Futures Fluctuate Upward, Spot Market Continues to Rise [SMM Manganese Silicon Futures Review]

【SMM SiMn Alloy Futures Review: Futures Market Fluctuated Upward, Spot Market Continued to Rise】 The SM2505 contract opened at 6,466 yuan/mt, fluctuated upward after the morning session, and finally closed at 6,714 yuan/mt, up 4.29%. The daily high was 6,718 yuan/mt, and the low was 6,438 yuan/mt. Trading volume was 536,220 lots, and open interest was 385,054. Raw material side, miners were reluctant to sell manganese ore, with strong sentiment to stand firm on quotes, making low-priced cargoes hard to find in the market. Spot side, due to the rise in manganese ore prices, SiMn alloy plants mostly quoted firmly, with weak willingness to sell at low prices. Downstream, steel mills showed weak purchasing enthusiasm, leading to sluggish demand for SiMn alloy.