SiMn Cost Support Remains Strong, Futures Fluctuate [SMM SiMn Futures Review]

Published: Dec 26, 2025 15:27

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December 26: The SM2603 contract opened at 5,846 yuan/mt and closed at 5,840 yuan/mt, up 0.14%, with the highest price at 5,848 yuan/mt and the lowest at 5,800 yuan/mt. Trading volume was 155,100 lots, and open interest stood at 263,579 lots. Today, the SiMn market held up well, with prices edging slightly higher. Cost side, the core raw material manganese ore market consolidated this week, with traders' offers remaining firm and ore prices showing no decline. Supply side, alloy plants in the main northern producing areas maintained stable operations, and additional SiMn furnaces started production recently. In south China, alloy plants maintained low and stable operating rates, continuing to reduce production during peak hours. Demand side, short-term demand drivers were limited. The current SiMn market is fluctuating, and close attention to fundamental supply-demand conditions remains necessary.

December 26 — SM2603 contract opened at 5,846 yuan/mt and closed at 5,840 yuan/mt, up 0.14%. The highest price was 5,848 yuan/mt and the lowest price was 5,800 yuan/mt. Trading volume was 155,100 lots, and open interest was 263,579 lots. The SiMn market held up well today, with prices edging up slightly. Cost side, the core raw material manganese ore market consolidated this week, with traders' offers remaining firm and manganese ore prices holding steady. Supply side, alloy plants in the main northern producing areas operated stably, and several new SiMn furnaces started production recently. In south China, alloy plants maintained low operating rates and continued valley-shift production. Demand side, short-term demand drivers were limited. The current SiMn market is consolidating, and close attention should be paid to fundamental supply-demand conditions.

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