Futures market fluctuated upward, spot market rose slightly [SMM SiMn Alloy Futures Review]

The SM2501 contract opened at 6,376 yuan/mt, fluctuated rangebound after the morning session, and finally closed at 6,412 yuan/mt, up 0.60%. The highest price of the day was 6,430 yuan/mt, and the lowest was 6,362 yuan/mt. Trading volume was 89,679 lots, and open interest was 250,121 lots. On the raw material side, due to a slight increase in overseas market prices, miners' sentiment to stand firm on quotes was relatively strong, and their willingness to sell at low prices was weak. However, alloy plants still bargained down purchasing prices, and the current transaction prices of spot manganese ore fluctuated little. Northern SiMn alloy plants maintained a high operating rate, while southern SiMn alloy plants had a weak willingness to resume production. SiMn alloy production remained at a high level overall. However, due to favorable news, the willingness of factories to sell at lower prices was weak, and the current quotes from SiMn alloy plants rose slightly.