China: Silico manganese prices largely hold firm w-o-w as market remains vigilant

• ZCE SiMn futures edge down by RMB 34/t w-o-w
• Mn ore prices remain stable despite slow trades

CBC: Chinese silico manganese (Mn: 65%, Si: 17%) prices were largely steady w-o-w, with a slight decline of RMB 35/t ($5/t) to RMB 5,950-6,330/t ($822-$875/t) exw, including taxes.

Silico manganese prices remained relatively stable, largely due to consistent output from key production areas. While some manufacturers in Inner Mongolia undertook maintenance and large producers in Ningxia continued to reduce production, overall supply was steady. Despite this, market sentiment was cautious, and price fluctuations were limited.

Market updates

Stability in raw material prices: The manganese ore market was largely stable, with some products being sold at lower prices. Ore prices were supported by steady tags of silico manganese. However, market sentiment was mixed, with a noticeable wait-and-watch attitude from buyers.

Trading volumes were light, and much of the market remained on the sidelines, awaiting further developments. Manufacturers’ purchasing behaviour and port destocking trends will be key factors to watch in the coming weeks.

Weak downstream demand: In the downstream sectors, demand for silico manganese was weak, especially with the market in the traditional off-season. Factories were reluctant to sell at higher prices, and industry participants adopted a more cautious approach to operations. Additionally, power restrictions and peak production policies in Inner Mongolia and Ningxia continued to hinder silico manganese output. As a result, a subdued outlook prevailed for the near-term price trajectory of silico manganese.

ZCE futures inch down: Silico manganese futures on China’s Zhengzhou Commodity Exchange (ZCE) for May 2025 deliveries declined by RMB 34/t ($5/t) to RMB 6,322/t ($874/t) on 12 March against RMB 6,356/t ($878/t) on 5 March.

Outlook

The macro outlook for silico manganese remains relatively positive, but the market is expected to continue being stable in the short term. Demand recovery will be gradual, with the market remaining cautious.