On February 1, 2024, the electrolytic manganese market temporarily stabilized, with spot market prices in East China at 13900 yuan/ton at the beginning of the month and 13900 yuan/ton at the end of the month, remaining stable.
K-bar chart of commodity prices, using the concept of price trend K-line, reflects the weekly or monthly price fluctuations in the form of a bar chart. Investors can buy and sell 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 charts above, it can be seen that the recent trend of the electrolytic manganese market is relatively stable.
In terms of manganese ore: The manganese ore market in February was relatively weak. After the holiday, the operating rate of factories in the southern region remained low, and the dredging volume of Qinzhou Port decreased to 46000 tons, a decrease of 72000 tons. The port inventory continued to accumulate, and the imported manganese ore inventory of Qinzhou Port increased by 1.333 million tons, with an increase of 46000 tons, including 49.2 tons for Australian ore, 3.5 tons for South African ore, 44.6 tons, 1.7 tons for Gabon ore, 30.4 tons, 0.6 tons for Gabon ore, 8.0 square meters for Brazil, 1.1 square meters for Malay ore, 0 square meters for Cote d’Ivoire, and 0 square meters for others. As of February 28th, the cost of semi carbonated carbon dioxide in Tianjin Port South Africa is around 34.5 yuan/ton, Gabon is 35.5-36 yuan/ton, and Australia is 36.3-36.5 yuan/ton; The price of manganese ore in Qinzhou Port has stabilized, with light market trading. The price of semi carbonate is around 34 yuan/ton, while the price of Australian block is 36.5-37 yuan/ton, and the price of Australian seeds is 34-35 yuan/ton.
Affected by the Spring Festival holiday in February, the overall spot market transactions were sluggish, with downstream enterprises mainly consuming inventory. The mainstream market price remained at 12300-12500 yuan/ton, which remained stable compared to before the holiday. Enterprises only resumed work after the 15th day of the first lunar month, resulting in almost stagnant market trading throughout February, and most downstream enterprises also executed their previous bidding orders. After the holiday, some companies have launched a new round of bidding, and the overall market has a strong wait-and-see attitude, waiting for the guidance of the new round of steel bidding prices. However, most downstream enterprises maintain rigid procurement, lacking demand support, making it difficult for the market to continue to rise. The supply-demand game mentality is still strong, and the overall attitude of traders is wait-and-see. Under the supply-demand game mentality, it is expected that the market will remain temporarily stable in the short term, with a focus on the subsequent steel recruitment situation and the release of downstream replenishment demand.
The overall market for silicon manganese in February was weak. Before the holiday, some steel mills in the southern region opened bidding for February, but recent steel mills have seen sluggish transactions and continued to compress profits. There is a clear willingness to lower the price of silicon and manganese, and the market is still in a state of supply-demand imbalance. After the Spring Festival, there is a new round of bidding, and prices have shown a downward trend year-on-year. The confidence of manufacturers has decreased, and most factories in the south are still in a state of shutdown. The resumption of production time has not been determined yet. Most manufacturers in the north maintain full capacity production, and the overall inventory level in the market is relatively high. According to the commodity market analysis system of Business Society, the market price of silicon manganese in Ningxia region (specification FeMN68Si18) was around 5900-6050 yuan/ton on February 28th, with an average market price of 6011 yuan/ton, a decrease of 1.85% compared to the beginning of the month.
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