SiMn futures hold up well, upside room limited [SMM SiMn Futures Review]

Published: Dec 15, 2025 18:09

Save

December 15 news: The SM2603 contract opened at 5,770 yuan/mt and closed at 5,758 yuan/mt, up 0.81%, with the highest price at 5,806 yuan/mt and the lowest at 5,748 yuan/mt. Trading volume was 225,200 lots, and open interest stood at 273,655 lots. Today, futures held up well, showing a rebound compared to previous sessions. Cost side, core manganese ore prices remained high; although some individual manganese ores saw price declines, overall cost support remained firm. Supply side, alloy plants in both the north and south maintained stable operations. Spot silicon manganese prices in production areas were below the cost prices of most enterprises, putting significant pressure on manufacturers' losses. Demand side, HBIS Group set its December silicon manganese price at 5,770 yuan/mt, up 70 yuan from the first round inquiry price of 5,700 yuan/mt, but down significantly from the November price of 5,820 yuan/mt. This price is below the cost prices of most enterprises, and market sentiment for silicon manganese remains negative.

December 15 news: The SM2603 contract opened at 5,770 yuan/mt and closed at 5,758 yuan/mt, up 0.81%. The highest price was 5,806 yuan/mt and the lowest price was 5,748 yuan/mt during the daytime session. Trading volume was 225,200 lots and open interest was 273,655 lots. Futures held up well today and rebounded compared to previous sessions. Cost side, core manganese ore prices remained high; although prices of some manganese ores declined, overall cost support remained firm. 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, HBIS Group set its December SiMn price at 5,770 yuan/mt, up 70 yuan from the first round inquiry price of 5,700 yuan/mt, but down significantly from the November SiMn price of 5,820 yuan/mt. This price was below the cost prices of most enterprises, and market sentiment for SiMn was negative.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

Feb 6, 2026 18:30

Before the holiday, the black chain is unlikely to see a trend-driven market [SMM Steel Industry Chain Weekly Report].

This week, ferrous metals were in the doldrums, with coking coal and coke staging a mid-week rise. At the beginning of the week, financial markets experienced sharp fluctuations, dragging down sentiment in the ferrous chain and leading to a pullback in futures. Mid-week, Indonesia's cut to coke production quotas drove coking coal and coke futures to lead the gains, though the impact was more pronounced on thermal coal, while coking coal's rise was largely sentiment-driven and short-lived. In the latter part of the week, finished products continued their seasonal inventory buildup, and support from the raw material side weakened, causing the entire ferrous chain to pull back. In the spot market, with the Chinese New Year holiday approaching, purchasing activity slowed down further, with end-users only making limited, as-needed purchases at low prices.

Feb 6, 2026 18:30

Feb 6, 2026 18:09

MMi Daily Iron Ore Report (February 6)

Today, the DCE iron ore futures continued to hit bottom today, with the most-traded contract I2605 closing at 760.5 yuan/mt, down 1.23% from the previous trading day. Spot prices fell by 5–10 yuan/mt compared to the previous trading day.

Feb 6, 2026 18:09

Feb 6, 2026 17:41

[SMM Chromium Daily Review] Inquiries and Transactions Weakened, Chromium Market Showed Mediocre Performance Before the Holiday

[SMM Chrome Daily Review: Trading and Inquiries Weakened, Chrome Market Showed Mediocre Performance Before the Holiday] February 6, 2026: Today, the ex-factory price of high-carbon ferrochrome in Inner Mongolia was 8,500-8,600 yuan/mt (50% metal content), flat MoM from the previous trading day...

Feb 6, 2026 17:41