SiMn Spot Price Rises, Futures Fluctuate [SMM SiMn Futures Review]

Published: Jan 5, 2026 16:59

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1. On the 5th, the SM2603 contract opened at 5,948 yuan/mt and closed at 5,874 yuan/mt, down 0.78%. The highest price for the day was 5,948 yuan/mt, and the lowest price was 5,866 yuan/mt. Trading volume was 141,300 lots, and open interest was 269,474 lots. Today, the SiMn futures fluctuated downward, with the median price rising compared to pre-holiday levels, while spot prices rose slightly. Cost side, at the beginning of the week, the core raw material manganese ore market consolidated, with traders' offers remaining firm, and manganese ore prices did not decline. Supply side, previously added SiMn furnaces started production, increasing capacity, and alloy plants in the main northern production areas operated steadily. In south China, alloy plants maintained low and stable operating rates, awaiting next year's electricity price preferential policies, and continued valley-shift production. Demand side, short-term demand drivers were limited, awaiting the release of a new round of steel tender prices. Currently, the SiMn market is holding up well, but continued attention to fundamental supply-demand conditions is still needed.

1. On the 5th, it was reported that the SM2603 contract opened at 5,948 yuan/mt and finally closed at 5,874 yuan/mt, a decrease of 0.78%. The highest price for the day was 5,948 yuan/mt, and the lowest price was 5,866 yuan/mt. The trading volume was 141,300 lots, and the open interest was 269,474 lots. Today, the SiMn futures fluctuated downward, with the median price line rising compared to pre-holiday levels, while spot prices rose slightly. Cost side, at the beginning of the week, the core raw material manganese ore market consolidated, with traders' offers remaining firm, and manganese ore prices did not decline. Supply side, previously added SiMn furnaces started production, increasing capacity, and alloy plants in the main northern production areas operated stably. In south China, alloy plants maintained a low and stable operating rate, awaiting next year's electricity price preferential policies and continuing valley-shift production. Demand side, short-term demand drivers were limited, awaiting the release of a new round of steel tender prices. Currently, the SiMn market holds up well, but continued attention to fundamental supply-demand conditions is still needed.

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