Futures fluctuate rangebound, market wait-and-see sentiment strong [SMM Silicon Manganese Futures Review]

September 11 — The SM2601 contract opened at 5,862 yuan/mt and closed at 5,838 yuan/mt, down 0.24%. The highest price during the daytime session was 5,890 yuan/mt, and the lowest was 5,832 yuan/mt. Trading volume reached 148,736 lots, and open interest stood at 324,305 lots. Futures fluctuated rangebound today. Cost side, manganese ore prices and coke prices stabilized, providing overall steady cost support. Supply side, market supply pressure increased, and wait-and-see sentiment remained strong in the SiMn market, with spot prices holding steady for now. Demand side, HBIS Group launched its first round of September SiMn inquiry at 5,800 yuan/mt. August SiMn settlement was 6,200 yuan/mt (September 2024 settlement: 5,980 yuan/mt). Market attention remains on HBIS’s final settlement price for direction.