SiMn futures under pressure and pull back, SiMn market cools down [SMM SiMn Futures Review]

January 8 news: The SM2603 contract opened at 5,990 yuan/mt and closed at 5,892 yuan/mt, down 1.777%. The daily highest price was 6,036 yuan/mt, and the lowest price was 5,872 yuan/mt. Trading volume was 275,900 lots, and open interest was 264,806 lots. SiMn futures came under pressure and pulled back today, while spot prices held steady and market sentiment warmed up. 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 producing areas in north China started production earlier, increasing general-grade SiMn 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 2026 electricity price preferential policy needs to be verified, with most plants still maintaining off-peak production. Loose supply pressure for SiMn persists. Demand side, downstream steel mills are currently in the winter stockpiling initiation period, 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 SiMn market is currently fluctuating, and close attention to fundamental supply-demand conditions is still needed.