SiMn Cost Support Strong, Futures Show Volatile Upward Trend [SMM MnSi Futures Review]

Published: Nov 6, 2025 19:09

Save

November 6 news: The SM2601 contract opened at 5,778 yuan/mt and closed at 5,798 yuan/mt, up 0.73%, with a daily highest price of 5,808 yuan/mt and a lowest price of 5,744 yuan/mt. Trading volume was 148,400 lots, and open interest stood at 351,061 lots. The futures showed a fluctuating upward trend. Cost side, coke prices stabilized after the implementation of the third round of increases, and the manganese ore market held up well. Currently, the cost side of SiMn remains relatively firm. Supply side, market sentiment is dominated by a wait-and-see approach, with limited willingness to provide retail quotations, as most participants are focused on fulfilling steel tender orders and futures warrants. Demand side, November is a traditional off-season, and end-use demand may weaken further; under pressure from steel mills to drive down prices, SiMn prices could see a slight decline.

November 6 news: The SM2601 contract opened at 5,778 yuan/mt and closed at 5,798 yuan/mt, up 0.73%. The highest price for the day was 5,808 yuan/mt, and the lowest price was 5,744 yuan/mt. Trading volume was 148,400 lots, and open interest was 351,061 lots. The futures showed a fluctuating upward trend. Cost side, coke prices stabilized after three rounds of increases, and the manganese ore market held up well. Currently, the cost side of silicon manganese remains relatively firm. Supply side, market wait-and-see sentiment is strong, with low willingness to provide retail quotations. Most transactions are currently focused on fulfilling steel tender orders and futures warrants. Demand side, November is a traditional off-season, and end-use demand may weaken further. Under pressure from steel mills to drive down prices, silicon manganese prices may experience a slight decline.

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

1 hour ago

【SMM Steel】WV Stahl urges clearer support under Germany's 2026 climate plan

【SMM Steel】Germany approved its Climate Protection Program 2026, allocating ~€2.9bn to support industrial electrification, decarbonization, and circular economy. The German Steel Industry Association welcomed the direction but noted a lack of concrete measures in key areas like rail infrastructure, which could limit progress. It also urged establishing "Made in Europe" criteria to protect competitiveness.

1 hour ago

【SMM Steel】EU gives €6bn green light to Italy's renewable hydrogen push

【SMM Steel】The EU approved a €6bn Italian support scheme for renewable hydrogen, targeting transport and industry. The plan covers hydrogen from renewable electricity via electrolysis and from biogenic sources. Aid will use two-way contracts for difference, with a reference price set by competitive bidding. The program runs until Dec 31, 2029. It aligns with the EU hydrogen strategy and clean industry goals. Italy aims for 200,000 t/y of renewable hydrogen.

1 hour ago

【SMM Steel】EU launches safeguard probe into imported grain-oriented electrical steel

【SMM Steel】The European Commission launched a safeguard investigation into GOES imports. It aims to assess if rising volumes are causing serious injury to the EU industry. GOES is a critical material for power transformers. The scope also includes laminations and cores. The probe will assess import trends and market conditions. If injury is confirmed, temporary or definitive safeguard measures may follow.

1 hour ago