Futures Market Fluctuates Downward, Spot Price Remains Stable [SMM Manganese Silicon Futures Review]

[SMM SiMn Alloy Futures Review: Futures Market Fluctuates Downward, Spot Prices Remain Stable] The SM2505 contract opened at 6,550 yuan/mt, fluctuated downward after the morning session, and finally closed at 6,478 yuan/mt, down 0.46%. The daily high was 6,564 yuan/mt, and the low was 6,440 yuan/mt. Trading volume reached 319,689 lots, and open interest stood at 451,066. On the raw material side, miners mostly adopted a wait-and-see approach, with overall weak willingness to offer prices. Manganese ore spot prices remained stable. On the spot side, SiMn alloy plants mainly focused on delivering previous orders, with many holding back from selling. Downstream steel mills were cautious in procuring SiMn alloy, and downstream demand provided insufficient support, keeping spot prices stable.