Downstream steel mills were cautious in their purchases, and the SiMn alloy market mostly maintained a wait-and-see attitude [SMM Manganese Silicon Futures Review].

SMM SiMn Futures Review: Downstream Steel Mills Cautious in Purchasing, SiMn Market Mostly Adopts Wait-and-See Attitude. The SM2505 contract opened at 6,154 yuan/mt, fluctuated rangebound in the morning session, and finally closed at 6,130 yuan/mt, down 0.33%. The daily high was 6,170 yuan/mt, and the low was 6,122 yuan/mt. The trading volume was 115,706 lots, and the open interest was 403,395. On the raw material side, port manganese ore inventory remained relatively low, but downstream alloy plants were cautious in purchasing, and the manganese ore market remained stable for the time being. Supply side, SiMn plants showed weak willingness to quote, and due to production pressure, factories had weak willingness to sell at low prices. Downstream steel mills showed weak demand for SiMn, and overall purchasing sentiment was sluggish.