Futures market experiences sideways movement, spot price drops slightly [SMM Manganese-Silicon Futures Review]

[SMM Manganese-Silicon Futures Review: Futures Market in Sideways Movement, Spot Prices Drop Slightly] The SM2509 contract opened at 5,794 yuan/mt. After the morning session, it fluctuated rangebound and eventually closed at 5,792 yuan/mt, down 0.03%. The daily high was 5,812 yuan/mt, and the low was 5,736 yuan/mt. Trading volume was 193,151 lots, and open interest was 395,611. Recently, quotes from miners have declined, and the manganese ore market is in the doldrums. On the spot side, SiMn plants' willingness to sell actively is weak. The pricing of mainstream steel tenders has fallen short of expectations, and downstream steel mills are driving down prices when purchasing SiMn. As a result, the SiMn market price is under pressure.