SiMn Futures Fluctuate, Spot Market Awaits Steel Tender Pricing [SMM SiMn Futures Review]

October 14 news: The SM2601 contract opened at 5,750 yuan/mt and closed at 5,738 yuan/mt, down 0.14%. The highest price for the day was 5,754 yuan/mt, and the lowest price was 5,710 yuan/mt. Trading volume was 133,881 contracts, and open interest was 382,892 contracts. Cost side, the manganese ore market was in the doldrums. Supply side, the spot market was in the doldrums, with relatively small production fluctuations at alloy plants in the north and production cuts at plants in south China. Overall market sentiment was dominated by a wait-and-see approach, and spot prices remained temporarily stable. Demand side, downstream steel mills maintained just-in-time procurement of SiMn alloy, with a strong inclination to drive down prices, awaiting the price guidance effect of steel tender pricing on the market. In summary, the SiMn market is expected to continue fluctuating in the near term.