en.Wedoany.com Reported - China's silicon manganese prices (Mn 65%, Si 17%) edged up by 50 yuan/mt ($7/mt) week on week, with ex-works prices reported at 5,680-6,020 yuan/mt ($840-$890/mt). The spot market remained broadly stable, while the futures market gave back earlier sentiment-driven gains. After a brief emotional rally at the start of the week, the market normalized, with limited spot price fluctuations and a trend toward balanced regional spreads. The market is currently in a stalemate, with buyers mostly purchasing on a need-to basis and adopting a cautious stance.
On the raw material side, manganese ore port prices were weak and stable. High-cost inventory pressure and cautious downstream procurement curbed traders' willingness to further cut prices, while also limiting upside potential. Coke prices remained firm on sentiment support, but continued to pressure steel mill margins, weakening their acceptance of higher input costs. Overall, cost support for silicon manganese has improved slightly but remains unstable and highly sensitive to downstream demand conditions.
On the downstream demand front, despite stable steel mill output, the transmission of procurement to alloys remained weak. Steel mills continued to push for lower prices and anticipate lower tender prices, while rising coke costs further squeezed margins, leading to stricter cost control on ferroalloys. Buyers maintained a need-to-purchase and low-inventory strategy, limiting acceptance of higher prices. Overall, weak demand constrained any sustained price recovery.
Under the dual influence of cost support and weak demand, silicon manganese prices are expected to fluctuate within a range. High inventories and low operating rates limit upside potential, while market sentiment remains in a fragile balance.
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