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

Published: Oct 31, 2025 18:51

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On October 31: The SM2601 contract opened at 5,834 yuan/mt and closed at 5,772 yuan/mt, down 1.43%, with the highest price at 5,844 yuan/mt and the lowest at 5,752 yuan/mt. Trading volume was 218,300 lots, and open interest stood at 352,439 lots. The futures fluctuated downward, with a strong wait-and-see sentiment. Cost side, the coke market held up well, while the manganese ore market remained stable. Overall, cost support was strong. Supply side, both the spot and futures markets showed strong wait-and-see sentiment. Alloy plants had low production enthusiasm and little willingness to offer 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. With steel mills driving down prices and plants showing low willingness to sell, SiMn prices remained stable. Recently, SiMn producers have adopted a wait-and-see stance, and the market maintained a fluctuating trend.

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.

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