Price trend
Driven by coal coke and macro sentiment, the silicomanganese market has shown strong performance, and last week, the silicomanganese market fluctuated upwards. At the same time, the price of manganese ore has risen, driving up the cost of silicomanganese and increasing the cost pressure on manufacturers. They were more cautious about the ex factory price. According to the data from the Commodity Market Analysis System of SunSirs, the market price of silicomanganese in Ningxia region (specification FeMN68Si18) last weekend was around 5,600-5,650 RMB/ton, with an average market price of 5,630.00 RMB/ton, slightly up 1.33% compared to the beginning of the week.
Influence factor
Supply side: Some early maintenance factories in Inner Mongolia had completed maintenance and resumed production last week. According to research, there is temporarily no large-scale increase or decrease in production in the short term, and manufacturers' production enthusiasm is still acceptable. In terms of new production capacity, there are relatively few new capacity additions in July and August, and it is expected that large-scale production will begin in the fourth quarter. There has been a slight fluctuation in the start of production in the northwest, with some small ore furnaces resuming production, while some other small furnaces had plans to shut down this month. The overall production fluctuation was not significant.
In July, the electricity bill in Yunnan, a southern region, dropped to around 37 cents, leading to an increase in production and a market price exceeding 5,800 RMB/ton. Some factories were experiencing hedging issues, indicating a high level of production enthusiasm. The fluctuation of construction in Guizhou and Guangxi regions was not significant. Although the market was in an upward trend, cost pressure was still high, and most factories indicate that prices were still low .
According to statistics, the operating rate of silicomanganese enterprises nationwide last week was 40.55%, an increase of 0.21% compared to last week’s previous week; The daily output was 26,040 tons, an increase of 310 tons.
According to incomplete statistics, as of July 11th, the inventory of silicomanganese enterprises in China was 220,800 tons, a decrease of 1,500 tons compared to the previous month. Among them, Inner Mongolia had 55,500 tons, an increase of 1,500 tons compared to the previous period; 138,000 tons in Ningxia, a decrease of 7,000 tons compared to the previous period; Guangxi 7,000 tons, an increase of 100 tons compared to the previous period; Guizhou had 6,000 tons, an increase of 2,000 tons compared to the previous period; (Shanxi, Gansu, Shaanxi) 6,300 tons, unchanged, (Sichuan, Yunnan, Chongqing) 8,000 tons, an increase of 1,000 tons compared to the previous period.
Upstream cost side: As of July 11th, the reluctance of traders to sell had increased, and the ownership of oxidized ore was relatively concentrated. Coupled with the recent low arrival of oxidized ore at ports, the difficulty for factories to buy goods increased, which provided some support for manganese ore prices and improved the sentiment of traders. Recently, the price of manganese ore in the market remained strong and upward. With the rebound and rise of silicomanganese futures, traders' low-priced shipments had gradually decreased, and the difficulty of bargaining for factories had further increased. The overall transaction price had risen by about 0.5 RMB/ton, and the quotation was still in the upward trend.
According to the data, the price as of July 11th for the Australian block of manganese ore in Tianjin Port was 39.5-41 RMB/ton degree, for the semi carbonate block it was 34-34.5 RMB/ton degree, and for the Gabon block it was 38.5-39 RMB/ton degree; Qinzhou Port manganese ore block was priced at 39.5-40.5 RMB/ton degree, semi carbonate was priced at 34 RMB/ton degree, and Gabon block was priced at 39.5-40 RMB/ton degree.
From the perspective of shipping, mainstream mines maintained constant shipping in recent times. As of July 11th, downstream factories had a high enthusiasm for starting production, and the demand for manganese ore remained high. There was no possibility of a significant surge in manganese ore inventory, and the supply-demand contradiction of manganese ore was relatively small. In the short term, manganese ore will maintain a strong trend
In terms of external market, it is reported that Jupiter has announced a shipping price for manganese ore from China in August 2025, with South African semi carbonate blocks priced at 3.9 US dollars per ton, an increase of 0.05 US dollars per ton compared to the previous round (June). NMT has released a manganese ore quotation for China in August 2025, with South African semi carbonate manganese ore quoted at 3.9 US dollars per tonne, an increase of 0.05 US dollars per tonne compared to the previous round.
In terms of demand, Hebei Iron and Steel Group has announced that the bidding inquiry price for silicomanganese alloy in July is 5600 RMB/ton for acceptance, a decrease of 50 RMB/ton from the low purchase price of the previous month; The purchase quantity this time is 14,600 tons, with a month on month increase of 2,900 tons and a year-on-year increase of 500 tons. Hegang Group saw a slight increase in the recruitment of silicomanganese steel in July, but the mentality of price pressure was strong. Suppliers were suppressed by costs, and the game mentality was more obvious. The market expected the final pricing to rise slightly compared to the previous month.
A steel plant in Anhui Province was bidding for silicomanganese alloy at a price of 5,700 RMB/ton, with a quantity of 2,500 tons, accepted and delivered to the factory including tax. A steel plant in Shandong Province tendered for silicomanganese alloy at a price of 5,665 RMB/ton, with a quantity of 800 tons, and accepted to the factory including tax. A steel plant in Yunnan was bidding for silicomanganese alloy at a price of 5,630 RMB/ton, with a quantity of 1,500 tons, and cash including tax will be delivered to the factory.
It is reported that a certain group's bidding price for silicomanganese alloy was 5,820 RMB/ton in Hubei, with a quantity of 3,300 tons; Jiangsu 5,800 RMB/ton, quantity 500 tons; Guangdong Yunfu costs 5,820 RMB/ton, with a quantity of 2,700 tons; Send 5,900 RMB/ton to Heyuan, Guangdong, with a quantity of 1,500 tons; All cash, including tax, and delivered to the factory.
Market outlook
Overall, the price of manganese ore on the raw material side has increased and coke has stabilized, but electricity prices have decreased in some regions; The production of silicomanganese on the supply side has increased and decreased, and the overall supply level remained relatively high; The mainstream large-scale steel mills on the demand side have increased their bidding volume, but the inquiries still showed signs of price pressure. SunSirs expects the silicomanganese market to continue to consolidate narrowly in the short term, and concerned about the impact of macro policy trends and steel mills' operating profits on the silicomanganese market.
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