Key facts
The silico-manganese market is fluctuating, with futures contract 2609 closing at 5,668. On the supply side, multiple regions are cutting output or conducting maintenance, cost support has weakened, and manganese ore prices are stuck at low levels. On the demand side, steel mills are aggressive in pushing prices lower. HBIS's first-round inquiry for August silico-manganese was 5,800 yuan/tonne, down 150 yuan from July, with a purchase volume of 16,600 tonnes. Inventories have accumulated to 463,000 tonnes; both supply and demand are weak and the industry is loss-making.
Projects and capacity
In Inner Mongolia, some plants continue to operate at reduced loads, while other plants have furnaces under maintenance, with restart timing subject to market conditions. In the south, Guizhou costs remain around 5,700 yuan; Guangxi is rumored to see another electricity price increase in August, with only two large plants currently producing. Yunnan's low electricity costs leave plants with profit margins. In Ningxia, production pace adjustments are notable, with both restarts and output cuts. On the raw materials side, manganese ore futures and spot prices have fallen, weakening cost support. Qinzhou Port inventories have drawn down notably, and prices remain range-bound.