Latest Update in the SMM Manganese Market

SMM Analysis: Cost Increases, Relatively Small Inventory Pressure, and Export Growth Lead to Third Round of Price Hikes by Multiple TiO2 Producers Affected by high titanium concentrate prices and rising raw material costs such as sulphuric acid; from the supply perspective, TiO2 production saw a slight MoM decline in January and a slight MoM increase in February, with no significant growth in TiO2 supply. The inventory pressure for TiO2 producers remained relatively small. Additionally, there was a notable YoY increase in TiO2 exports in February. Influenced by these fundamental factors, multiple TiO2 producers including LB Group issued their third round of price adjustment letters for the year.

Annada: Intensified Competition in Titanium Dioxide and Iron Phosphate Markets, Net Profit Down 82.5% YoY in 2024 Annada announced its 2024 annual report on March 22, showing that in 2024, the company achieved a revenue of 1.89 billion yuan, down 10.6% YoY; net profit attributable to shareholders was 11.26 million yuan, down 82.5% YoY. In 2024, the company produced a total of 94,400 mt of titanium dioxide (including 93,400 mt of rutile and 1,000 mt of anatase), completing 94.45% of the annual plan; it also produced 66,600 mt of iron phosphate, achieving 55.48% of the annual target.

SMM March 24 Update: According to market information, Nandan County Jilang Indium Industry Co., Ltd. is expected to sell crude indium ingots today, with a quality of indium ≥99.00%, approximately one thousand kilograms, following the standard YS/T 1163-2016 for Crude Indium. Delivery location: Warehouse of Nandan County Jilang Indium Industry Co., Ltd. (Chehe Town Industrial Park, Nandan County, Hechi City), where the seller will be responsible for loading and weighing, while the buyer will bear the transportation costs. The deadline for bidding is before 17:00 on March 25, 2025, after which it will be invalid.

[Huaxi Nonferrous: Subsidiary Plans to Invest 1.091 Billion in Deep Mining Project for No. 100 and 105 Ore Bodies] Huaxi Nonferrous announced on the evening of March 21 that, to accelerate the company's tin resource strengthening strategy, enhance core competitiveness and sustainable development capabilities, its subsidiary Guangxi Peak Mining Co., Ltd. plans to invest in a deep mining project for the No. 100 and 105 ore bodies. The total planned investment for the project is 1.091 billion yuan. Upon reaching full production, Peak Mining's ore capacity is expected to increase from 330,000 mt per year to 450,000 mt per year.

[Antimony Oxide Exports in February Nationwide] According to customs data, China's antimony oxide exports in February 2025 were 839.42 mt, down 50.88% MoM from 1,707.37 mt in January.

[Revenue Exceeds 200 Billion for the First Time, Net Profit Hits Record High CMOC: A New Major Opportunity Window Is Emerging | Financial Report Analysis] ①2024 net profit increased by over sixty percent to 13.532 billion yuan, with revenue breaking through the 200 billion yuan mark for the first time; ②Achieved the best annual performance since listing; ③The company stated that a new major opportunity window is emerging. (Cailian Press)

Dongfang Tantalum: Continuous Optimization of Product Structure and Capacity Release from Fundraising Projects, 2024 Net Profit up 13.94% YoY The 2024 performance express report released by Dongfang Tantalum on the evening of March 21 showed: In 2024, the company expected to achieve operating revenue of 1.28 billion yuan, an increase of 172.55 million yuan, up 15.57% YoY; it expected to incur operating costs of 1.04 billion yuan, an increase of 130.15 million yuan, up 14.30% YoY. The company anticipated a net profit attributable to the parent company's shareholders of 213.22 million yuan, an increase of 26.09 million yuan, up 13.94% YoY; it also expected to achieve a net profit attributable to the parent company's shareholders after deducting non-recurring gains and losses of 192.79 million yuan, an increase of 34.67 million yuan, up 21.92% YoY.

Dongfang Tantalum: Continuous Optimization of Product Structure and Release of Raised Fund Project Capacity, 2024 Net Profit up 13.94% YoY The 2024 performance express report released by Dongfang Tantalum on the evening of March 21 showed that in 2024, the company expected to achieve operating revenue of 1.28 billion yuan, an increase of 172.55 million yuan, or 15.57%, over the same period last year; it also expected to realize a net profit attributable to the parent company of 213.22 million yuan, an increase of 26.09 million yuan, or 13.94%, over the same period last year.