The futures market fluctuated upward, while the spot price remained stable. [SMM Manganese Silicon Futures Review]

SMM SiMn Alloy Futures Review: Futures Market Fluctuated Upward, Spot Prices Remained Stable. The SM2505 contract opened at 6,062 yuan/mt, fluctuated upward in the morning session, and finally closed at 6,146 yuan/mt, down 0.95%. The daily high was 6,162 yuan/mt, and the low was 6,038 yuan/mt. The trading volume was 234,895 lots, and the open interest was 382,319. On the raw material side, the manganese ore market mostly held a wait-and-see attitude, with miners showing weak willingness to actively quote, and spot prices of manganese ore remained stable. On the spot side, SiMn alloy mills showed weak willingness to actively quote, mostly waiting for steel mill tenders to enter the market. Downstream steel mills were cautious in purchasing SiMn alloy, observing the entry of mainstream steel tenders.