Manganese Silicon Futures Fluctuated with Weak Downstream Demand [SMM Manganese Silicon Futures Review]

Published: Sep 26, 2025 15:45

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September 26: The SM2601 contract opened at 5,900 yuan/mt and closed at 5,848 yuan/mt, down 0.95%. The highest price for the day was 5,912 yuan/mt, and the lowest price was 5,834 yuan/mt. Trading volume was 244,524 lots, and open interest was 335,692 lots. Cost side, the manganese ore market remained firm and stable, with cost support still in place. Supply side, futures fluctuated, and production at alloy plants saw relatively small changes. Recent market conditions offered few positive factors, leading to a dominant wait-and-see sentiment and low willingness to offer. Demand side, HBIS set its September price at 6,000 yuan/mt, which provided limited boost to SiMn market sentiment. Stainless steel prices showed little room for significant declines, but upward momentum has clearly weakened. The market has not shown the lively trading typical of the peak season, and purchasing of high-silicon SiMn remained cautious. Overall, the SiMn market has been operating steadily recently, with limited positive factors. Continued attention is needed on downstream steel mills' uptake of SiMn alloy.

September 26: The SM2601 contract opened at 5,900 yuan/mt and closed at 5,848 yuan/mt, down 0.95%. The highest price for the day was 5,912 yuan/mt, and the lowest was 5,834 yuan/mt. Trading volume was 244,524 lots, and open interest was 335,692 lots. Cost side, the manganese ore market remained firm and stable, with cost support still in place. Supply side, futures fluctuated, and alloy plants saw relatively small production fluctuations. Recently, there have been few favorable market conditions, leading to a dominant wait-and-see sentiment and low willingness to offer. Demand side, HBIS set the September price at 6,000 yuan/mt, which provided limited boost to SiMn market sentiment. Stainless steel prices are unlikely to fall significantly, but the momentum for further increases has clearly weakened. The market has not shown the lively trading typical of the peak season, and purchasing of high-silicon SiMn remains cautious. Overall, the SiMn market has been operating steadily recently, with no significant favorable conditions. Continued attention is needed on downstream steel mills' acceptance of SiMn alloy.

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