The silicon-manganese market's cost-driven futures and spot prices are rising together; Hebei Iron and Steel Group reduced silicon-manganese production in March, pushing prices higher.

Currently, the silicon-manganese market is driven by cost factors, with futures and spot prices rising together, but the upward potential remains constrained by the pace of downstream steel procurement.
On the cost side, manganese ore prices continue to rise, providing rigid cost support.
Offshore manganese ore quotes are increasing, port ore prices remain firm and upward, and raw material costs continue to climb, offering strong bottom support for silicon-manganese prices, with manufacturers showing a clear willingness to hold prices.
On the supply side, the market is oscillating slightly stronger, with spot prices moving in tandem.
The main futures contract for silicon-manganese is oscillating slightly stronger, market sentiment is positive, driving spot prices higher.
On the spot side, factory quotes are tentatively increasing, northern manufacturers are operating normally, while southern operations are limited by electricity prices, with prices following futures upward.
Demand-wise: Hebei Steel Group’s silicon-manganese production in March 2026 was 9,500 tons.
Compared to 17,000 tons in January, the quantity has decreased.
The first round of inquiry was 6,100 yuan/ton, compared to January’s silicon-manganese pricing of 5,920 yuan/ton, indicating a price increase.
Market sentiment for silicon-manganese is mostly cautious but leaning towards optimism, awaiting Hebei Steel’s final pricing.
In the short term, silicon-manganese costs support the market, with futures and spot prices remaining strong, and market sentiment warming;
The key is the actual pricing of mainstream downstream steel procurement, with the market likely to remain oscillating slightly stronger before finalization. (SMM)