Many SiMn alloy plants hold back from selling, and spot prices continue to decline [SMM SiMn Alloy Market Review]

The SM2501 contract opened at 5,952 yuan/mt, fluctuated upward after the morning opening, and finally closed at 6,108 yuan/mt, up 2.35%. The highest price of the day was 6,120 yuan/mt, and the lowest was 5,886 yuan/mt. Trading volume was 242,405 lots, and open interest was 373,880 lots. Supply side, manganese ore prices continued to fluctuate downward, providing insufficient support for SiMn alloy. Many SiMn alloy plants held back from selling, with a low willingness to sell at low prices. Demand side, downstream steel mills showed weak enthusiasm for SiMn alloy procurement, and pre-National Day restocking demand was weak. The actual market transactions were sluggish, and spot SiMn alloy prices continued to decline.