Manganese Silicon Futures Fluctuate Rangebound, Focus on Macro Policy Impact [SMM Manganese Silicon Futures Review]

October 24: The SM2601 contract opened at 5,818 yuan/mt and closed at 5,772 yuan/mt, down 0.59%. The daily highest price was 5,848 yuan/mt, and the lowest price was 5,746 yuan/mt. Trading volume was 217,588 lots, and open interest was 350,893 lots. The SiMn futures market fluctuated, with prices trending downward. Cost side, the coke market and manganese ore market remained relatively stable recently. Supply side, the SiMn market exhibited wait-and-see sentiment, monitoring the futures market trend. Alloy plants saw relatively small fluctuations in production, and spot prices remained stable. Demand side, HBIS Group's final October SiMn price was set at 5,820 yuan/mt, a relatively small increase compared to the second round inquiry price of 5,800 yuan/mt, but a relatively large decrease compared to the September SiMn price of 6,000 yuan/mt. Most steel mills' tender prices hovered around 5,800 yuan/mt, with limited market enthusiasm for steel tender pricing. Overall, the SiMn market has been fluctuating recently, and attention should be paid to the impact of the macro perspective on the market.