The futures market fluctuated downward, and the spot price dropped slightly. [SMM Manganese-Silicon Futures Review]

[SMM Manganese-Silicon Futures Review: Futures Market Fluctuates Downward, Spot Prices Drop Slightly] The SM2509 contract opened at 5,638 yuan/mt, fluctuated rangebound in the morning session, and finally closed at 5,624 yuan/mt, down 0.95%. The daily high was 5,644 yuan/mt, and the low was 5,576 yuan/mt. Trading volume was 201,673 lots, and open interest was 383,561. On the raw material side, ore merchants' reluctance to budge on prices persisted, and downstream buyers drove down prices when purchasing manganese ore. Amid the tug-of-war between sellers and buyers, manganese ore prices remained stable for the time being. On the spot side, the futures market continued to be in the doldrums, with most SiMn plants holding back from selling, and some SiMn plants slightly lowering their quotes.