SiMn futures pull back after hitting highs HBIS' first round inquiry for December at 5,700 yuan/mt [SMM SiMn Futures Review]

Dec. 10 news: The SM2603 contract opened at 5,738 yuan/mt and finally closed at 5,724 yuan/mt, up 0.28%. The highest price was 5,766 yuan/mt and the lowest price was 5,714 yuan/mt during the daytime session. Trading volume was 183,800 lots and open interest was 280,089 lots. Today, futures pulled back after hitting highs. Cost side, the manganese ore market remained firm, with high-grade oxide ore showing significant gains, providing strong cost support for SiMn. Supply side, alloy plants in both the north and south maintained stable operations. Spot SiMn prices in production areas were below the cost price 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 relatively large decline. The market is watching for the final tender prices. Overall, the market is awaiting the new round of steel tender prices, and spot SiMn prices are expected to remain in the doldrums in the short term.