SiMn futures are under pressure, and spot prices have shown some signs of easing. [SMM SiMn Futures Review]

Published: Nov 19, 2025 16:55

Save

Nov. 19 — The SM2601 contract opened at 5,684 yuan/mt and closed at 5,642 yuan/mt, down 1.16%, with the highest price at 5,684 yuan/mt and the lowest at 5,622 yuan/mt. Trading volume was 212,300 lots, and open interest stood at 436,259 lots. Futures were under pressure and moved in a volatile pattern. Cost side, the fourth round of coke price increases was fully implemented, with coke prices stabilizing after the rise, while manganese ore prices remained firm, providing strong cost support. Supply side, nationwide supply pressure remained high, with new capacity put into operation in Hunan, production cuts being more frequent in Yunnan, and plants in other regions maintaining scheduled production. Demand side, as the off-season began, HBIS's tender price for this month was 5,820 yuan/mt, flat MoM from the previous month, indicating limited willingness among steel mills to offer discounts on SiMn purchases. Currently, sentiment in the SiMn market remains cautious, with factories reluctant to offer quotes and volume discounts emerging, leading to some softening in spot prices.

Nov. 19 — The SM2601 contract opened at 5,684 yuan/mt and closed at 5,642 yuan/mt, down 1.16%, with the highest price at 5,684 yuan/mt and the lowest at 5,622 yuan/mt during the daytime session. Trading volume was 212,300 lots, and open interest stood at 436,259 lots. Futures were under pressure and moved in a volatile pattern today. Cost side, the fourth round of coke price increases was fully implemented, with coke prices stabilizing after the rise, while manganese ore prices remained firm, providing relatively strong cost support. Supply side, nationwide supply pressure remained high, with new capacity put into operation in Hunan, production cuts being more frequent in Yunnan, and plants in other regions maintaining scheduled production. Demand side, as the off-season began, HBIS's tender price for this month was 5,820 yuan/mt, flat MoM from the previous month, indicating limited willingness among steel mills to offer discounts on SiMn purchases. Currently, sentiment toward SiMn market shipments remains cautious, with factories showing little inclination to offer quotes, leading to volume discount practices and some softening in spot prices.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

21 hours ago

Before the holiday, the black chain is unlikely to see a trend-driven market [SMM Steel Industry Chain Weekly Report].

This week, ferrous metals were in the doldrums, with coking coal and coke staging a mid-week rise. At the beginning of the week, financial markets experienced sharp fluctuations, dragging down sentiment in the ferrous chain and leading to a pullback in futures. Mid-week, Indonesia's cut to coke production quotas drove coking coal and coke futures to lead the gains, though the impact was more pronounced on thermal coal, while coking coal's rise was largely sentiment-driven and short-lived. In the latter part of the week, finished products continued their seasonal inventory buildup, and support from the raw material side weakened, causing the entire ferrous chain to pull back. In the spot market, with the Chinese New Year holiday approaching, purchasing activity slowed down further, with end-users only making limited, as-needed purchases at low prices.

21 hours ago

22 hours ago

MMi Daily Iron Ore Report (February 6)

Today, the DCE iron ore futures continued to hit bottom today, with the most-traded contract I2605 closing at 760.5 yuan/mt, down 1.23% from the previous trading day. Spot prices fell by 5–10 yuan/mt compared to the previous trading day.

22 hours ago

[SMM Chromium Daily Review] Inquiries and Transactions Weakened, Chromium Market Showed Mediocre Performance Before the Holiday

[SMM Chrome Daily Review: Trading and Inquiries Weakened, Chrome Market Showed Mediocre Performance Before the Holiday] February 6, 2026: Today, the ex-factory price of high-carbon ferrochrome in Inner Mongolia was 8,500-8,600 yuan/mt (50% metal content), flat MoM from the previous trading day...

22 hours ago