Cost supported electrolytic manganese market slightly rebounded (from August 14th to August 21st)

According to the Commodity Market Analysis System of Business Society, the 1 # electrolytic manganese market slightly rose this week (August 14th to August 21st), with the market price in the East China region reaching 13650 yuan/ton on August 21st, an increase of 0.74% during the cycle.

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In terms of manganese ore: This week, the high level transactions in the Tianjin Port manganese ore market have not yet been achieved, and prices have continued to consolidate. Downstream prices continue to be depressed, and the market transaction prices are inconsistent. There has been a slight loosening compared to the previous high prices, with South African semi carbonated ore priced at 31-31.3 yuan/ton, Gabon priced at 38-38.3 yuan/ton, and Australia priced at 38.5-39 yuan/ton. The transaction price of the South African high-speed rail in Qinzhou Port has increased to 32.5 yuan/ton, the transaction price of semi carbonic acid is 30.5 yuan/ton or above, the transaction price of Australian block is 39.3-39.5 yuan/ton, the transaction price of Gabon block is 37-37.5 yuan/ton, and the transaction price of Australian seed is 36.5 yuan/ton.


The K-bar chart of commodity prices uses the concept of a price trend K-line to reflect weekly or monthly price fluctuations in the form of a bar chart. Investors can buy and sell investments based on the changes in the K-bar chart. Red indicates an increase; Green indicates a decline; The height of the K-bar represents the range of fluctuations. From the weekly and monthly electrolytic manganese K-bar chart above, it can be seen that prices have been declining for 5 consecutive months since December 2022, and after a slight recovery in May, they have been declining for 8 consecutive weeks since June, and have slightly rebounded this week.


This week, the electrolytic manganese market slightly rebounded, with mainstream domestic prices ranging from 12200 to 12300 yuan/ton, an increase of about 300 yuan/ton compared to last week. The domestic market continued to operate weakly this week, with a strong wait-and-see sentiment and limited negotiations. There has been little change in supply and demand this week, and downstream demand has been weak. At present, the price of electrolytic manganese has approached the cost line, and with cost support, refineries have generally increased their prices. This week, prices have slightly rebounded. The steel bidding is still lukewarm and tepid, and the new round of steel bidding prices has been introduced, which basically meets the market’s expected quotation. Currently, the market is still waiting for further guidance on steel bidding. This week’s FOB price is $1640- $1690 per ton, with a slight rebound of $10 per ton. Overall, there is currently a significant inventory pressure, and downstream demand is expected to show signs of improvement in the short term. The recent improvement is mainly due to high prices from enterprises, and it is difficult for supply and demand to be positive. In the short term, the business community in the future is expected to continue to operate weakly.


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This week, the silicon manganese market has been consolidating and operating, with prices steadily rising. Currently, there is still a shortage of spot goods, and manufacturers have a strong willingness to increase prices, occupying an active position. Various policy news needs to be released, and the market is mixed with long and short. According to the Commodity Market Analysis System of the Business Society, the market quotation for silicon manganese in Ningxia region (specification FeMN68Si18) was around 6600-6700 yuan/ton on August 18th, with an average market price of 6666 yuan/ton, an increase of 0.63% compared to the beginning of the week.


Related data:


Customs data shows that the total export volume of unwrought manganese, manganese waste and powder (electrolytic manganese) in June 2023 was approximately 24847.275 tons, an increase of 15.74% month on month and a decrease of 19.20% year on year.

In June 2023, the total import volume of unwrought manganese, manganese waste and powder (electrolytic manganese) was approximately 1520.011 tons, a decrease of 39.2% compared to the previous month and a year-on-year increase of 51.99%.


On August 18th, the base metal index was 1196 points, an increase of 11 points from yesterday, a decrease of 25.99% from the highest point of 1616 points in the cycle (2022-03-09), and an increase of 86.29% from the lowest point of 642 points on November 24th, 2015. (Note: The cycle refers to the period from December 1st, 2011 to the present).


According to the price monitoring of Business Society, there were a total of 17 commodities in the non-ferrous sector that rose month on month on the commodity price rise and fall list in the 33rd week of 2023 (8.14-8.18), with antimony (2.61%), nickel (1.28%), and lead (1.21%) ranking among the top three commodities. There are three products that have decreased compared to the previous month, with cobalt (-2.30%), tin (-1.84%), and zinc (-1.22%) ranking among the top three products. This week’s average increase or decrease was 0.42%.

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