Futures fluctuated rangebound, SiMn alloy spot market remained stable [SMM SiMn Alloy Futures Review]

The SM2501 contract opened at 6,350 yuan/mt, fluctuated rangebound after the morning session, and finally closed at 6,360 yuan/mt, down 0.31%. The highest price of the day was 6,416 yuan/mt, and the lowest was 6,316 yuan/mt. Trading volume was 143,291 lots, and open interest was 307,126. SiMn alloy futures prices fluctuated, with most participants taking a wait-and-see approach. SiMn alloy producers were reluctant to actively quote prices, and the SiMn alloy market remained stable for now. Currently, SiMn alloy inventory is destocking slowly, and SiMn alloy spot prices are under upward pressure. It is still necessary to pay attention to changes in the fundamentals of the SiMn alloy market.