Southern Manganese (01091) rose by more than 24% in the afternoon, with a cumulative increase of more than 80% during the month. As of press release, it rose 21.62% to HK$0.45, with a turnover of HK$11.344 million.
The Zhitong Finance App learned that Southern Manganese (01091) rose by more than 24% in the afternoon, with a cumulative increase of more than 80% during the month. As of press release, it rose 21.62% to HK$0.45, with a turnover of HK$11.344 million.
According to the news, Australian mining company South32 revealed in its 2024 first quarter report that due to tropical cyclone Megan from March 16 to 17, the company's critical infrastructure on Groote Island was severely damaged, and the company's GEMCO manganese ore operations were interrupted. The company expects terminal operations and manganese ore export business to resume in the first quarter of 2025.
CITIC Securities believes that the suspension of operations of the main manganese ore under South32, the world's largest manganese ore producer, is expected to reduce global manganese ore supply by more than 10% in 2024 and reduce domestic manganese ore imports by about 300,000 tons per month. There is a risk of serious shortage of manganese ore supply in 2024. The application of manganese in battery materials is showing an accelerated trend. The sharp rise in manganese ore prices is expected to drive increased sector attention. It is recommended to focus on domestic companies with manganese ore resources and manganese material production layout.