October 24 news: The SM2601 contract opened at 5,798 yuan/mt and closed at 5,802 yuan/mt, up 0.24%, with a daily highest price of 5,820 yuan/mt and a lowest price of 5,774 yuan/mt. Trading volume was 130,341 lots, and open interest was 345,980 lots. The SiMn futures market lacked clear positive news, and futures fluctuated. Cost side, the coke and manganese ore markets remained relatively stable recently. Supply side, the SiMn market held a wait-and-see sentiment, watching the futures market trend. Alloy plants saw relatively small production fluctuations, and spot prices were stable. Demand side, most steel mill tenders were priced around 5,800–5,850 yuan/mt, with limited enthusiasm for steel tender pricing. Overall, there were no significant macro-driven positive signals, and the SiMn market maintained a volatile pattern recently.