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

Published: Nov 6, 2025 19:09

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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.

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