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

December 24 — The SM2603 contract opened at 5,822 yuan/mt and closed at 5,832 yuan/mt, down 0.03%. The highest price for the day was 5,838 yuan/mt, and the lowest price was 5,786 yuan/mt. Trading volume was 105,300 lots, and open interest stood at 275,733 lots. Today, the silicon manganese market fluctuated rangebound. After opening, futures showed a slight upward trend. Cost side, the core raw material manganese ore market consolidated, with traders' offers remaining firm and ore prices not declining. Supply side, alloy plants in the main northern producing regions maintained stable operations, and market expectations for new capacity persist. In south China, alloy plants' operating rates remained stably 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 prominent, and close attention to fundamental supply-demand conditions is still required.