Macro sentiment declined; SiMn alloy market remained stable [SMM Weekly Review]

By this Friday, SiMn alloy 65/17 prices (cash) in the northern market were 5,950-6,150 yuan/mt; in the southern market, they were 6,050-6,250 yuan/mt. According to SMM, supply side, most SiMn alloy plants had stable operating rates, with production still at high levels and overall inventory remaining high. After the National Day, coke prices increased, raising SiMn alloy production costs. SiMn alloy plants showed a low willingness to quote actively; supported by costs, some plants maintained high quotes, with a low willingness to sell at lower prices, but actual transactions were sluggish. Demand side, downstream steel mills' demand slightly recovered, and market inquiries were active, but steel mills were cautious in purchasing. Overall, the oversupply situation of SiMn alloy has not changed, and attention should be paid to the progress of steel tenders.