Futures Market Fluctuates at Low Levels, Spot Price Slightly Declines [SMM Manganese Silicon Futures Review]

[SMM SiMn Alloy Futures Review: Futures Market Fluctuates at Low Levels, Spot Prices Slightly Decline] The SM2505 contract opened at 6,350 yuan/mt, fluctuated downward after the morning session, and finally closed at 6,348 yuan/mt, down 0.53%. The daily high was 6,364 yuan/mt, and the low was 6,292 yuan/mt. Trading volume reached 211,246 lots, and open interest stood at 425,930. Raw material side, alloy plants mostly pressed prices for manganese ore purchases, and miners slightly lowered their quotations, with manganese ore prices fluctuating downward. Spot side, cost support weakened, and SiMn alloy spot prices slightly declined. Some SiMn alloy plants temporarily withheld quotations. Downstream, steel mills showed weak overall purchasing sentiment, mostly adopting a wait-and-see attitude.