The futures market continues to fluctuate downward, and the spot market shows a downward trend [SMM Manganese Silicon Futures Review].

[SMM SiMn Alloy Futures Review: Futures Market Continues to Fluctuate Downward, Spot Market Shows a Downward Trend] The SM2505 contract opened at 6,162 yuan/mt, fluctuated downward after the morning session, and finally closed at 6,110 yuan/mt, a drop of 1.61%. The daily high was 6,170 yuan/mt, and the low was 6,106 yuan/mt. Trading volume was 183,153 lots, and open interest was 447,727 lots. On the raw material side, manganese ore transactions dropped slightly, and alloy plants mostly pressed prices for purchases. On the spot side, SiMn alloy plants largely held back from selling, while terminal demand in the black sector remained weak, leading to low enthusiasm for SiMn alloy procurement. The futures market continued to fluctuate downward, and the spot market showed a downward trend.