As of last Friday, the spot prices of 65/17 SiMn alloy in North China were 7,600-7,800 yuan/mt, down 100 yuan/mt WoW; the prices were 7,700-7,900 yuan/mt in South China, also down 100 yuan/mt WoW. According to SMM, SiMn alloy prices temporarily stabilised last week. The continuous decline in futures prices negatively impacted market sentiment, leading to a relatively pessimistic outlook. Supply side, SiMn alloy producers mainly fulfilled existing orders, with relatively few spot transactions, and spot circulating supply was primarily from companies engaged with both spot and futures transactions. Last week, high-grade manganese oxide ore prices trended downward, reducing SiMn alloy production costs. However, spot prices remained weak, further narrowing the profits of SiMn alloy producers. Some producers may cut or halt production in the future. Demand side, gradually entering the off-season for steel consumption, the overall SiMn alloy demand weakened. Downstream steel mills were inclined to drive a hard bargain on SiMn alloy prices. It is necessary to monitor future changes in manganese ore prices and the supply-demand relationship for SiMn alloy.