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

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.