Spot Prices Remain Stable as All Parties Adopt a Wait-and-See Attitude [SMM Manganese Silicon Futures Review]

[SMM SiMn Alloy Futures Review: Spot Prices Remain Stable as Market Participants Mostly Adopt a Wait-and-See Approach] The SM2505 contract opened at 6,340 yuan/mt, fluctuated rangebound in the morning session, and finally closed at 6,306 yuan/mt, down 0.41%. The daily high was 6,344 yuan/mt, and the low was 6,286 yuan/mt. Trading volume reached 189,537 lots, with open interest at 418,858. Raw material side, current miner quotations show a mix of high and low prices, with some miners maintaining relatively firm offers and showing weak willingness to sell at lower prices. Downstream alloy plants have low acceptance of high-priced manganese ore and are mostly engaging in price-suppressed purchases. Spot side, SiMn alloy holders' quotations showed relatively small fluctuations, and the spot market remains stable for now. Further attention is needed on subsequent changes in the futures market.