Futures Fluctuate Downward, SiMn Alloy Market Remains Stable [SMM SiMn Futures Review]

[SMM SiMn Alloy Futures Review: Futures Market Fluctuates Downward, SiMn Alloy Market Temporarily Stable] The SM2505 contract opened at 6,510 yuan/mt, fluctuated downward after the morning session, and finally closed at 6,408 yuan/mt, down 0.06%. The daily highest price was 6,530 yuan/mt, and the lowest was 6,402 yuan/mt. Trading volume reached 354,549 lots, and open interest was 417,005 lots. Raw material side, miners' quotations were mixed, with some remaining relatively firm, while willingness to sell at low prices was weak. Downstream alloy plants showed low acceptance of high-priced manganese ore, driving upward momentum in ore prices. Spot side, many SiMn alloy plants held back from selling, while downstream steel mills showed weak purchasing enthusiasm. Market participants are waiting for mainstream steel mill tender pricing, with most adopting a wait-and-see attitude.