Market Wait-and-See Sentiment Intense, Silicon Manganese Futures Fluctuate Downward [SMM Silicon Manganese Futures Review]

October 31: The SM2601 contract opened at 5,834 yuan/mt and closed at 5,772 yuan/mt, down 1.43%. The highest price for the day was 5,844 yuan/mt, and the lowest price was 5,752 yuan/mt. Trading volume was 218,300 lots, and open interest was 352,439 lots. The futures fluctuated downward, with a strong wait-and-see sentiment. Cost side, the coke market held up well, and the manganese ore market remained stable. Overall, cost support was strong. Supply side, the spot and futures markets were dominated by wait-and-see sentiment. Alloy plants showed low production enthusiasm and low willingness to provide retail quotations, while delivery willingness for futures was relatively high. Demand side, most steel mill tenders were priced around 5,800–5,850 yuan/mt. SiMn prices remained stable amid steel mills' efforts to drive down prices and low willingness to sell from plants. Recently, SiMn producers have adopted a wait-and-see attitude, and the market maintained a fluctuating trend.