Insufficient upward momentum in the futures market, spot price remains stable for now [SMM Manganese Silicon Futures Review]

[SMM Ferromanganese-Silicon Futures Review: Insufficient Upside Momentum in Futures Market Leads to Temporary Stability in Spot Prices] The SM2509 contract opened at 5,538 yuan/mt, fluctuated upward after the morning session, and eventually closed at 5,538 yuan/mt, up 1.17%. The daily high was 5,580 yuan/mt, and the low was 5,510 yuan/mt. Trading volume was 285,546 lots, and open interest was 452,001. On the raw material side, miners' quotes declined, and the spot prices of manganese ore remained in the doldrums. On the spot side, although the SiMn futures market continued to hold up well, it provided insufficient upside momentum for SiMn spot prices. Most SiMn producers held back from selling, and some holders' quotes still dropped slightly. On the demand side, downstream steel mills were mostly waiting for mainstream steel tenders to enter the market, maintaining a cautious wait-and-see sentiment.