SiMn Alloy Supply and Demand Both Weakened, Futures Market Fluctuated Downward [SMM SiMn Futures Review]

The SM2501 contract opened at 6,168 yuan/mt, fluctuated downward after the morning opening, and finally closed at 6,164 yuan/mt, a decrease of 0.64%. The highest price of the day was 6,240 yuan/mt, and the lowest was 6,152 yuan/mt. Trading volume was 94,812 lots, and open interest was 365,714 lots. Supply side, SiMn alloy plants continued to produce at a loss and still had intentions to reduce production. Factories held back from selling and mostly adopted a wait-and-see stance. Demand side, steel mills still faced losses and had weak enthusiasm for SiMn alloy procurement. Additionally, SiMn alloy futures have been declining for several days, and there are currently no bullish factors in the SiMn alloy market.