- Manganese ore prices stable, offer support
- Downstream demand continues to stay weak
CBC: Chinese silico manganese (Mn: 65%, Si: 17%) prices edged down w-o-w by RMB 50/t ($7/t) to RMB 5,980-6,370/t ($821-$875/t) exw, including taxes. The silico manganese market remained more or less stable, but remained cautious, with limited price fluctuations and trading activity. Market participants are closely observing upstream and downstream trends to gauge future movements. Steel mills’ bidding is a key factor that could impact the market in the coming weeks.
Market updates
Raw material market dynamics: The manganese ore market is consolidating, with some grades being sold at lower prices to clear inventories. However, overall market prices remain stable, and trading activity is relatively light. Mixed market sentiments prevail, with manufacturers closely monitoring raw material purchases and port inventories. Cost support for silico manganese alloys is still in place, but the heavy reliance on a consistency in manganese ore prices continues.
Weak downstream demand: Downstream demand continues to be weak due to the traditional off-season, with factories reluctant to sell at lower prices. In key regions like Inner Mongolia and Ningxia, power restrictions and peak production policies continue to affect silico manganese output. As a result, the market remains pessimistic about short-term demand recovery.
ZCE futures prices decline: Silico manganese futures on China’s Zhengzhou Commodity Exchange (ZCE) for May 2025 delivery declined by RMB 40/t ($6/t) to RMB 6,398/t ($882/t) on 17 February against RMB 6,438/t ($888/t) on 10 February 2025.
Outlook
In the short term, the market is expected to consolidate, with attention shifting to steel mills’ biddings post-holiday. Any developments in steel mill demand will likely influence the market’s direction in the near future.
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