Futures market fluctuates upward, spot market operates steadily for now [SMM Manganese-Silicon Futures Review]

[SMM Ferromanganese-Silicon Futures Review: Futures Market Fluctuates Upward, Spot Market Remains Stable] The SM2509 contract opened at 5,510 yuan/mt, fluctuated upward after the morning session, and eventually closed at 5,584 yuan/mt, up 2.35%. The daily high was 5,590 yuan/mt, and the low was 5,444 yuan/mt. Trading volume was 255,787 lots, and open interest was 427,041. On the raw material side, downstream alloy plants showed weak enthusiasm for purchasing manganese ore, leading to a slight inventory buildup of manganese ore at ports, while the spot market remained stable. On the spot side, SiMn plants were mostly cautious and adopted a wait-and-see sentiment, with many holding back from selling. Downstream steel mills were mostly waiting for pricing from mainstream steel tenders.