SiMn futures were under pressure and fluctuated with a pullback. HBIS set the SiMn price at 5,920 yuan/mt. [SMM SiMn Futures Review]

SM2603 contract opened at 5,860 yuan/mt and closed at 5,828 yuan/mt, down 1.12%. The daily highest price was 5,898 yuan/mt, and the lowest price was 5,818 yuan/mt. Trading volume was 185,700 lots, and open interest was 230,936 lots. Today, SiMn futures were under pressure and fluctuated with a pullback. Cost side, the market price of core raw material manganese ore remained high, and traders' offers stayed firm, with transaction prices for manganese ore consolidating at high levels. Supply side, newly added SiMn furnaces in the main northern production areas started production earlier, 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 electricity price preferential policies in Guangxi and Guizhou for 2026 remains to be verified, with most plants still maintaining off-peak production, and some choosing to temporarily halt operations. Currently, the pressure of ample SiMn supply persists. Demand side, HBIS Group's SiMn procurement volume for January 2026 was 17,000 mt, compared to 14,700 mt in December, showing an increase. The SiMn price was set at 5,920 yuan/mt, up from 5,770 yuan/mt in December. Market sentiment improved slightly. Currently, the SiMn market is fluctuating.