SiMn futures fluctuated upward, market sentiment improved [SMM SiMn Futures Review]

Published: Jan 7, 2026 17:25

Save

SM2603 contract opened at 5,978 yuan/mt and closed at 6,000 yuan/mt, up 2.08%. The daily highest price was 6,074 yuan/mt, and the lowest price was 5,918 yuan/mt. Trading volume was 317,100 lots, and open interest stood at 284,324 lots. Today, SiMn futures prices rose after opening with volatile movements, while spot prices remained steady, and market sentiment was warm. Cost side, core raw material manganese ore market prices remained high, and traders' offers stayed firm, with transaction prices for manganese ore edging up slightly. Supply side, newly added SiMn furnaces in the main northern producing regions started production earlier, increasing general silicon manganese capacity, and alloy plants maintained stable operations. Operating rates at alloy plants in south China remained stable but low. It is understood that the strength of Guangxi’s electricity price preferential policy for 2026 remains to be verified, and most plants continue to maintain off-peak production. Demand side, the current period marks the start of winter stockpiling by downstream steel mills, and short-term demand drivers may provide support, pending the release of this month's new round of SiMn tender prices from downstream steel mills. The current SiMn market holds up well with fluctuations, and close attention to fundamental supply-demand conditions is still needed.

January 7: The SM2603 contract opened at 5,978 yuan/mt and closed at 6,000 yuan/mt, up 2.08%. The daily highest price was 6,074 yuan/mt, and the lowest price was 5,918 yuan/mt. Trading volume was 317,100 lots, and open interest was 284,324 lots. Today, SiMn futures prices opened with a fluctuating rise, while spot prices held steady, and market sentiment was warm. Cost side, the market price of the core raw material manganese ore remained high, and traders' offers stayed firm, with transaction prices for manganese ore edging up slightly. Supply side, new SiMn furnaces in the main northern production areas started production earlier, increasing capacity for standard-grade SiMn, and alloy plants maintained stable operations. In south China, alloy plants' operating rates remained stably low. It is understood that the strength of Guangxi's electricity price preferential policy for 2026 remains to be verified, with most plants still maintaining off-peak production. Demand side, the period coincides with the start of winter stockpiling by downstream steel mills, providing potential short-term demand support, while awaiting the release of this month's new round of SiMn tender prices from downstream steel mills. The current SiMn market is holding up well, but continued attention to fundamental supply-demand conditions is still needed.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

Feb 6, 2026 18:30

Before the holiday, the black chain is unlikely to see a trend-driven market [SMM Steel Industry Chain Weekly Report].

This week, ferrous metals were in the doldrums, with coking coal and coke staging a mid-week rise. At the beginning of the week, financial markets experienced sharp fluctuations, dragging down sentiment in the ferrous chain and leading to a pullback in futures. Mid-week, Indonesia's cut to coke production quotas drove coking coal and coke futures to lead the gains, though the impact was more pronounced on thermal coal, while coking coal's rise was largely sentiment-driven and short-lived. In the latter part of the week, finished products continued their seasonal inventory buildup, and support from the raw material side weakened, causing the entire ferrous chain to pull back. In the spot market, with the Chinese New Year holiday approaching, purchasing activity slowed down further, with end-users only making limited, as-needed purchases at low prices.

Feb 6, 2026 18:30

Feb 6, 2026 18:09

MMi Daily Iron Ore Report (February 6)

Today, the DCE iron ore futures continued to hit bottom today, with the most-traded contract I2605 closing at 760.5 yuan/mt, down 1.23% from the previous trading day. Spot prices fell by 5–10 yuan/mt compared to the previous trading day.

Feb 6, 2026 18:09

Feb 6, 2026 17:41

[SMM Chromium Daily Review] Inquiries and Transactions Weakened, Chromium Market Showed Mediocre Performance Before the Holiday

[SMM Chrome Daily Review: Trading and Inquiries Weakened, Chrome Market Showed Mediocre Performance Before the Holiday] February 6, 2026: Today, the ex-factory price of high-carbon ferrochrome in Inner Mongolia was 8,500-8,600 yuan/mt (50% metal content), flat MoM from the previous trading day...

Feb 6, 2026 17:41