The First Round of Steel Tender Inquiry Released, Market Wait-and-See Sentiment Strong [SMM SiMn Futures Review]

September 10 (SMM) - The SM2601 contract opened at 5,586 yuan/mt and closed at 5,628 yuan/mt, down 0.04%. The highest price was 5,692 yuan/mt and the lowest was 5,558 yuan/mt during the daytime session. Trading volume was 156,976 lots and open interest stood at 219,132 lots. The futures jumped initially and then pulled back today. Cost side, manganese ore prices and coke prices stabilised, with overall costs seeing relatively small changes. Supply side, wait-and-see sentiment remained strong in the SiMn market, and spot prices held steady. Demand side, HBIS Group initiated its first round of SiMn inquiry for September at 5,800 yuan/mt. Its August SiMn settlement was 6,200 yuan/mt (compared with 5,980 yuan/mt for September 2024). Market participants are watching HBIS’s final settlement for market direction.