SiMn futures fluctuated with an upward trend, and market wait-and-see sentiment remained strong [SMM SiMn Futures Review]

February 4 — The SM2605 contract opened at 5,842 yuan/mt and closed at 5,868 yuan/mt, up 0.31%. The highest price for the day was 5,880 yuan/mt, and the lowest price was 5,826 yuan/mt. Trading volume was 118,900 lots, and open interest was 354,221 lots. Today, SiMn futures edged up under pressure. Cost side, overall manganese ore transaction prices remained high and the market was temporarily stable, providing strong cost support for SiMn alloy prices. The cost support from electricity prices in Inner Mongolia and south China for alloy production in 2026 is still under verification, but an increase is considered likely. At the beginning of the week, SiMn alloy cost support remained stable. Supply side, newly added SiMn furnaces in the main northern production areas gradually started producing iron, increasing supply pressure for standard-grade SiMn. Operating rates at alloy plants in south China remained stably low. The impact of 2026 electricity fee policies in Guangxi and Guizhou needs verification, with most plants still maintaining off-peak production. Coupled with the approaching Chinese New Year, many manufacturers chose to suspend production temporarily, adopting a wait-and-see attitude pending the post-holiday electricity settlement prices. Currently, loose supply pressure for SiMn persists. Demand side, HBIS Group's SiMn procurement for February 2026 awaits confirmation. The current SiMn market continues to be dominated by volatile movements.