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

Published: Oct 29, 2025 18:08

Save

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.

October 29: The SM2601 contract opened at 5,808 yuan/mt and closed at 5,852 yuan/mt, up 1.00%. The highest price for the day was 5,860 yuan/mt, and the lowest price was 5,790 yuan/mt. Trading volume was 205,800 lots, and open interest was 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, and the coke market has held up well; the manganese ore market has remained stable. Supply side, alloy plants have seen relatively small production fluctuations, with low production enthusiasm and weak willingness to offer prices. Demand side, most steel mill tenders were priced around 5,800–5,850 yuan/mt, and under the tug-of-war between buyers and sellers, SiMn prices have temporarily stabilized. Overall, the SiMn market has maintained a volatile pattern recently.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

19 hours ago

Before the holiday, the black chain is unlikely to see a trend-driven market [SMM Steel Industry Chain Weekly Report].

This week, ferrous metals were in the doldrums, with coking coal and coke staging a mid-week rise. At the beginning of the week, financial markets experienced sharp fluctuations, dragging down sentiment in the ferrous chain and leading to a pullback in futures. Mid-week, Indonesia's cut to coke production quotas drove coking coal and coke futures to lead the gains, though the impact was more pronounced on thermal coal, while coking coal's rise was largely sentiment-driven and short-lived. In the latter part of the week, finished products continued their seasonal inventory buildup, and support from the raw material side weakened, causing the entire ferrous chain to pull back. In the spot market, with the Chinese New Year holiday approaching, purchasing activity slowed down further, with end-users only making limited, as-needed purchases at low prices.

19 hours ago

20 hours ago

MMi Daily Iron Ore Report (February 6)

Today, the DCE iron ore futures continued to hit bottom today, with the most-traded contract I2605 closing at 760.5 yuan/mt, down 1.23% from the previous trading day. Spot prices fell by 5–10 yuan/mt compared to the previous trading day.

20 hours ago

[SMM Chromium Daily Review] Inquiries and Transactions Weakened, Chromium Market Showed Mediocre Performance Before the Holiday

[SMM Chrome Daily Review: Trading and Inquiries Weakened, Chrome Market Showed Mediocre Performance Before the Holiday] February 6, 2026: Today, the ex-factory price of high-carbon ferrochrome in Inner Mongolia was 8,500-8,600 yuan/mt (50% metal content), flat MoM from the previous trading day...

20 hours ago