Wait-and-See Sentiment Prevailed in the Market at the Beginning of the Week, Silicon Manganese Futures Fluctuated [SMM Silicon Manganese Futures Review]

Published: Nov 3, 2025 18:00

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November 3: The SM2601 contract opened at 5,778 yuan/mt and closed at 5,794 yuan/mt, up 0.03%, with the highest price at 5,822 yuan/mt and the lowest at 5,754 yuan/mt. Trading volume was 161,400 lots, and open interest stood at 350,214 lots. The futures fluctuated. Cost side, the coke market held up well, while the manganese ore market remained stable, providing strong overall cost support. Supply side, both spot and futures markets showed strong wait-and-see sentiment at the start of the week, with alloy plants exhibiting low production enthusiasm and limited willingness to offer retail quotations, while delivery willingness for futures remained relatively high. Demand side, October steel mill tenders were mostly priced around 5,800–5,850 yuan/mt, and November demand saw relatively small changes. 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.

November 3: The SM2601 contract opened at 5,778 yuan/mt and closed at 5,794 yuan/mt, up 0.03%. The highest price for the day was 5,822 yuan/mt, and the lowest was 5,754 yuan/mt. Trading volume was 161,400 lots, and open interest stood at 350,214 lots. The futures showed a fluctuating trend. Cost side, the coke market held up well, while the manganese ore market remained stable, providing strong overall cost support. Supply side, both the spot and futures markets exhibited strong wait-and-see sentiment at the start of the week. Alloy plants showed relatively low production enthusiasm and willingness to offer retail quotations, while their willingness to deliver on futures contracts was relatively high. Demand side, most steel mills' October tender prices were set around 5,800–5,850 yuan/mt. November demand saw relatively small changes, and SiMn prices remained stable amid steel mills' efforts to drive down prices and plants' low willingness to sell. Recently, SiMn producers have adopted a wait-and-see stance, and the market is expected to maintain a fluctuating trend.

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