Core facts
The silico-manganese market is weak, and futures broke below 5,600 yuan/tonne, with the main contract closing at 5,602 yuan/tonne, down 1.58%. Northern quotes were 5,500-5,600 yuan/tonne, while southern plants were cautious about shipments. A national sample of 187 independent silico-manganese enterprises showed an operating rate of 30.04%, down 0.38 percentage points from last week; daily output was 23,710 tonnes, down 635 tonnes. With no profit margins, plants have low operating enthusiasm, and short-term capacity is unlikely to increase significantly.
Market changes
The manganese ore market traded at low levels. At Tianjin Port, semi-carbonate ore was 33-33.5 yuan/mtu, South Africa high-iron ore 28.5-29 yuan/mtu, Gabon ore around 38 yuan/mtu, South32 Australian lump around 38 yuan/mtu, and CML Australian lump around 40.5 yuan/mtu. At Qinzhou Port, manganese ore prices were mixed: Australian grain 37-38 yuan/mtu, South Africa medium-iron 36 yuan/mtu, and new Gabon medium-iron grain around 33.7-34 yuan/mtu.