SiMn Futures Fluctuate Upward, HBIS's First December Inquiry at 5,700 Yuan/mt [SMM Silicon Manganese Futures Review]

Published: Dec 9, 2025 17:40

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December 9 news: The SM2603 contract opened at 5,722 yuan/mt and closed at 5,732 yuan/mt, up 0.03%, with the highest price at 5,748 yuan/mt and the lowest at 5,678 yuan/mt. Trading volume was 259,100 lots, and open interest stood at 282,351 lots. Futures fluctuated upward today. 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 the north and south maintained stable operations. Spot SiMn prices in production areas were below the cost prices of most enterprises, putting significant pressure on manufacturers' losses. Demand side, a new round of steel mill tenders was gradually unfolding, with HBIS Group's first December SiMn inquiry at 5,700 yuan/mt, compared with the November SiMn price of 5,820 yuan/mt, a significant decline. The market is watching for the final tender pricing. Overall, as the market awaits the new round of steel tender prices, spot SiMn prices are expected to remain in the doldrums in the short term.

December 9: The SM2603 contract opened at 5,722 yuan/mt and finally settled at 5,732 yuan/mt, up 0.03%. The highest price during the daytime session was 5,748 yuan/mt, and the lowest price was 5,678 yuan/mt. Trading volume was 259,100 lots, and open interest was 282,351 lots. Today, futures fluctuated upward. 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 both the north and south operated steadily. Spot SiMn prices in production areas were below the cost prices of most enterprises, putting significant pressure on manufacturers' losses. Demand side, a new round of steel mill tenders was gradually unfolding. HBIS Group's first round of inquiry for December SiMn was 5,700 yuan/mt, compared with the November SiMn price of 5,820 yuan/mt, a significant decline. The market awaited the final tender pricing. Overall, the market watched for the new round of steel tender prices, and spot SiMn prices remained in the doldrums in the short term.

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