Chinese silico-manganese (SiMn) alloy prices are projected to decline in 2025 due to a bleak steel market outlook that may overshadow potential output cuts at alloy smelters. As of December 19, Argus assessed prices for 65/17-grade alloy at 6,000-6,150 yuan/t ($822-842/t), down from a high of 8,200-8,500 yuan/t in May following supply disruptions from South32's Gemco mine. The ongoing decrease in steel demand and rising inventories have pressured alloy prices, with China's SiMn production expected to fall further due to unprofitable margins and reduced steel consumption.