Manganese silicon: the chasing sentiment has weakened, and the bulls have taken profits to boost the correction

Gold Ten Futures May 15th News, Guotai Junan Futures Comments: Recently, the manganese silicon futures price has been significantly revised back for two consecutive trading days, and the decline from the highest price of the 09 contract (9192 yuan/ton) has exceeded 10%. The market's early chasing logic still mainly revolves around the real impact of the lack of supply from Australia's GEMCO mining area on the global market. For the Chinese demand side, due to the difference in the quality of manganese ore, the domestic dependence on imports is high, so the actual impact of the manganese ore produced by the GEMCO mining area of mining company South32 on China's supply may be greater than the lack of supply reflected in the tonnage data, which is also the main driving factor for the continuous rise of manganese silicon futures prices in this round. With the continuous revision of the valuation of manganese silicon, the disk price has reflected the market's concerns about the supply side of manganese ore. However, the market still holds great differences on the final recovery of GEMCO mine operations. Investors are advised to pay close attention to South32's official announcement on the progress of related events.