December 15 news: The SM2603 contract opened at 5,770 yuan/mt and closed at 5,758 yuan/mt, up 0.81%, with the highest price at 5,806 yuan/mt and the lowest at 5,748 yuan/mt. Trading volume was 225,200 lots, and open interest stood at 273,655 lots. Today, futures held up well, showing a rebound compared to previous sessions. Cost side, core manganese ore prices remained high; although some individual manganese ores saw price declines, overall cost support remained firm. Supply side, alloy plants in both the north and south maintained stable operations. Spot silicon manganese prices in production areas were below the cost prices of most enterprises, putting significant pressure on manufacturers' losses. Demand side, HBIS Group set its December silicon manganese price at 5,770 yuan/mt, up 70 yuan from the first round inquiry price of 5,700 yuan/mt, but down significantly from the November price of 5,820 yuan/mt. This price is below the cost prices of most enterprises, and market sentiment for silicon manganese remains negative.

[Domestic inventory continued to decline, SHFE zinc recorded a long lower shadow bearish candlestick] The most-traded SHFE zinc 2601 contract opened at 23,335 yuan/mt. At the beginning of the session, bears reduced their positions, and SHFE zinc fluctuated upward to near the daily average line. Subsequently, a tug-of-war between longs and shorts ensued, and SHFE zinc fluctuated rangebound along the daily average line. It finally closed down at 23,430 yuan/mt, falling 175 yuan/mt, a decrease of 0.74%. The trading volume decreased to 169,000 lots, and the open interest decreased by 8,072 lots to 83,302 lots.

[SMM Daily Review: Weak Actual Market Transactions, High-Grade NPI Lacks Support] December 15 (SMM) - The average price of SMM 10-12% high-grade NPI was 887.5 yuan/mtu (ex-factory, tax included), down 1 yuan/mtu MoM from the previous working day.

[Domestic iron ore review: Iron ore concentrate prices in Shandong region may remain in the doldrums] In Shandong region, the tax-exclusive offer for 64% grade alkaline powder dry base dropped by 15 yuan to 874 yuan. Steel enterprises synchronized price cuts. Some miners resumed production after earlier maintenance, leading to a recovery in supply. However, a few miners experienced decreased production due to raw material shortages. Currently, most mines and beneficiation plants maintain normal production. Entering next week, some may undergo annual maintenance.

[Steel & Coal Daily Briefing] Supply side, after two rounds of price cuts, coke producers' profit margins have tightened, with some incurring losses, leading to a slight decline in production enthusiasm. Coupled with strict environmental protection inspections, operating rates at coke enterprises have decreased, and coke supply has begun to tighten. Demand side, finished product prices fluctuate downward, steel mill profits have narrowed significantly, and blast furnace maintenance at some mills has increased, reducing daily average hot metal production and dampening coke demand, with purchasing largely as needed. Overall, weak fundamentals and insufficient cost support for coke, combined with pessimistic market sentiment, suggest the coke market may continue in the doldrums in the short term, with steel mills likely to push for further price reductions.

[SMM Chrome Daily Review: Trading Atmosphere Improves, Ferrochrome and Chrome Ore Offers Raised] December 15, 2025: Today, the ex-factory price for high-carbon ferrochrome in Inner Mongolia was 8,000-8,150 yuan/mt (50% metal content), flat MoM from the previous trading day...