Futures Market Fluctuates Downward While Spot Market Remains Stable [SMM Manganese Silicon Futures Review]

【SMM SiMn Alloy Futures Review: Futures Market Fluctuated Downward, Spot Market Remained Stable】 SM2505 contract opened at 6,080 yuan/mt, fluctuated downward after the morning session, and finally closed at 6,030 yuan/mt, down 0.89%. The daily high was 6,082 yuan/mt, and the low was 6,024 yuan/mt. Trading volume reached 87,720 lots, and open interest stood at 354,584. Raw material side, the manganese ore market saw sluggish transactions, with the spot market temporarily stable and miners' quotations remaining firm. Spot side, SiMn alloy plants were affected by the futures market fluctuating downward, and the spot market continued to fluctuate downward. SiMn alloy plants showed weak willingness to sell at low prices, while downstream steel mills were cautious in purchasing SiMn alloy and showed low acceptance of high prices.