Futures first fell then rose, while spot SiMn prices held steady [SMM SiMn Futures Review]

Published: Jan 6, 2026 18:01

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1. On the 1st, the SM2603 contract opened at 5,902 yuan/mt and finally closed at 5,918 yuan/mt, up 0.51%. The daily highest price was 5,940 yuan/mt and the lowest price was 5,812 yuan/mt. Trading volume was 274,500 lots and open interest was 269,557 lots. Today, SiMn futures prices opened lower and then continued to fluctuate and rise, while spot prices held steady. Cost side, at the beginning of the week, the core raw material manganese ore market consolidated, traders' offers remained firm, and manganese ore prices did not fall. Supply side, previously, new SiMn furnaces in the main production areas in the north started production, general silicon manganese capacity increased, and alloy plants operated stably. In south China, alloy plants' operating rates remained stable but low, as manufacturers awaited next year's electricity price preferential policies, with most still maintaining off-peak production. Demand side, short-term demand drivers were limited, waiting for the release of the new round of SiMn downstream steel mill tender prices. Currently, the SiMn market held up well, and it was still necessary to continue to pay attention to the basic supply-demand situation.

Jan. 6 (SMM) – The SM2603 contract opened at 5,902 yuan/mt and closed at 5,918 yuan/mt, up 0.51%. The highest price was 5,940 yuan/mt and the lowest price was 5,812 yuan/mt. Trading volume was 274,500 lots and open interest was 269,557 lots. Today, SiMn futures prices declined at opening and then continued to fluctuate higher, while spot prices held steady. Cost side, at the beginning of the week, the core raw material manganese ore market consolidated, traders' offers remained firm, and manganese ore prices did not fall. Supply side, earlier, new SiMn furnaces in the main production areas in northern China started production, increasing the capacity of standard-grade SiMn, and alloy plants operated stably. In south China, alloy plants' operating rates remained stable but low, as producers awaited next year's preferential electricity price policies, with most still maintaining off-peak production. Demand side, short-term demand drivers were limited, awaiting the release of the new round of SiMn tender prices from downstream steel mills. Currently, the SiMn market held up well, and continued attention to fundamental supply-demand conditions was still needed.

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