SiMn Futures Under Continuous Pressure, Factory Negotiation Center Declines [SMM Silicon Manganese Futures Review]

November 21 — The SM2601 contract opened at 5,614 yuan/mt and closed at 5,606 yuan/mt, down 0.25%. The highest price during the daytime session was 5,622 yuan/mt, and the lowest price was 5,590 yuan/mt. Trading volume reached 137,900 lots, and open interest stood at 439,449 lots. Futures remained under pressure and fluctuated throughout the day. Cost side, core raw materials coke and manganese ore both held up well. Supply side, the market generally maintained a wait-and-see attitude with a pessimistic bias. In north China, alloy plants maintained normal production scheduling, and supply releases remained relatively stable. In south China, operating rates saw relatively small changes, with overall production enthusiasm remaining low. Demand side, as the off-season set in, purchasing activity pulled back. Steel mill demand absorption capacity was limited, providing insufficient momentum for SiMn prices. Currently, the SiMn market maintains a cautious sentiment toward shipments, with factories showing low willingness to offer quotes and the bargaining center trending lower.