SiMn Futures Continue to Weaken, Spot Prices Approach Cost Line [SMM Silicon Manganese Futures Review]

Published: Nov 28, 2025 15:24

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11.28 Update: The SM2601 contract opened at 5,620 yuan/mt and closed at 5,612 yuan/mt, down 0.21%. The highest price was 5,638 yuan/mt and the lowest price was 5,602 yuan/mt. Trading volume reached 113,200 lots, with open interest at 315,155 lots. The futures market remained weak today, fluctuating considerably. Cost side, key raw materials coke and manganese ore markets both held up well. Supply side, the market generally maintained a wait-and-see attitude with a slightly pessimistic outlook. In north China, alloy plants kept a normal production pace, with relatively stable supply; in south China, overall production started at a low level. Demand side, the latest steel tender prices were around 5,750 yuan/mt on delivery, with limited demand support, insufficient to drive SiMn prices. Spot SiMn prices were in the doldrums, fluctuating around the cost line.

November 28 news: The SM2601 contract opened at 5,620 yuan/mt and closed at 5,612 yuan/mt, down 0.21%. The highest price was 5,638 yuan/mt and the lowest was 5,602 yuan/mt. Trading volume was 113,200 lots and open interest was 315,155 lots. Futures remained weak today and fluctuated considerably. Cost side, core raw materials coke and manganese ore market both held up well. Supply side, the market generally held a wait-and-see and pessimistic attitude. Alloy plants in north China maintained normal order production pace, and supply side release was relatively stable; overall operating rates in south China were low. Demand side, the latest steel tender prices were around 5,750 yuan/mt acceptance to plant, demand support was limited, providing insufficient drive for SiMn prices. SiMn spot prices were in the doldrums, fluctuating around the cost line.

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