Cost support is strong, and SiMn futures hold up well. [SMM Silicon Manganese Futures Review]

Published: Dec 25, 2025 17:55

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Dec. 25 (SMM) – The SM2603 contract opened at 5,820 yuan/mt and closed at 5,846 yuan/mt, up 0.48% with the highest price at 5,848 yuan/mt and the lowest at 5,704 yuan/mt. Trading volume was 128,400 lots, and open interest was 271,981 lots. The SiMn market held up well today. Cost side, the core raw material manganese ore market consolidated, with traders' offers remaining firm and ore prices not falling. Supply side, alloy plants in the main producing areas in north China operated stably, and market expectations for new capacity remained. In south China, alloy plants maintained low operating rates with off-peak production. Demand side, HBIS Group set its December SiMn price at 5,770 yuan/mt, providing limited short-term demand momentum. Currently, favorable factors in the SiMn market are not obvious, and fundamental supply-demand conditions still require continuous monitoring.

December 25 news: The SM2603 contract opened at 5,820 yuan/mt and closed at 5,846 yuan/mt, up 0.48%, with the highest price at 5,848 yuan/mt and the lowest price at 5,704 yuan/mt. Trading volume was 128,400 lots, and open interest was 271,981 lots. The silicon manganese market held up well today. Cost side, the core raw material manganese ore market consolidated, with traders' offers remaining firm and manganese ore prices not declining. Supply side, alloy plants in the main production areas in the north maintained stable operations, and market expectations for new capacity remained. In south China, alloy plants maintained low operating rates, continuing to reduce production during peak hours. Demand side, HBIS Group set the December silicon manganese price at 5,770 yuan/mt, with limited short-term demand drivers. Currently, favorable factors in the silicon manganese market are not obvious, and fundamental supply-demand conditions still require continuous monitoring.

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