Futures Market Fluctuates Downward While SiMn Alloy Spot Continues to Rise [SMM SiMn Alloy Futures Review]

[SMM SiMn Alloy Futures Review: Futures Market Fluctuates Downward, SiMn Spot Continues to Rise] The SM2505 contract opened at 7,354 yuan/mt, fluctuated downward after the morning session, and finally closed at 7,180 yuan/mt, down 1.64%. The daily high was 7,412 yuan/mt, and the low was 7,086 yuan/mt. Trading volume reached 1.1047 million lots, with an open interest of 622,000. On the raw material side, manganese ore prices remained high, with active market inquiries but slow transaction follow-up. On the spot side, cost support strengthened, and many SiMn alloy plants held back from selling. Downstream steel mills showed weak demand and low enthusiasm for SiMn procurement. The mainstream steel bidding has not yet been finalised, and the market still needs to monitor the progress of steel bidding.