Manganese and silicon prices rose nearly 30% in April

Since late April, the average spot price of Inner Mongolia silicomanganese 6517 (acceptance) has continued to rise, with a daily price of 7,400 yuan/ton on May 7, an increase of 1.37% from the previous day. Affected by the rise in overseas manganese ore prices, silicomanganese prices continue to rise after the Labor Day holiday, and silicomanganese prices may be strong in the short term.

In terms of manganese ore, since late April, the price of manganese ore at various ports in my country has continued to rise. The mainstream ore price has increased by about 5 yuan/ton, and some Australian blocks have been quoted at higher prices. Manganese ore traders are reluctant to sell, and ports are closed and do not offer prices. Affected by alloy prices, downstream alloy plants still maintain low operating rates, and follow-up of transactions is relatively slow. Based on market feedback, the sentiment towards manganese ore price increases will continue to ferment in the short term.

Due to the impact of Tropical Cyclone Megan, marketable production of manganese mines in Australia fell by 13% in the nine months from July 2023 to March 2024. According to preliminary progress estimates, it is expected to be in the third quarter of fiscal year 2025. (Q1 2025) to restart terminal operations and export sales, while alternative shipping options are being evaluated to mitigate the impact of terminal outages.

Overall, on the fundamental supply side, manganese ore prices continue to rise, and overseas supply is tightening; on the demand side, the current spot performance is weak, and we are waiting for the steel recruitment situation. Hainan West Asia predicts that due to the rise in manganese ore prices, the short-term manganese-silicon main supply chain may be relatively strong, and we will pay attention to subsequent changes in supply and demand.For more information on ferroalloy price trends and market conditions, please contact Hainan West Asia Group.