No Significant Positive Macro News Manganese Silicon Futures Fluctuated Rangebound [SMM Manganese Silicon Futures Review]

October 24: The SM2601 contract opened at 5,798 yuan/mt and closed at 5,802 yuan/mt, up 0.24%. The highest price for the day was 5,820 yuan/mt, and the lowest price was 5,774 yuan/mt. Trading volume was 130,341 lots, and open interest was 345,980 lots. The SiMn futures market lacked clear positive news, and futures fluctuated. Cost side, the coke market and manganese ore market remained relatively stable recently. Supply side, the SiMn market held a wait-and-see sentiment, watching the futures market trend. Alloy plants saw relatively small production fluctuations, and spot prices were stable. Demand side, most steel mill tenders were priced around 5,800–5,850 yuan/mt, with low market enthusiasm for steel tender pricing. Overall, there were no significant macro-boosting messages, and the SiMn market maintained a volatile pattern recently.