in May was that, despite the higher operating rates maintained in north China regions such as Inner Mongolia and Ningxia due to their cost advantages compared to south China, the continuous decline in spot SiMn prices led to sustained losses for SiMn alloy plants. As a result, production cuts or shutdowns persisted in some plants, contributing to an overall reduction in production. Entering June, as the terminal steel market for SiMn entered the off-season for consumption, the supply surplus of SiMn intensified, leading to a continuous increase in in-plant inventory at SiMn alloy plants. Plans to cut or suspend silicon production continued. Additionally, with fewer calendar days in June, it is expected that SiMn production schedules will remain reduced in the coming market.

[SMM Manganese-Silicon Futures Review: Futures Market Fluctuates Downward, SiMn Prices Drop Slightly] The SM2509 contract opened at 5,730 yuan/mt. After the morning session, it fluctuated downward and eventually closed at 5,668 yuan/mt, marking a 3.21% decline. The daily high was 5,750 yuan/mt, and the low was 5,642 yuan/mt. Trading volume reached 418,077 lots, with open interest at 435,576. On the raw material side, inventory buildup continued at manganese ore ports, and alloy plants showed weak enthusiasm for purchasing manganese ore, with spot prices remaining stable for the time being. On the spot side, downstream steel mills adopted a cautious approach to purchases, driving down prices for SiMn. Sellers of SiMn were under pressure to slightly lower their quotes.

[SMM SiMn Futures Review: SiMn Market Returns to Fundamentals, Futures Market Fluctuates Downward] The SM2509 contract opened at 5,952 yuan/mt, fluctuated downward after the morning session, and eventually closed at 5,718 yuan/mt, down 3.64%. The daily high was 6,006 yuan/mt, and the low was 5,716 yuan/mt. Trading volume was 887,991 lots, and open interest was 435,700. The impact of bullish news on the SiMn market has dissipated, and the market has returned to fundamental logic. Influenced by yesterday's sentiment, SiMn holders slightly raised their quotes, while downstream buyers remained cautious about purchasing SiMn. Market transactions were sluggish, and it is expected that SiMn prices will remain in the doldrums in the future.

[SMM Weekly Review: Market News Disturbances Lead to Slight Rebound in SiMn Prices] As of Friday this week, the price of SiMn alloy 65/17 (cash) in the northern market was 5,550-5,750 yuan/mt, unchanged WoW from last Friday; in the southern market, it was 5,600-5,800 yuan/mt, also unchanged WoW from last Friday. According to SMM, influenced by news disturbances regarding South African manganese ore, the futures market for manganese-silicon experienced sideways movement, and offers from SiMn holders rose slightly. On the demand side, the market maintained a wait-and-see sentiment, with low acceptance of high-priced SiMn. Buyers tended to drive down prices when purchasing SiMn, resulting in sluggish market transactions. Attention should be paid to the actual transaction situation of SiMn and manganese ore in the future market.

