Futures fluctuate upward, SiMn gradually returns to fundamentals [SMM SiMn Futures Review]

Published: Nov 10, 2025 15:37

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Nov. 10 — The SM2601 contract opened at 5,760 yuan/mt and closed at 5,820 yuan/mt, up 0.97%. The highest price during the daytime session was 5,836 yuan/mt, and the lowest price was 5,738 yuan/mt. Trading volume was 213,800 lots, and open interest stood at 354,763 lots. The futures showed a fluctuating upward trend today. Cost side, the third round of coke price increases was implemented, and prices stabilized after the rise. The manganese ore market held up well, with strong market wait-and-see sentiment. Currently, the cost side of silicon manganese remains relatively firm. Supply side, alloy plants in both north and south China maintained order-based production, with most plants in south China operating during off-peak hours. Demand side, November is a traditional off-season, and end-use demand may weaken further, pending the November steel tender results. Overall, the influence of market sentiment in the silicon manganese market is gradually diminishing, with supply-demand fundamentals gradually reasserting themselves.

November 10 - SM2601 contract opened at 5,760 yuan/mt and closed at 5,820 yuan/mt, up 0.97%. The highest price during the daytime session was 5,836 yuan/mt, and the lowest was 5,738 yuan/mt. Trading volume reached 213,800 lots, and open interest stood at 354,763 lots. The futures showed an upward trend with fluctuations today. Cost side, coke prices stabilized after the third round of increases, and the manganese ore market held up well, with strong market wait-and-see sentiment. Currently, the cost side of silicon manganese remains firm. Supply side, alloy plants in both north and south China maintained order-based production, with most plants in south China operating during off-peak hours. Demand side, November is a traditional off-season, and end-use demand may weaken further, pending the November steel tender results. Overall, the impact of market sentiment on the silicon manganese market is gradually fading, and supply-demand fundamentals are returning to the forefront.

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