February 21 News: The SM2505 contract opened at 6,550 yuan/mt, fluctuated downward after the morning session, and finally closed at 6,478 yuan/mt, a decrease of 0.46%. The daily high was 6,564 yuan/mt, and the low was 6,440 yuan/mt. Trading volume was 319,689 lots, and open interest was 451,066. On the raw material side, miners mostly adopted a wait-and-see attitude, with overall weak willingness to quote, and manganese ore spot prices remained stable. On the spot side, SiMn alloy plants mainly focused on delivering previous orders, with many holding back from selling. Downstream steel mills were cautious in purchasing SiMn alloy, and downstream demand provided insufficient support, keeping spot prices stable.
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