Futures Fluctuate Upward While the Spot Market Continues to Consolidate [SMM Manganese Silicon Futures Review]

[SMM SiMn Alloy Futures Review: Futures Market Fluctuated Upward, Spot Market Continued to Consolidate] The SM2505 contract opened at 6,056 yuan/mt, fluctuated upward after the morning session, and finally closed at 6,286 yuan/mt, up by 3.70%. The daily high was 6,304 yuan/mt, and the low was 6,040 yuan/mt. Trading volume reached 361,361 lots, and open interest stood at 320,270 lots. Raw material side, Gabonese ore spot cargoes remained tight in circulation, with miners showing strong sentiment to stand firm on quotes. Gabonese ore spot prices rose slightly, while the rest of the manganese ore market remained stable. Spot side, SiMn alloy plants showed weak willingness to sell at low prices. Downstream steel mills faced sluggish demand, with many waiting for steel tender pricing outcomes.