Tenders for SiMn alloy by mainstream steel mills began, and parties adopted a wait-and-see stance [SMM Weekly Report] 

By Friday, SiMn alloy 65/17 (cash) was priced at 5,800-6,000 yuan/mt in the northern market, down 100 yuan/mt WoW, and at 5,900-6,100 yuan/mt in the southern market, down 100 yuan/mt WoW. According to SMM, supply side, most SiMn alloy producers continued production despite losses. Currently, the reduction in SiMn alloy production was lower than expected, and spot market supply remained high. Some SiMn alloy producers showed sentiments to hold prices firm, and most still held back from selling, showing weak willingness to sell at low prices. Demand side, there were no significant signs of demand recovery downstream, and buyers remained cautious about purchasing SiMn alloy, leading to weak actual transactions. This week, tenders for SiMn alloy by mainstream steel mills began, with the first round of inquiries at 5,950 yuan/mt, and the market adopted a wait-and-see stance. Additionally, rebar was transitioning between old and new standards, with the market mainly consuming old-standard rebar. Attention should be paid to the inventory consumption of old-standard rebar in the future.