Mine-Side Support Remains Weak, Spot Prices Temporarily Stable [SMM Manganese Silicon Futures Review]

[SMM SiMn Alloy Futures Review: Weak Support From Mines, Spot Prices Remain Stable] The SM2505 contract opened at 6,358 yuan/mt, fluctuated rangebound in the morning session, and finally closed at 6,322 yuan/mt, down 0.19%. The daily high was 6,364 yuan/mt, and the low was 6,308 yuan/mt. Trading volume reached 191,941 lots, with an open interest of 418,169. On the raw material side, miners' quotations remained relatively firm, with high-grade manganese oxide ore prices at a relatively high level. However, alloy plants mostly pressed for lower purchase prices, leading to slow follow-up in manganese ore transactions. On the spot side, some SiMn alloy plants showed weak willingness to sell, while downstream steel mills were cautious in purchasing SiMn alloy, resulting in a sluggish market.