SMM

[SMM Weekly Review: Weak Cost Support, Spot Prices Drop Slightly] As of this Friday, SiMn alloy 65/17 (cash) in the north China market was priced at 6,200-6,350 yuan/mt, down 75 yuan/mt WoW; in the south China market, it was priced at 6,300-6,600 yuan/mt, also down 75 yuan/mt WoW. According to SMM, on the raw material side, manganese ore was affected by the weak fluctuations in SiMn alloy futures, with spot market transactions dropping slightly. Although miners maintained a sentiment to stand firm on quotes, alloy plants mostly bargained down purchasing prices, putting upward pressure on manganese ore prices. Spot prices were impacted by the weak domestic manganese ore spot prices, leading to weaker cost support for SiMn alloy and a slight decline in spot prices in the SiMn market. Demand side, downstream steel mills slowed their SiMn purchasing pace, with mainstream steel tender pricing finalised, and the market largely remained in a wait-and-see mode. Overall, insufficient downstream demand support for SiMn alloy led to weak spot price performance.