SiMn futures hold up well, with strong wait-and-see sentiment in the market [SMM Silicon Manganese Futures Review]

Published: Nov 17, 2025 15:35

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November 17 News: The SM2601 contract opened at 5,752 yuan/mt and closed at 5,792 yuan/mt, up 0.73%, with the highest price at 5,826 yuan/mt and the lowest at 5,742 yuan/mt. Trading volume was 207,200 lots, and open interest was 359,008 lots. Futures held up well today. Cost side, the fourth round of coke price increases was fully implemented, with prices rising by 50–55 yuan/mt. Coke prices stabilized after the increase, and the manganese ore market held up well, keeping cost support firm. Supply side, nationwide supply pressure remained high. The preferential electricity prices during the rainy season in south China ended, leading to increased production cuts and shutdowns at southern plants, while plants in other regions maintained scheduled production. Demand side, entering the off-season, HBIS's tender volume this month pulled back MoM, with the tender price at 5,820 yuan/mt, flat MoM. Steel mills showed little willingness to offer discounts on SiMn purchases, with most adopting a cautious procurement approach. Currently, the SiMn market maintains cautious selling sentiment, with a strong wait-and-see attitude prevailing.

November 17 — SM2601 contract opened at 5,752 yuan/mt and closed at 5,792 yuan/mt, up 0.73%. The highest price during the daytime session was 5,826 yuan/mt, and the lowest price was 5,742 yuan/mt. Trading volume reached 207,200 lots, and open interest stood at 359,008 lots. Futures held up well today. Cost side, the fourth round of coke price increases was fully implemented, with prices rising by 50-55 yuan/mt. Coke prices stabilized after the increase, and the manganese ore market held up well, keeping cost support firm. Supply side, nationwide supply pressure remained high. The preferential electricity prices in south China during the rainy season ended, leading to increased production cuts and shutdowns at southern plants. Plants in other regions maintained scheduled production. Demand side, as the off-season began, HBIS's tender volume fell MoM, with a tender price of 5,820 yuan/mt, flat MoM. Steel mills showed little willingness to offer discounts on SiMn purchases, with most adopting a cautious procurement approach. Currently, the SiMn market maintains cautious selling sentiment, with a strong wait-and-see attitude prevailing.

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