Silicon Manganese Futures Fluctuate Rangebound, Spot Market in the Doldrums [SMM Silicon Manganese Futures Review]

October 13 news: The SM2601 contract opened at 5,388 yuan/mt and closed at 5,406 yuan/mt, down 0.95%. The highest price for the day was 5,436 yuan/mt, and the lowest price was 5,366 yuan/mt. Trading volume was 130,135 lots, and open interest was 96,719 lots. Cost side, coke prices remained stable after the increase during the National Day holiday, and manganese ore spot prices also held steady at the beginning of the week, with cost support still in place. Supply side, the market was in the doldrums, with relatively small fluctuations in production at alloy plants and a prevailing wait-and-see sentiment, keeping spot prices stable. Demand side, downstream steel mills maintained just-in-time procurement of SiMn alloy, with a strong inclination to drive down prices. Overall, the SiMn market is expected to continue fluctuating in the near term.