Manganese Silicon Futures in the Doldrums, Market Trading Atmosphere Calm [SMM Manganese Silicon Futures Review]

November 4: The SM2601 contract opened at 5,772 yuan/mt and closed at 5,754 yuan/mt, down 0.72%. The daily highest price was 5,792 yuan/mt, and the lowest price was 5,744 yuan/mt. Trading volume was 170,200 lots, and open interest stood at 359,195 lots. The futures continued to fluctuate in the doldrums. Cost side, the coke market held up well, while manganese ore offers remained stable, providing overall cost support. Supply side, market wait-and-see sentiment was strong at the beginning of the week, with alloy plants showing low production enthusiasm and limited willingness to offer retail quotations. Demand side, November is a traditional off-season, and end-use demand may weaken further. 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.