SiMn Futures Show a Downward Trend, Market Sentiment Remains Cautious [SMM SiMn Futures Review]

Nov. 18 — SM2601 contract opened at 5,780 yuan/mt and closed at 5,680 yuan/mt, down 1.90%. The highest price during the daytime session was 5,790 yuan/mt, and the lowest price was 5,650 yuan/mt. Trading volume was 395,700 lots, and open interest was 404,398 lots. Futures held up well today. Cost side, the fourth round of coke price increases has been fully implemented, with coke prices stabilizing after the rise. The manganese ore market also held up well, keeping cost support firm. Supply side, nationwide supply pressure remains high. New capacity in Hunan commenced operation today, while plants in other regions maintained scheduled production. Demand side, as the off-season begins, HBIS's tender volume this month pulled back MoM. The tender price was 5,820 yuan/mt, flat MoM from the previous month. Steel mills showed little willingness to offer discounts on SiMn purchases. Currently, the SiMn market maintains cautious selling sentiment, and spot prices remain steady.