SiMn futures fluctuated downward, spot prices remained in the doldrums [SMM SiMn Futures Review]

Nov. 20 — The SM2601 contract opened at 5,642 yuan/mt and closed at 5,614 yuan/mt, down 0.53%. The highest price during the daytime session was 5,652 yuan/mt, and the lowest price was 5,606 yuan/mt. Trading volume was 148,700 lots, and open interest stood at 438,614 lots. Futures fluctuated downward under pressure 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, new capacity was put into operation in Hunan, and production cuts were more frequent in Yunnan. Factories in other regions maintained scheduled production, keeping overall supply pressure elevated nationwide. Demand side, steel mills had limited capacity to absorb demand, offering insufficient momentum for SiMn prices. Currently, market sentiment toward SiMn shipments remained cautious, with factories reluctant to quote offers, and spot prices were in the doldrums.