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

Published: Jan 8, 2026 15:54

Save

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. Today, SiMn futures came under pressure and pulled back, while spot prices held steady and market sentiment improved. Cost side, the market price of the core raw material manganese ore remained high, with traders' offers staying firm, and transaction prices for manganese ore saw a slight increase. Supply side, new SiMn furnaces in the main production areas in the north started production earlier, increasing capacity for standard-grade SiMn, and alloy plants maintained stable operations. Operating rates at alloy plants in south China remained stable but low. It is understood that the extent of Guangxi's electricity price preferential policy for 2026 remains to be verified, with most plants still maintaining off-peak production. Loose supply pressure for SiMn persists. Demand side, downstream steel mills have begun winter stockpiling, which may provide short-term demand support, while the market awaits the release of new tender prices from downstream steel mills for SiMn this month. The SiMn market is currently fluctuating, and close attention to fundamental supply-demand conditions remains necessary.

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.

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