Hong Kong Stock Concept Tracking | Electrolytic Manganese Price Rises for the 13th Consecutive Time to Reach a Three-Year High. Manganese ore resources and manganese material companies benefit (with concept stocks).

In December, the price of electrolytic manganese has been rising all the way, with a cumulative increase of over 2300 yuan/ton, and the latest price has reached a new high in over three years. Data shows that on December 18, the average price of electrolytic manganese was 17,820 yuan/ton, an increase of 200 yuan/ton compared to the previous period. Since December, electrolytic manganese has been rising for 13 consecutive days (excluding weekends, prices have been increasing every day), with a total increase of nearly 15%, reaching a new high since May 2022. The rise in electrolytic manganese prices this time is mainly driven by multiple factors such as supply contraction, cost support, and improved demand. After entering October, major electrolytic manganese producing areas such as Guangxi and Guizhou are in the pollution prevention and control period of autumn and winter, with restrictive policies continuing to be implemented. Some small and medium-sized production capacities that do not meet environmental standards are forced to reduce production or temporarily shut down. In addition, after entering the dry season in the southern main producing areas, the rise in hydroelectric prices has pushed up the energy consumption cost of electrolytic manganese production. Some small and medium-sized smelting companies have voluntarily reduced production due to cost pressure, further tightening supply. At the same time, the industry-leading company Ningxia Tianyuan Manganese Industry's 600,000 tons electrolytic metal manganese (Phase I) technical transformation project is still in the construction stage and is expected to start production in the second half of 2026. During the technical transformation period, some old production capacities will be shut down and upgraded simultaneously, intensifying the market's expectation of a supply gap. In terms of downstream demand, the demand from the steel industry is stable, with most steel mills in December maintaining a steady production pace, and the year-end stocking demand gradually releasing. Specific downstream sectors represented by the 200 series stainless steel have shown strong resilience in their demand for electrolytic manganese. Data shows that in December 2025, the output of 39 domestic cold-rolled stainless steel mills is expected to reach 1.4459 million tons, a slight increase from the previous period. In addition, the new energy field is also a core engine of industry growth, and the manganese industry is quietly transforming from the "industrial MSG" of the steel era to the "battery blood" of the new energy industry. The commercial application of new battery technologies such as lithium iron phosphate manganese has led to an explosive growth in demand for high-purity electrolytic manganese. Stocks related to the manganese industry in Hong Kong: SOUTH MANGANESE (01091): Financial data shows that SOUTH MANGANESE achieved revenue of 17.134 billion Hong Kong dollars in 2023. SOUTH MANGANESE announced that compared to the loss of approximately 162.8 million Hong Kong dollars attributable to the company's owners in the first half of 2024, the group is expected to achieve a profit attributable to the company's owners of no less than 150 million Hong Kong dollars in the first half of 2025. SOUTH MANGANESE, formerly known as Zhongxin Daming, was spun off and listed from the central enterprise CITIC RESOURCES (01205.HK) in 2010. In February 2021, Zhongxin Daming was renamed SOUTH MANGANESE.