SiMn Futures Fluctuate Amid Strong Wait-and-See Sentiment [SMM SiMn Futures Review]

September 30: The SM2601 contract opened at 5,818 yuan/mt and closed at 5,758 yuan/mt, down 0.76%. The highest price for the day was 5,832 yuan/mt, and the lowest price was 5,746 yuan/mt. Trading volume was 176,364 lots, and open interest was 348,291 lots. Cost side, prices of some manganese ore raw materials saw a slight decline before the holiday, while coke prices stabilized, indicating that cost support remains. Supply side, futures fluctuated downward, but production fluctuations at alloy plants were relatively small. Market participants mainly adopted a wait-and-see sentiment, with low willingness to offer prices, expecting market activity to pick up after the National Day holiday. Demand side, the market did not show the lively trading scene typical of the peak season. Steel mills maintained a cautious attitude toward SiMn procurement, providing limited boost to market sentiment for SiMn. Overall, the SiMn market has been operating steadily recently, awaiting changes in supply-demand conditions after the National Day holiday.