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China: Silico manganese prices dip $17/t as market adopts wait-and-watch stance

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Silico Manganese

BigMint Bureau

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18 Nov 2024, 17:38 IST

China: Silico manganese prices dip $17/t as market adopts wait-and-watch stance

Manganese ore market exhibit mixed trends

Silico manganese downstream demand weak

CBC: Chinese silico manganese (Mn: 65%, Si: 17%) prices slipped by RMB 120/t ($17/t) w-o-w at RMB 6,110-6,510/t ($845-$899/t) exw, including taxes. The silico manganese market showed a downtrend, with prices transitioning cautiously.

Factors driving down prices

Manganese ore market reflects mixed trends: The manganese ore market exhibited a mixed performance, with some low-price sales noted. Overall, prices remained stable, but a cautious wait-and-see attitude increased, leading to lighter trading activity.

In the short term, the manganese ore market is expected to consolidate. It is crucial to monitor manufacturers' purchasing and replenishment activities, as well as port destocking trends, to gauge future market developments and supply dynamics effectively.

Weak demand, pessimism persist: Downstream demand for silico manganese remains weak in the short term, with factories hesitant to sell at low prices. Industry insiders adopted a cautious approach as market entered the traditional off-season, resulting in reduced alloy usage.

Additionally, ongoing power restrictions and peak production policies in Inner Mongolia and Ningxia are significantly affecting silico manganese alloy output. As a result, the market continues to harbour pessimistic expectations regarding future trends in silico manganese prices and demand.

ZCE prices edge down: Silico manganese futures on China's Zhengzhou Commodity Exchange (ZCE) for January 2025 delivery inched down by RMB 46/t ($6/t) to RMB 6,206/t ($857/t) on 18 November against RMB 6,252/t ($864/t) on 11 November.

Outlook

The outlook for the silico manganese market appears cautious, characterised by price stabilisation amid a weak manganese ore landscape. Demand has diminished, reflecting the overall downturn in demand. While purchasing activity remains steady, market participants are likely to adopt a wait-and-see strategy.