Factory Quotations Are Low, Silicon Manganese Futures Fluctuate [SMM Silicon Manganese Futures Review]

October 29 — The SM2601 contract opened at 5,808 yuan/mt and closed at 5,852 yuan/mt, up 1.00%, with the highest price at 5,860 yuan/mt and the lowest at 5,790 yuan/mt. Trading volume was 205,800 lots, and open interest stood at 341,929 lots. Recently, the market has lacked clear positive news, and futures have been fluctuating. Cost side, the second round of coke price increases has been implemented recently, with the coke market holding up well; the manganese ore market has remained relatively stable. Supply side, alloy plants have seen relatively small fluctuations in production, with low production enthusiasm and limited willingness to offer prices. Demand side, most steel mill tenders were priced around 5,800–5,850 yuan/mt, and SiMn prices have temporarily stabilized amid negotiations between buyers and sellers. Overall, the SiMn market has maintained a volatile pattern recently.