Futures Fluctuate Downward, Spot SiMn Alloy Drops Slightly [SMM SiMn Market Review]

[SMM SiMn Alloy Futures Review: Futures Market Fluctuates Downward, Spot SiMn Alloy Drops Slightly] The SM2505 contract opened at 6,592 yuan/mt, fluctuated downward after the morning session, and finally closed at 6,448 yuan/mt, a decline of 5.43%. The daily high was 6,592 yuan/mt, and the low was 6,430 yuan/mt. Trading volume reached 954,210 lots, with an open interest of 479,363. On the raw material side, miners mostly held back from selling, and bullish sentiment persisted in the market, keeping manganese ore spot prices at high levels. On the spot side, SiMn alloy producers mostly held back from selling and adopted a wait-and-see attitude. The market is largely awaiting the first round of inquiries from major steel tenders.