SiMn futures fluctuate upward, price increase limited [SMM SiMn futures review]

Published: Dec 17, 2025 17:16

Save

December 17 News: The SM2603 contract opened at 5,744 yuan/mt and closed at 5,758 yuan/mt, up 0.17%. The highest price during the daytime session was 5,776 yuan/mt, and the lowest was 5,732 yuan/mt. Trading volume reached 130,800 lots, with open interest at 276,107 lots. Today, futures fluctuated upward, rising at opening before declining. Cost side, although coke prices fell by 50 yuan/mt, easing some cost pressure, core raw material manganese ore prices remained firm. Supply side, alloy plants in the main northern production areas maintained stable operating rates, while those in south China operated at lower rates. Spot silicon manganese prices in production areas were below most enterprises' cost levels, putting significant pressure on producers and dampening willingness to offer retail quotations. Demand side, HBIS Group set its December SiMn price at 5,770 yuan/mt, down significantly from November's price of 5,820 yuan/mt. This price is below most enterprises' cost levels, exerting downward pressure on the SiMn alloy market.

December 17 news: The SM2603 contract opened at 5,744 yuan/mt and finally closed at 5,758 yuan/mt, up 0.17%. The highest price was 5,776 yuan/mt and the lowest was 5,732 yuan/mt during the daytime session. Trading volume was 130,800 lots, and open interest stood at 276,107 lots. Today's futures fluctuated upward, rising after opening then falling. Cost side, despite coke prices falling by 50 yuan/mt, which eased cost pressure to some extent, core raw material manganese ore prices remained firm. Supply side, operating rates were stable at alloy plants in major northern production areas, while rates were lower at southern plants. Spot silicon-manganese prices in production areas were below most enterprises' cost levels, leaving manufacturers under significant loss pressure and reluctant to offer retail quotations. Demand side, HBIS Group's December SiMn alloy price was set at 5,770 yuan/mt, down significantly from November's price of 5,820 yuan/mt. This price is below most enterprises' costs, putting downward pressure on the SiMn alloy market.

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

18 hours ago

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.

18 hours ago

19 hours ago

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.

19 hours ago

[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...

19 hours ago