HBIS's First Round Inquiry Price at 5,750 yuan/mt SiMn Futures Under Pressure [SMM SiMn Futures Review]

Published: Nov 12, 2025 16:06

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Nov. 12 — The SM2601 contract opened at 5,784 yuan/mt and closed at 5,762 yuan/mt, down 0.41%, with the highest price at 5,792 yuan/mt and the lowest at 5,750 yuan/mt. Trading volume was 131,400 lots, and open interest stood at 353,974 lots. Futures were under pressure today. Cost side, coke is expected to see a fourth round of increases, and the manganese ore market held up well, keeping silicon manganese costs relatively firm. Supply side, preferential electricity prices in south China’s rainy season ended, leading to more production cuts and shutdowns at southern plants, but nationwide supply pressure remained elevated. Demand side, as the off-season began, steel mill maintenance increased, curbing SiMn demand. In addition, HBIS’s tender volume for the month pulled back MoM, with the first round of inquiry at 5,750 yuan/mt, further dampening market confidence. Overall, market sentiment for silicon manganese gradually weakened, with supply-demand fundamentals reasserting themselves.

November 12 — SM2601 contract opened at 5,784 yuan/mt and closed at 5,762 yuan/mt, down 0.41%, with the highest price at 5,792 yuan/mt and the lowest at 5,750 yuan/mt. Trading volume was 131,400 lots, and open interest stood at 353,974 lots. Futures were under pressure today. Cost side, expectations of a fourth round of coke price increases and a strong manganese ore market kept SiMn costs relatively firm. Supply side, the end of preferential electricity prices during the rainy season in south China led to more production cuts and shutdowns at local plants, but nationwide supply pressure remained high. Demand side, the onset of the off-season and increased maintenance at steel mills weighed on SiMn demand. Additionally, HBIS's tender volume for the month pulled back MoM, with the first round of inquiry at 5,750 yuan/mt, further dampening market sentiment. Overall, the influence of sentiment in the SiMn market gradually weakened, with supply-demand fundamentals reasserting themselves.

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