Futures Market Fluctuated Upward, Spot Market Rose Slightly [SMM Manganese Silicon Futures Review]

[SMM SiMn Alloy Futures Review: Futures Market Fluctuates Upward, Spot Market Rises Slightly] The SM2505 contract opened at 6,318 yuan/mt, fluctuated upward after the morning session, and finally closed at 6,482 yuan/mt, up by 2.79%. The daily highest price was 6,520 yuan/mt, and the lowest price was 6,300 yuan/mt. Trading volume reached 434,677 lots, and open interest stood at 328,883 lots. Raw material side, miners showed strong sentiment to stand firm on quotes, making low-priced supplies hard to find, and the manganese ore spot market showed an upward trend. Spot side, manganese ore prices increased, providing strong cost support for SiMn alloy production. SiMn alloy producers showed weak willingness to sell at low prices and mostly awaited steel mills' pricing decisions. Downstream demand side, stockpiling before the Chinese New Year was sufficient, leading to cautious SiMn alloy procurement.