SMM News on May 16: Metal Market: As of the daytime close, domestic market base metals generally declined, with SHFE zinc down 1.06%, SHFE nickel down 0.78%, and SHFE lead down 0.76%. The declines in other metals fluctuated slightly. The main alumina contract fell by 3.34%. In addition, the main lithium carbonate contract dropped by 4.19%, the main silicon metal contract fell by 3.89%, and polysilicon declined by 3.26%. The main European container shipping contract fell by 6.37%. The ferrous metals series collectively declined, with rebar down 1.15%. In the coking coal and coke sector, coking coal fell by 3.84%, and coke declined by 1.93%. In the overseas market, as of 15:05, overseas base metals collectively declined, with all declines within 1%. LME lead fell by 0.85%, and LME zinc dropped by 0.61%. The declines in other metals fluctuated slightly. In precious metals, as of 15:05, COMEX gold fell by 0.25%, and COMEX silver declined by 0.54%. Domestically, SHFE gold rose by 0.88%, and SHFE silver increased by 0.61%. Market conditions as of 15:05 today 》Click to view SMM Market Dashboard Macro Front Domestic Aspects: [Preview] The State Council Information Office will hold a press conference for Chinese and foreign journalists titled "Strivers on the New Journey" at 3:00 p.m. on Tuesday, May 20, 2025. Representatives from the civil affairs system will meet with Chinese and foreign journalists to discuss "Fulfilling the Mission of Civil Affairs and Enhancing People's Well-being." [Export-Import Bank of China: Medium and Long-Term Manufacturing Loans Exceeded 180 Billion Yuan from January to April] Data released by the Export-Import Bank of China today showed that from January to April, the bank disbursed over 180 billion yuan in medium and long-term manufacturing loans. The balance of medium and long-term manufacturing loans at the end of April was 1.8 trillion yuan, with a focus on supporting the export of manufacturing products such as ships and construction machinery. The bank actively met the full-cycle financial needs of technology-based enterprises, fully supporting the construction of a modern industrial system. [CPCA's Cui Dongshu: China's Power Battery Installations Reached 54.1 GWh in April, Up 52.8% YoY] CPCA Secretary General Cui Dongshu released an analysis of the new energy vehicle lithium battery market in April. In April, China's power battery installations reached 54.1 GWh, down 4.3% MoM and up 52.8% YoY. Among them, ternary battery installations were 9.3 GWh, accounting for 17.2% of total installations, down 7.0% MoM and 6.3% YoY. LFP battery installations were 44.8 GWh, accounting for 82.8% of total installations, down 3.8% MoM and up 75.9% YoY. From January to April, China's cumulative power battery installations reached 184.3 GWh, up 52.8% YoY. Among them, the cumulative installed capacity of ternary batteries was 34.3 GWh, accounting for 18.6% of the total installed capacity, with a cumulative year-on-year decrease of 15.9%. The cumulative installed capacity of LFP batteries was 150.0 GWh, accounting for 81.4% of the total installed capacity, with a cumulative year-on-year increase of 88.0%. (Cailian Press) ► The central parity rate of the RMB exchange rate in the inter-bank foreign exchange market on May 16 was 7.1938 RMB per US dollar. US dollar: As of 15:05, the US dollar index fell by 0.22%. Fed Chairman Powell stated that the US may be entering a period of more frequent and longer-lasting supply shocks. The narrative of tariff easing has been somewhat absorbed, and trade disputes have left the US economic outlook uncertain, leading to a weaker US dollar and a decline in US bond yields. The monthly rate of US retail sales in April rose by 0.1%, against expectations of no change, with the previous figure revised from a 1.4% increase to a 1.5% increase. The sluggish growth in US retail sales in April indicates that the boost from households purchasing cars ahead of tariff implementation has faded, and households have cut back on other spending amid an uncertain economic outlook, with concerns about slowing economic growth intensifying. In addition, the US PPI in April rose by 2.4% YoY, lower than expected and the previous figure, with the growth rate declining for the third consecutive month and hitting a new low since September last year. The PPI in April fell by 0.5% MoM, the largest decline in five years. The number of Americans filing initial claims for unemployment benefits remained stable last week, with the layoff rate staying at a low level. On May 15 local time, Fed Chairman Powell delivered a speech at the second Thomas Laubach Research Conference. Powell stated that inflation may become more volatile in the future, and the US may be entering a period of more frequent and longer-lasting supply shocks, posing a daunting challenge to the economy and the central bank. Powell indicated that the Fed is adjusting its overall policy framework to address significant changes in the inflation and interest rate outlook following the 2020 pandemic. Fed Governor Barr said on Thursday that the US economy is on a solid footing, with inflation returning towards the Fed's 2% target, but trade policies are casting a shadow over the outlook. Macro: Today, data such as China's total electricity consumption in April - monthly, the initial monthly rate of US housing starts in April, the initial annualized total of US housing starts in April, the monthly rate of the US import price index in April, the annual rate of the US import price index in April, the annualized total of US housing starts in April, the initial value of the University of Michigan Consumer Sentiment Index for the US in May, the seasonally adjusted trade balance of the Eurozone in March, the initial value of the seasonally adjusted real GDP quarterly rate for Japan in Q1, the initial value of the seasonally adjusted nominal GDP quarterly rate for Japan in Q1, the initial value of the seasonally adjusted real GDP annualized quarterly rate for Japan in Q1, the expected inflation rate for New Zealand over the next two years in Q2, and the expected inflation rate for New Zealand over the next year in Q2 will be released. Crude Oil Market: As of 15:05, oil prices in both markets fell simultaneously, with US crude down 0.41% and Brent crude down 0.34%. The International Energy Agency (IEA) {{yesterday}} forecast that global oil inventories would surge in 2025 and 2026, as trade uncertainties exacerbate the decline in oil demand from the Organisation for Economic Co-operation and Development (OECD), and Saudi Arabia and its partners ease production cuts. The report stated that policy uncertainty remains high, putting pressure on consumer and business confidence. The tariff supply shock appears less severe than previously anticipated, prompting an upward revision of the economic growth assumptions underpinning demand forecasts. Despite recent economic weakness, emerging economies are expected to continue driving demand growth, with total demand forecasted to average 103.9 million barrels per day (bpd) in 2025. However, oil consumption data from non-OECD countries has been disappointing. The IEA forecasts an accelerated decline in overall oil demand from advanced OECD economies, with a drop of 120,000 bpd in 2025 and 240,000 bpd in 2026. The report noted that, despite continued growth in emerging market demand, "the latest delivery data from non-OECD countries, particularly major consumers like India, have consistently fallen short of expectations." The IEA stated that after global oil inventories declined at a rate of 140,000 bpd in 2024, they are expected to increase by 720,000 bpd in 2025 and 930,000 bpd in 2026. (Wenhua Comprehensive) SMM Daily Review ► May 16: Aluminum prices end their upward streak, while aluminum billet processing fees continue to face downward pressure amid adjustments [Daily Review of Spot Aluminum Billet] ► [SMM MHP Daily Review] May 16: MHP prices in Indonesia increase slightly ► [SMM Nickel Sulphate Daily Review] May 16: Demand for nickel salts weakens SMM Weekly Review ► Mixed sentiments in the Asian offshore market, with Yangshan copper premiums peaking and pulling back [SMM Weekly Review of Yangshan Copper] ► Domestic processing fees remain stable, while import processing fees rise slightly [SMM Weekly Review of Zinc Concentrates] ► Orders on hand support production at copper wire and cable enterprises, but new orders raise concerns [SMM Weekly Review of Wire and Cable Market] ► First-round inquiries for mainstream steel tenders fall short of expectations, with SiMn prices stabilizing after a slight increase [SMM Weekly Review] ► Favourable macro front spurs firm quotes from manganese plants [SMM Weekly Review of EMM]

