SiMn futures fluctuate upward, continue to monitor fundamental drivers [SMM SiMn Futures Review]

Published: Dec 22, 2025 17:18

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December 22 news: The SM2603 contract opened at 5,818 yuan/mt and finally closed at 5,840 yuan/mt, up 0.76%. The highest price for the day was 5,858 yuan/mt, and the lowest price was 5,800 yuan/mt. Trading volume was 216,200 lots, and open interest was 281,835 lots. Today, the silicon manganese futures market generally fluctuated upward. Cost side, the core raw material manganese ore market consolidated, with traders' offers remaining firm at the beginning of the week. Supply side, alloy plants in the main production areas in northern China maintained stable operating rates, and market expectations for new capacity remained. In south China, alloy plants' operating rates remained stable but low. Demand side, HBIS Group set its December silicon manganese price at 5,770 yuan/mt, indicating limited short-term demand drivers. Currently, favorable factors in the silicon manganese market are not obvious, and close attention to fundamental supply-demand conditions is still needed.

12.22 Update: The SM2603 contract opened at 5,818 yuan/mt and closed at 5,840 yuan/mt with a 0.76% increase. The highest price was 5,858 yuan/mt and the lowest price was 5,800 yuan/mt. Trading volume reached 216,200 lots and open interest stood at 281,835 lots. Today, the SiMn futures fluctuated upward. Cost side, the manganese ore market remained stable, and traders' offers stayed firm at the beginning of the week. Supply side, the main production areas in the north maintained stable operations, with expectations for new capacity to come online. The operating rate of southern alloy plants remained low. Demand side, HBIS Group set the December SiMn price at 5,770 yuan/mt, providing limited short-term demand impetus. Currently, there are no significant positive factors in the SiMn market, and close attention should be paid to the basic supply-demand situation.

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