Futures Market Fluctuates Upward, Spot Market Rises Slightly [SMM Manganese Silicon Futures Review]

[SMM SiMn Alloy Futures Review: Futures Market Fluctuated Upward, Spot Market Rose Slightly] The SM2505 contract opened at 6,310 yuan/mt, fluctuated upward after the morning session, and finally closed at 6,340 yuan/mt, up by 2.26%. The daily high was 6,354 yuan/mt, and the low was 6,238 yuan/mt. Trading volume reached 255,388 lots, and open interest stood at 299,239 lots. On the raw material side, miners showed strong sentiment to stand firm on quotes, but the manganese ore market remained sluggish, with current manganese ore prices running steadily. On the spot side, freight costs rose slightly before the Chinese New Year, providing strong cost support. SiMn alloy plants showed weak willingness to sell at low prices, while downstream steel mills were cautious in purchasing SiMn alloy. Further attention is needed on changes in manganese ore demand from alloy plants in the future.