The Zhitong Finance App learned that Southern Manganese (01091) rose more than 16%, with a cumulative increase of nearly 75% in the past six trading days. As of press release, it rose 13.95% to HK$0.49, with a turnover of HK$11534,400.
According to the news, Australian mining company South32 previously issued an announcement stating that due to the impact of tropical cyclone Megan, the company's GEMCO manganese ore operations were interrupted, and the company expects terminal operations and manganese ore export business to resume in the first quarter of 2025. Affected by this, the overall price of manganese silicon futures has shown a strong upward trend since April, with a cumulative increase of more than 26%.
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.