Futures fluctuate considerably, HBIS first round inquiry 5,850 yuan/mt [SMM Silicon Manganese Futures Review]

January 14 news: The SM2603 contract opened at 5,900 yuan/mt and closed at 5,920 yuan/mt, down 0.34%. The daily highest price was 5,940 yuan/mt, and the lowest price was 5,870 yuan/mt. Trading volume was 143,400 lots, and open interest was 248,641 lots. SiMn futures maintained a fluctuating trend today, with strong wait-and-see sentiment in the market. Cost side, at the beginning of the week, the market price of the core raw material manganese ore remained high, and traders' offers stayed firm, with transaction prices for manganese ore consolidating at high levels. Supply side, previously, new SiMn furnaces in the main northern production areas started production, increasing the capacity of standard SiMn. The operating rate of alloy plants in south China remained stably low. It is understood that the strength of the 2026 electricity price preferential policies in Guangxi and Guizhou needs to be verified, with most still maintaining off-peak production, and some plants opting for temporary shutdowns. The pressure of loose SiMn supply persists. Demand side, HBIS Group's January 2026 SiMn procurement volume was 17,000 mt, compared to December's procurement volume of 14,700 mt, showing an increase. The first round of inquiry was 5,850 yuan/mt, compared to December's SiMn price of 5,770 yuan/mt, indicating a price rise. The market awaits the tender pricing for SiMn. The current SiMn market is operating with fluctuations, and continued attention to fundamental supply-demand conditions is still needed.