[Futures Market Continues to Fluctuate Downward, Spot Prices Under Pressure to Decline - SMM Manganese Silicon Futures Review]

[SMM SiMn Alloy Futures Review: Futures Market Continues to Fluctuate Downward, Spot Prices Under Pressure] The SM2505 contract opened at 6,470 yuan/mt, fluctuated downward after the morning session, and finally closed at 6,368 yuan/mt, down 1.79%. The daily high was 6,482 yuan/mt, and the low was 6,296 yuan/mt. Trading volume reached 486,738 lots, and open interest stood at 445,499 lots. Raw material side, the fundamentals of manganese ore remained unchanged, with manganese ore maintaining consolidation. Spot side, influenced by futures market fluctuations, SiMn alloy holders slightly lowered their offers. Downstream, steel mills showed weak demand for SiMn alloy, with insufficient support from downstream demand, putting pressure on SiMn alloy spot prices.