Downstream Demand Lacks Support, SiMn Alloy Continues to Fluctuate Downward [SMM SiMn Market Review]

【SMM SiMn Alloy Futures Review: Insufficient Downstream Demand Support, SiMn Alloy Continues to Fluctuate Downward】 The SM2505 contract opened at 6,120 yuan/mt, fluctuated rangebound during the morning session, and finally closed at 6,090 yuan/mt, down 0.62%. The daily high was 6,138 yuan/mt, and the low was 6,078 yuan/mt. Trading volume reached 97,162 lots, with an open interest of 330,694. On the raw material side, miners' quotations remained firm, with a relatively weak willingness to sell at low prices. Alloy producers were actively inquiring, with a relatively strong willingness for concentrated procurement before the Chinese New Year. On the spot side, SiMn alloy in the spot market continued to fluctuate downward, influenced by the futures market's weak performance. Currently, SiMn supply remains relatively stable, while downstream steel mill demand is sluggish. In summary, insufficient downstream demand support has led to a weak performance in the SiMn alloy market.