[SMM Weekly Review: First-Round Inquiries for Mainstream Steel Tenders Fall Short of Expectations, SiMn Alloy 65/17 Stabilizes After Rising Slightly] As of Friday this week, the price of SiMn alloy 65/17 (cash) in the northern market was 5,600-5,700 yuan/mt, up 50 yuan/mt WoW from last Friday; in the southern market, it was 5,600-5,800 yuan/mt, also up 50 yuan/mt WoW from last Friday. According to SMM, influenced by the futures market's continued strong and steady performance, spot market prices for raw material manganese ore and manganese alloy have shown an upward trend. On the raw material side, miners' offers remain firm, and low-priced manganese ore supplies are hard to find in the market. Due to the strong performance of the futures market and increased cost support, SiMn alloy producers have a strong sentiment to stand firm on quotes. However, the first-round inquiries for mainstream steel tenders fell short of expectations, and SiMn alloy producers' willingness to actively offer quotes in the spot market is relatively weak. Market participants are mostly adopting a wait-and-see attitude, awaiting the pricing situation of mainstream steel tenders.

[SMM Weekly Review: Weak Downstream Demand Leads to Sluggish SiMn Prices] As of Wednesday this week, the price of SiMn alloy 65/17 (cash) in the northern market was 5,600-5,700 yuan/mt, down 75 yuan/mt WoW; in the southern market, it was 5,600-5,800 yuan/mt, down 75 yuan/mt WoW. According to SMM, on the raw material side, miners' offers dropped slightly, and alloy plants drove down prices when purchasing manganese ore, leading to sluggish spot prices of manganese ore. On the supply side, affected by production pressure, both northern and southern SiMn plants have expressed willingness to cut production. Currently, many SiMn plants are holding back from selling, and some holders have slightly lowered their offers. On the demand side, steel mills downstream of SiMn showed weak enthusiasm for purchasing SiMn. The market remained weak in both supply and demand, resulting in sluggish SiMn prices.