Manganese Silicon Futures Continue to Weaken Spot Market in the Doldrums [SMM Silicon Manganese Futures Review]

Published: Nov 27, 2025 17:40

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Nov. 27 (SMM) – The SM2601 contract opened at 5,630 yuan/mt and closed at 5,626 yuan/mt, down 0.04%. The highest price was 5,648 yuan/mt and the lowest price was 5,606 yuan/mt during the daytime session. The trading volume was 144,400 lots and the open interest was 332,903 lots. The futures market remained weak today, struggling to rise. Cost side, the core raw materials, coke and manganese ore markets, held up well. Supply side, the market generally held a wait-and-see and pessimistic attitude. Alloy plants in north China maintained normal production scheduling, and the supply side released relatively steadily; overall operating rates in south China were low. Demand side, the latest steel tenders were around 5,750 yuan/mt accepted and delivered to the plant, with limited demand support and insufficient driving force for SiMn prices. SiMn spot prices were in the doldrums, fluctuating around the cost line.

November 27 news: The SM2601 contract opened at 5,630 yuan/mt and closed at 5,626 yuan/mt, down 0.04%. The highest price during the daytime session was 5,648 yuan/mt, and the lowest price was 5,606 yuan/mt. Trading volume was 144,400 lots, and open interest stood at 332,903 lots. Futures remained weak today, struggling to rise. Cost side, core raw materials coke and manganese ore offers of overseas miners both held up well. Supply side, the market generally maintained a wait-and-see but pessimistic sentiment. In north China, alloy plants maintained normal production scheduling pace, with relatively stable supply release; in south China, overall operating rates were relatively low. Demand side, the latest steel tender prices hovered around 5,750 yuan/mt accepted at the plant, with limited demand support, providing insufficient momentum for SiMn prices. SiMn spot prices were in the doldrums, fluctuating around the cost line.

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