SiMn futures fluctuate upward, spot and futures prices still require continuous monitoring [SMM SiMn Futures Review]

Published: Dec 18, 2025 16:11

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December 18 — SM2603 contract opened at 5,798 yuan/mt and closed at 5,780 yuan/mt, up 0.38%. The highest price was 5,808 yuan/mt and the lowest price was 5,766 yuan/mt. Trading volume was 185,400 lots, and open interest was 281,543 lots. Coking coal futures rebounded today, and SiMn futures fluctuated upward due to improved sentiment. Cost side, the core raw material manganese ore market consolidated, with traders’ offers remaining firm. Supply side, alloy plants in the main northern production areas operated steadily, while operating rates in south China remained low. 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 the cost level of most enterprises, putting downward pressure on the SiMn alloy market. In the short term, SiMn futures and spot prices are expected to remain weak, with limited positive factors in the market.

December 18: The SM2603 contract opened at 5,798 yuan/mt and closed at 5,780 yuan/mt, up 0.38%. The highest price for the day was 5,808 yuan/mt, and the lowest price was 5,766 yuan/mt. Trading volume was 185,400 lots, and open interest stood at 281,543 lots. Coking coal futures rebounded today, and with improved sentiment boosting SiMn futures, SiMn futures fluctuated upward. Cost side, the core raw material manganese ore market consolidated, with traders' offers remaining firm. Supply side, alloy plants in the main production areas of northern China maintained stable operations, while operating rates at alloy plants in south China remained low. Demand side, HBIS Group set its December SiMn price at 5,770 yuan/mt, down significantly from the November price of 5,820 yuan/mt. This price is below the cost of most enterprises, putting downward pressure on the SiMn alloy market. In the short term, SiMn futures and spot prices are expected to remain weak, with limited positive factors in the market.

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