Core Viewpoint - The price of electrolytic manganese has significantly increased, with current market prices reaching 18,000-18,500 yuan/ton, and some factories raising prices to 18,800 yuan/ton, indicating a strong bullish sentiment in the industry [1] Price Trends - The price of Hunan's 97 manganese ingot (S<0.03%) is quoted at 19,000 yuan/ton, while Jiangsu's 97 manganese ingot (S<0.02%) is at 19,480 yuan/ton [1] - This week, the electrolytic manganese price has risen by nearly 2,000 yuan, reflecting a tightening supply outlook influenced by external demand [1] Market Dynamics - The current trading environment is characterized by difficulties in negotiating spot prices, leading to increased procurement activities from steel mills [1] - A small number of trade transactions have been recorded, with daily price increases of 300-500 yuan, indicating a strong market demand [1] Industry Sentiment - There is a heightened bullish sentiment within the industry, suggesting that electrolytic manganese prices may continue to rise in the short term [1]

Group 1 - The stock price of Southern Manganese (01091) rose by 9.68%, currently trading at HKD 0.51, with a transaction volume of HKD 7.92 million [5] - In December, the price of electrolytic manganese has increased significantly, with a cumulative rise of over CNY 2,300 per ton, reaching a three-year high [5] - As of December 18, the average price of electrolytic manganese was CNY 17,820 per ton, reflecting a month-on-month increase of CNY 200 per ton [5] Group 2 - The price of electrolytic manganese has been on a continuous rise for 13 days in December, with a total increase of nearly 15%, marking the highest price since May 2022 [5] - Market analysis attributes the current price surge to multiple factors, including supply contraction, cost support, and improved demand [5] - Southern Manganese is a large enterprise group engaged in the production and research of manganese products, headquartered in Nanning, Guangxi, and is a key supplier of manganese products globally [5]

Core Viewpoint - The stock price of Southern Manganese (01091) has increased by over 7%, reaching 0.5 HKD with a trading volume of 5.118 million HKD, driven by a significant rise in electrolytic manganese prices [1] Group 1: Price Movement - In December, the price of electrolytic manganese has surged by over 2300 RMB per ton, reaching a three-year high [1] - As of December 18, the average price of electrolytic manganese was 17820 RMB per ton, reflecting a month-on-month increase of 200 RMB per ton [1] - The price has risen for 13 consecutive days in December, with a cumulative increase of nearly 15%, marking the highest level since May 2022 [1] Group 2: Market Analysis - The recent price increase of electrolytic manganese is attributed to multiple factors, including supply contraction, cost support, and improved demand [1] - Southern Manganese is a large enterprise group engaged in the production and research of manganese products, headquartered in Nanning, Guangxi [1] - The company is a significant supplier of manganese products globally and plays a key role in drafting and approving national and industry quality standards for electrolytic metal manganese and other manganese products [1]

Core Viewpoint - The price of electrolytic manganese has significantly increased, reaching a three-year high, which has positively impacted the stock performance of Southern Manganese (01091) [1] Company Summary - Southern Manganese has seen its stock price rise by over 7%, currently trading at 0.5 HKD with a trading volume of 5.118 million HKD [1] - The company is a major producer and developer of manganese products, headquartered in Nanning, Guangxi, and plays a key role in setting national and industry quality standards for manganese products [1] Industry Summary - The price of electrolytic manganese has risen by over 2300 RMB per ton, with the latest average price at 17820 RMB per ton, marking a month-on-month increase of 200 RMB per ton [1] - Since December, the price of electrolytic manganese has increased for 13 consecutive days, with a total increase of nearly 15%, reaching the highest level since May 2022 [1] - The current price surge is attributed to multiple factors, including supply contraction, cost support, and improved demand [1]

Industry Overview - The domestic electrolytic manganese market has seen a significant price surge, with prices ranging from 15,600 to 15,800 CNY/ton, an increase of 300 CNY from the previous trading day [1] - Retail spot prices are reported between 15,800 and 16,000 CNY/ton, with some traders quoting prices above 16,000 CNY/ton, marking a cumulative increase of 1,800 CNY/ton over the past month [1] - The recent bidding prices for spherical electrolytic manganese and low-carbon metal manganese spheres have reached 16,600 CNY/ton, reflecting a week-on-week increase of 2,102 to 2,420 CNY/ton, indicating strong market sentiment [1] Supply and Demand Dynamics - The current market is characterized by a significant reduction in the circulation of electrolytic manganese, leading to a supply-demand imbalance where demand exceeds supply [1] - Factors contributing to this situation include rising raw material costs, supply contraction, seasonal demand increases, and rigid procurement by steel mills [1] - The industry is expected to maintain a tight supply-demand balance in the short term, with prices likely to continue their upward trend due to positive market sentiment and low inventory levels [1] Company Insights - Western Gold has a complete industrial chain involving manganese mining, electrolytic manganese, and silicon-manganese alloy production, utilizing its own manganese ore as the primary raw material for electrolytic manganese production [2] - The company plans to extract 450,000 tons of manganese ore and produce 80,000 tons of electrolytic manganese by 2025 [2] - Three Gorges Water Conservancy operates an electrolytic manganese processing plant with a designed capacity of approximately 80,000 tons per year, utilizing manganese ore from its Li Jia Wan manganese mine for its electrolytic manganese products [2]