Since April, the main manganese and silicon companies have continued to rebound, supported by rising costs, rising sharply today, reaching a new high of 7,298 yuan/ton since March 29, 2023, up 3.07% as of the day, and today's increase has narrowed compared with yesterday.
Manganese silicon main connection trend:
Spot prices
According to the SMM spot price, the average spot price of silicon-manganese 6517 (acceptance) in Inner Mongolia has gradually risen since mid-to-late April, and today rose 4.76% from the previous day to 6600 yuan/ton. According to SMM research, the spot transaction price of silicon manganese has risen sharply in recent days, and many manufacturers have closed the market and not reported it. At present, the downstream transaction situation is still not optimistic, and the steel recruitment is imminent, and all parties have a wait-and-see attitude.
Changes in the average spot price of silicon-manganese 6517 (acceptance) in Inner Mongolia:
Fundamentals
Supply side: In terms of manganese ore, according to customs data, the total import volume of manganese ore in the mainland in March was 2.16 million tons, a decrease of 6.09% month-on-month and a year-on-year increase of 2.37%, and the export volume was 20,300 tons. The cumulative import volume from January to March was 7.3 million tons, an increase of 41.20% year-on-year.
In March, manganese ore imports decreased slightly, of which Australian ore and Gabon ore imports fell more month-on-month, up to 37.3%. At the same time, the import volume of minerals, which are used more frequently in downstream alloy plants, such as South African mines, has also decreased significantly. The price of Australian ore and Australian seeds has soared recently, and the increase is greater than that of South Africa and Gabon, and the import volume has decreased month-on-month, and manganese ore has begun to wait and see.
Changes in the trend of manganese ore imports in mainland China:
Cost side: According to SMM's latest survey, the cost of manganese-silicon alloy has continued to rise since April, and the price of coke has risen.
SMM outlook
On the whole, the price of manganese ore on the supply side of the fundamentals has risen, the overseas supply has tightened, the price of coke has risen on the cost side, and the demand for downstream steel has been weak. SMM believes that the rising cost in the short term will give some support to the price of manganese silicon.