The first round of inquiries in mainstream steel tenders fell short of expectations. SiMn prices rose slightly and then stabilized. [SMM Weekly Review]

[SMM Weekly Review: First-Round Inquiries for Mainstream Steel Tenders Fall Short of Expectations, SiMn Alloy 65/17 Stabilizes After Rising Slightly] As of Friday this week, the price of SiMn alloy 65/17 (cash) in the northern market was 5,600-5,700 yuan/mt, up 50 yuan/mt WoW from last Friday; in the southern market, it was 5,600-5,800 yuan/mt, also up 50 yuan/mt WoW from last Friday. According to SMM, influenced by the futures market's continued strong and steady performance, spot market prices for raw material manganese ore and manganese alloy have shown an upward trend. On the raw material side, miners' offers remain firm, and low-priced manganese ore supplies are hard to find in the market. Due to the strong performance of the futures market and increased cost support, SiMn alloy producers have a strong sentiment to stand firm on quotes. However, the first-round inquiries for mainstream steel tenders fell short of expectations, and SiMn alloy producers' willingness to actively offer quotes in the spot market is relatively weak. Market participants are mostly adopting a wait-and-see attitude, awaiting the pricing situation of mainstream steel tenders.