SiMn futures fluctuate rangebound, spot prices hold steady [SMM SiMn Futures Review]

October 10 (SMM) – The SM2601 contract opened at 5,776 yuan/mt and closed at 5,760 yuan/mt, up 0.07%, with the highest price at 5,788 yuan/mt and the lowest price at 5,742 yuan/mt. The trading volume was 125,982 lots, and the open interest was 376,591 lots. Cost side, coke prices remained stable after the increase during the National Day holiday, and manganese ore spot prices also held steady, with cost support still in place. Supply side, production fluctuations at alloy plants were relatively small, and the market was dominated by a wait-and-see sentiment, with spot prices remaining stable for the time being. Demand side, rigid demand for SiMn alloy from downstream steel mills remained stable, but trading activity was sluggish. Overall, the SiMn market is expected to continue fluctuating in the near term.