Silicon Manganese Futures Continue Fluctuating Trend, Market Awaits New Round of Steel Tender Prices [SMM Silicon Manganese Futures Review]

December 3 news: The SM2601 contract opened at 5,712 yuan/mt and closed at 5,724 yuan/mt, down 0.03%. The highest price during the daytime session was 5,754 yuan/mt, and the lowest price was 5,710 yuan/mt. Trading volume was 102,400 lots, and open interest was 200,018 lots. Today, the futures continued a fluctuating trend. Cost side, the manganese ore market remained firm, with traders confident in holding prices firm, providing strong cost support for SiMn. Supply side, alloy plants in north China still had planned new capacity coming online, increasing supply-side pressure; overall operating rates in south China were relatively low, and supply release was stable. Spot prices in SiMn production areas fluctuated around the cost line, with significant loss pressure. Demand side, a new round of steel mill tenders was gradually unfolding, and the market's absorption capacity for SiMn still needed verification. Overall, the market awaited the new round of steel tender prices, and short-term spot SiMn prices remained in the doldrums.