Futures Market Fluctuates Downward, Spot Price Drops Slightly [SMM Manganese Silicon Futures Review]

[SMM SiMn Alloy Futures Review: Futures Fluctuate Downward, Spot Prices Drop Slightly] The SM2505 contract opened at 6,368 yuan/mt, fluctuated downward after the morning session, and finally closed at 6,346 yuan/mt, down 0.56%. The daily high was 6,406 yuan/mt, and the low was 6,280 yuan/mt. Trading volume reached 288,463 lots, and open interest stood at 425,672. Raw material side, manganese ore market prices appeared slightly chaotic, with a mix of high and low prices in the market. Some miners showed weak willingness to sell at low prices, and manganese ore prices remained stable for now. Spot side, SiMn alloy plants were also reluctant to sell at low prices. Some SiMn alloy plants in south China slightly cut production due to lower production pressure. Demand side, downstream steel mills were cautious in procuring SiMn alloy, mostly adopting a wait-and-see attitude.