Futures Market Fluctuates Downward as Market Participants Adopt a Wait-and-See Attitude [SMM Manganese Silicon Futures Review]

[SMM SiMn Alloy Futures Review: Futures Fluctuate Downward as Market Participants Mostly Adopt a Wait-and-See Attitude] The SM2505 contract opened at 6,776 yuan/mt, fluctuated downward after the morning session, and finally closed at 6,620 yuan/mt, down 1.78%. The daily high was 6,826 yuan/mt, and the low was 6,612 yuan/mt. Trading volume reached 523,077 lots, with an open interest of 374,444. On the raw material side, manganese ore prices remained stable, with miners showing strong sentiment to stand firm on quotes, making low-priced supplies hard to find. On the spot side, cost support strengthened, and the SiMn alloy market saw a predominantly bullish sentiment. Many SiMn alloy plants held back from selling, focusing on fulfilling long-term contract orders. Downstream demand for SiMn alloy remained weak, with most attention on mainstream steel tender pricing.