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]