SiMn Futures Under Continuous Pressure, Mills Exhibit Strong Wait-and-See Sentiment at Start of Week [SMM Silicon Manganese Futures Review]

November 22 News: The SM2601 contract opened at 5,616 yuan/mt and closed at 5,630 yuan/mt, up 0.50%. The highest price during the daytime session was 5,678 yuan/mt, and the lowest price was 5,592 yuan/mt. The trading volume was 202,400 lots, and the open interest was 397,984 lots. Today, the futures continued to fluctuate, with a slight rebound followed by another pullback. Cost side, the core raw materials, coke and manganese ore markets, both held up well. Supply side, the market generally maintained a wait-and-see and relatively pessimistic sentiment at the beginning of the week. In north China, alloy plants maintained a normal production pace, with relatively stable supply releases. In south China, operating rates saw relatively small changes, and overall production enthusiasm remained low. Demand side, as the off-season began, purchasing activity pulled back, steel mill demand support was limited, providing insufficient momentum for SiMn prices. Currently, the spot silicon manganese market maintained cautious selling sentiment, and spot prices remained temporarily stable.