SiMn futures fluctuated upward, with the market awaiting the new round of steel tender prices [SMM SiMn Futures Review]

December 4 - News: The SM2603 contract opened at 5,744 yuan/mt and closed at 5,796 yuan/mt, up 0.69%. The highest price during the daytime session was 5,816 yuan/mt, and the lowest price was 5,734 yuan/mt. Trading volume was 290,300 lots, and open interest was 252,039 lots. Today, futures fluctuated upward. Cost side, the manganese ore market remained firm, with traders showing strong confidence in holding prices firm, providing solid cost support for SiMn. Supply side, alloy plants in north China still have planned new capacity to be put into operation, increasing supply-side pressure; overall operating rates in south China remain relatively low, with supply release being relatively stable. Spot prices in SiMn production areas fluctuate around the cost line, facing significant loss pressure. Demand side, a new round of steel mill tenders is gradually unfolding, and the market's absorption capacity for SiMn still needs to be verified. Overall, the market is watching for the new round of steel tender prices, and spot SiMn prices are expected to remain in the doldrums in the short term.