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

Published: Nov 13, 2025 15:41

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Nov. 13 (SMM) – The SM2601 contract opened at 5,752 yuan/mt and closed at 5,756 yuan/mt, down 0.24%, with the highest price at 5,772 yuan/mt and the lowest at 5,728 yuan/mt. The trading volume was 151,400 lots, and the open interest stood at 362,183 lots. The futures extended weakness today. Cost side, expectations for the fourth round of coke price increase remained, and prices were relatively stable. The manganese ore market held up well, and the cost side of SiMn remained firm. Supply side, the preferential electricity prices in south China during the rainy season ended, and production cuts and shutdowns at plants in south China increased, but the overall supply pressure across the country remained high. Demand side, as the off-season began, the tender volume of HBIS dropped MoM this month. The first round of inquiry was 5,750 yuan/mt, and the mentality to drive down prices was strong, further dampening the market sentiment of SiMn. Overall, the impact of market sentiment on the SiMn market gradually weakened, and the market gradually returned to supply-demand fundamentals.

Nov. 13 — The SM2601 contract opened at 5,752 yuan/mt and closed at 5,756 yuan/mt, down 0.24%, with the highest price at 5,772 yuan/mt and the lowest at 5,728 yuan/mt during the daytime session. Trading volume was 151,400 lots, and open interest stood at 362,183 lots. Futures continued to show weakness today. Cost side, expectations for the fourth round of coke price increases remain, keeping prices relatively stable, while the manganese ore market held up well, making the cost side of SiMn relatively firm. Supply side, the preferential electricity prices in south China’s rainy season have ended, leading to increased production cuts and shutdowns at southern plants, but nationwide supply pressure remains high. Demand side, as the off-season begins, HBIS’s tender volume this month pulled back MoM, with the first round of inquiry at 5,750 yuan/mt and a strong intention to drive down prices, further dampening market sentiment for SiMn. Overall, the role of market sentiment in the SiMn market is gradually weakening, with supply-demand fundamentals gradually returning.

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