HBIS Sets Price at 5,820 yuan/mt SiMn Futures Continue Weak Trend [SMM Silicon Manganese Futures Review]

Published: Nov 14, 2025 15:36

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November 14 News: The SM2601 contract opened at 5,756 yuan/mt and closed at 5,748 yuan/mt, down 0.07%, with the highest price at 5,770 yuan/mt and the lowest at 5,738 yuan/mt. Trading volume was 119,400 lots, and open interest stood at 361,759 lots. Futures continued to show weakness today. Cost side, expectations for the fourth round of coke price increases remained, keeping prices relatively stable, while the manganese ore market held up well, providing solid cost support. Supply side, national supply pressure remained relatively high, as preferential electricity prices in south China's rainy season ended, leading to increased production cuts and shutdowns at southern plants. Demand side, entering the off-season, HBIS's tender volume this month pulled back MoM, with the final price set at 5,820 yuan/mt, flat MoM from the previous month. Steel mills showed strong intentions to drive down prices, providing insufficient boost to SiMn market confidence. Overall, SiMn market demand remained weak, lacking upward momentum for price increases.

November 14 - SM2601 contract opened at 5,756 yuan/mt and closed at 5,748 yuan/mt, down 0.07%, with the highest price at 5,770 yuan/mt and the lowest at 5,738 yuan/mt. Trading volume was 119,400 lots, and open interest was 361,759 lots. Futures continued to weaken today. Cost side, expectations for the fourth round of coke price increases remain, prices are relatively stable, the manganese ore market holds up well, and cost support remains firm. Supply side, national supply pressure remains relatively high, preferential electricity prices during the rainy season in south China have ended, and production cuts and shutdowns at southern plants have increased. Demand side, entering the off-season, HBIS's tender volume this month pulled back MoM, with the final price set at 5,820 yuan/mt, flat MoM from the previous month. Steel mills have a strong mentality to drive down prices, providing insufficient boost to SiMn market confidence. Overall, SiMn market demand is weak, and upward momentum for prices is lacking.

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