SHANGHAI, Aug 30 (SMM) - Silicon-manganese futures rose 6% today and reached the daily limit. The most-traded contract closed at 8,338 yuan/mt intraday. Ferrosilicon futures also rose 6.02%, hitting a record high since its listing and reaching the daily limit. The most-active contract closed at 10,498 yuan/mt.

Mainstream SiMn 6517 prices stood at 7,600-7,800 yuan/mt in north China (by cash, ex-factory) as of August 27, up 150 yuan/mt week on week, with traded prices being about 7,600 yuan/mt; SiMn 6517 prices in north China were 7,650-7,850 yuan/mt (by cash, ex-factory), up 50 yuan/mt on the week.

Futures market continued to rise due to regulatory talk on dual control in Ningxia early last week and market sentiment became irrational. Futures declined sharply due to the rolling of list of certain companies in Ningxia to restrict and suspend production and market sentiment returned to rationality. Plants saw an increase in output and mainly digested orders as power curtailment in main producing areas was eased. Some plants with spot cargoes maintained stable quotations. But traders held back goods and offered high quotes and the actual transactions were not high.  Market participants held a wait-and-see outlook in approaching the bid solicitations by steel mills. SiMn 6517 prices stayed stable and the quotation centre is expected to fall slightly.