Ferrosilicon/Silicon Manganese Market Analysis in Post-Holiday China
【Silicon Manganese】
In September, silicon manganese prices fluctuated narrowly, still influenced by market news and fluctuations in black-related futures. The market remained in a situation of high supply and weak demand. Although September’s silicon manganese production slightly decreased compared to August, the reduction was due to short-term factory maintenance and upgrades, leaving significant pressure for future increments. On the cost side, overall stability was maintained, with manganese ore prices fluctuating narrowly by 0.5/ton-degree, remaining relatively firm. Power costs in northern mainstream production areas showed little difference, while some southern regions offered preferential electricity rates. Post-holiday, the market will continue to focus on futures trends and manganese price fluctuations, with October likely to see sustained narrow-range volatility.
【Ferrosilicon】
The golden September failed to shine, with ferrosilicon prices fluctuating. At the beginning of the month, a new round of electricity settlement drove up costs, strengthening price support. Mid-month, Qiushi magazine published a speech by President Xi Jinping, emphasizing the need to effectively regulate areas severely affected by internal competition. Coupled with the Fed’s interest rate cut, macroeconomic improvements lifted both futures and spot prices. As the holiday approached, profit-taking led to declining positions and prices, though the 75# grade remained strong due to increased demand and tight supply.
【Ferrosilicon Production Data】
Latest statistics show that in September, 76 ferrosilicon enterprises were operational across China, with 245 submerged arc furnaces in production. The average operating rate was 50.88%, down 1.86% from August. Total output is estimated at 478,800 tons, a marginal decrease of 500 tons from August but a year-on-year increase of 12,700 tons (up 2.72%). From January to September 2025, cumulative output reached 4.107 million tons, a slight increase of 22,600 tons (0.55%) compared to the same period last year.