Futures Market Fluctuates Downward, Focus on Actual Procurement by Steel Mills [SMM SiMn Alloy Futures Review]

On December 25, the SM2501 contract opened at 6,176 yuan/mt, fluctuated downward after the morning session, and finally closed at 6,160 yuan/mt, down 0.19%. The daily high was 6,196 yuan/mt, and the low was 6,158 yuan/mt. Trading volume reached 75,444 lots, and open interest stood at 273,277 lots. SiMn alloy producers mainly fulfilled long-term contract orders, showing weak willingness to actively quote prices. Some SiMn alloy producers and traders had spot cargoes for sale, but the market supply of spot SiMn alloy remained tight. Downstream steel mills showed low enthusiasm for SiMn alloy procurement. Further attention is needed on the actual procurement by steel mills and the new round of tenders.