Futures under pressure, mainstream steel tender volume pulls back MoM [SMM Silicon Manganese Futures Review]

Published: Nov 11, 2025 15:46

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Nov. 11 — The SM2601 contract opened at 5,800 yuan/mt and closed at 5,764 yuan/mt, down 0.41%, with the highest price at 5,828 yuan/mt and the lowest at 5,752 yuan/mt during the daytime session. Trading volume was 208,600 lots, and open interest stood at 356,141 lots. Futures were under pressure today. Cost side, expectations of a fourth round of coke price increases and a strong manganese ore market kept silicon manganese costs relatively firm. Supply side, the end of preferential electricity prices in south China's rainy season led to more production cuts and shutdowns at southern plants. Demand side, end-use demand entered the off-season, steel mill maintenance increased, curbing demand for manganese ore. Coupled with a MoM pullback in HBIS's tender volume this month, silicon manganese market sentiment was further dampened. Overall, market sentiment's influence on the silicon manganese market gradually weakened, with supply-demand fundamentals reasserting themselves.

November 11: The SM2601 contract opened at 5,800 yuan/mt and closed at 5,764 yuan/mt, down 0.41%. The highest price during the daytime session was 5,828 yuan/mt, and the lowest price was 5,752 yuan/mt. Trading volume reached 208,600 lots, and open interest stood at 356,141 lots. Today, futures were under pressure. Cost side, expectations for a fourth round of coke price increases and strong manganese ore offers of overseas miners kept SiMn costs relatively firm. Supply side, the end of preferential electricity prices in south China during the rainy season led to increased production cuts and shutdowns at local plants. Demand side, end-use demand entered the off-season, steel mill maintenance increased, curbing demand for manganese ore. Additionally, HBIS's tender volume this month pulled back MoM, further dampening market sentiment for SiMn. Overall, market sentiment's influence on the SiMn market gradually weakened, with supply-demand fundamentals reasserting themselves.

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