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

The SM2501 contract opened at 6,244 yuan/mt, fluctuated rangebound after the morning session, and finally closed at 6,306 yuan/mt, up 1.38%. The highest price of the day was 6,310 yuan/mt, and the lowest was 6,236 yuan/mt. Trading volume was 84,470 lots, and open interest was 283,009 lots.

Raw material side, the manganese ore market still fluctuated downward, providing limited cost support for SiMn alloy. Supply side, SiMn alloy plants showed a low willingness to quote actively and to sell at low prices, mainly fulfilling long-term contract orders. Demand side, downstream demand for SiMn alloy was weak, providing insufficient support for SiMn alloy demand, and the spot market remained stable for the time being.