Silicon futures fluctuate upward, SiMn spot price remains stable [SMM SiMn Futures Review]

September 24 (SMM) - The SM2601 contract opened at 5,890 yuan/mt and closed at 5,916 yuan/mt, up 0.44% for the day. The highest and lowest prices were 5,948 yuan/mt and 5,868 yuan/mt, respectively. The trading volume was 169,412 lots, and the open interest was 333,773 lots. Cost side, the manganese ore market remained firm, with little change in cost support. Supply side, most plants saw relatively small fluctuations in operating rates, with strong wait-and-see sentiment. Retail quotations and willingness to sell remained low. Demand side, HBIS Group’s final September SiMn pricing at 6,000 yuan/mt provided limited support to the SiMn alloy market. Recent SiMn market quotations remained cautious. The future SiMn alloy prices will still depend on downstream steel mill demand and SiMn futures trends.