SiMn Futures Under Continuous Pressure, Spot Prices Drop Slightly [SMM SiMn Futures Review]

November 25 — The SM2601 contract opened at 5,630 yuan/mt and closed at 5,636 yuan/mt, down 0.18%, with the highest price at 5,662 yuan/mt and the lowest at 5,616 yuan/mt. Trading volume was 120,700 lots, and open interest stood at 384,812 lots. The futures continued to fluctuate during the daytime session, struggling to rise. Cost side, both core raw materials—coke and manganese ore—held up well in the market. Supply side, the market generally maintained a wait-and-see attitude with a pessimistic bias. In north China, alloy plants maintained normal production scheduling, with relatively steady supply releases; in south China, overall operating rates remained low. Demand side, as the off-season set in, end-use demand uptake was limited, providing insufficient momentum for SiMn prices. Spot SiMn prices edged down.