Hong Kong stock concept tracking|Electrolytic manganese prices have risen 13 times in a row, and new permanganese ore resources and manganese material companies have benefited for more than three years (with concept stocks)

The Zhitong Finance App learned that in December, the price of electrolytic manganese continued to rise, with a cumulative increase of more than 2,300 yuan/ton. The latest price hit a new high of more than three years.

Data show that on December 18, the average price of electrolytic manganese was 17,820 yuan/ton, up 200 yuan/ton from month to month. Electrolytic manganese has been rising for 13 consecutive days since December (excluding double holidays, with price increases every day), with a cumulative increase of nearly 15%, and the price hit a new high since May 2022.

The rise in the price of electrolytic manganese in this round is mainly driven by multiple factors such as contraction in supply, cost support, and improved demand. After entering October, major production areas of electrolytic manganese, such as Guangxi and Guizhou, were in the fall and winter pollution prevention and control period. Restrictive policies continued to take effect, and production of some small and medium production capacity with substandard environmental protection facilities was forced to cut production or temporarily stop production.

Furthermore, after the main production areas in the south entered the dry water period, the rise in hydropower prices boosted the energy consumption costs of electrolytic manganese production, and some small and medium-sized smelters took the initiative to cut production due to cost pressure, further tightening supply.

At the same time, the 600,000-ton electrolytic metal manganese (phase I) technical improvement project of the industry leader Ningxiayuan Manganese Industry is still in the construction stage. It is expected to be put into operation in the second half of 2026. During the technical reform period, some old production capacity will be stopped and upgraded at the same time, increasing market expectations about the supply gap.

Judging from downstream demand, demand in the steel industry is stable. In December, most steel mills across the country maintained a stable production rhythm, and demand for inventory replenishment was gradually released at the end of the year. In specific downstream fields represented by 200 series stainless steel, the demand for electrolytic manganese shows strong toughness.

According to the data, in December 2025, the production schedule of 39 domestic cold-rolled stainless steel mills is expected to reach 1,445,900 tons, a slight increase over the previous month.

Furthermore, the new energy sector is also the core engine of the industry's growth. The manganese industry is quietly transforming from an “industrial monosodium glutamate” in the steel age to the “battery blood” of the new energy industry. Demand for high-purity electrolytic manganese has exploded due to the commercial application of new battery technologies such as lithium manganese phosphate.

Hong Kong stocks related to the manganese industry:

Southern Manganese (01091): According to financial data, Southern Manganese achieved revenue of HK$17.134 billion in 2023. Southern Manganese announced that compared with a loss of approximately HK$162.8 million attributable to the company's owners in the first half of 2024, the group expects to obtain a profit attributable to the company's owners in the first half of 2025 of no less than HK$150 million. Nanfang Manganese, formerly known as CITIC Dameng, was spun off from the central enterprise CITIC Resources (01205.HK) in 2010. In February 2021, CITIC Daman changed its name to Southern Manganese.