SiMn cost support is strong, and futures fluctuate rangebound [SMM SiMn Futures Review]

Published: Nov 7, 2025 16:47

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November 7 news: The SM2601 contract opened at 5,786 yuan/mt and closed at 5,760 yuan/mt, down 0.38%. The daily highest price was 5,786 yuan/mt, and the lowest price was 5,746 yuan/mt. Trading volume was 129,900 lots, and open interest was 357,140 lots. The futures showed a rangebound fluctuation pattern. Cost side, the third round of coke price increases has been implemented, with prices stabilizing after the rise, and the manganese ore market held up well. Currently, the cost side of silicon manganese remains relatively firm. Supply side, given the fluctuations in futures, the spot market exhibits strong wait-and-see sentiment, and most producers are currently focused on delivering 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 may see a slight decline. The market awaits the release of November steel tender results.

November 7 — SM2601 contract opened at 5,786 yuan/mt and closed at 5,760 yuan/mt, down 0.38%. The highest price for the day was 5,786 yuan/mt, and the lowest was 5,746 yuan/mt. Trading volume was 129,900 lots, and open interest stood at 357,140 lots. Futures showed a rangebound fluctuation pattern. Cost side, the third round of coke price increases has been implemented, with prices stabilizing after the rise, and the manganese ore market holding up well. Current silicon manganese costs remain relatively firm. Supply side, given the fluctuations in futures, the spot market exhibits strong wait-and-see sentiment, with producers mainly 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 steel mills' pressure to drive down prices, silicon manganese prices may see a slight decline. The market awaits the release of November steel tender results.

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