SiMn futures fluctuated under pressure, market sentiment remained relatively mediocre. [SMM Silicon Manganese Futures Review]

Published: Jan 19, 2026 15:33

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On January 19, the SM2603 contract opened at 5,852 yuan/mt and closed at 5,808 yuan/mt, down 0.79%. The daily highest price was 5,858 yuan/mt, and the lowest price was 5,788 yuan/mt. Trading volume was 123,300 lots, and open interest was 22,884 lots. Today, the SiMn futures market traded under pressure with volatility. Cost side, the market price of core raw material manganese ore remained high, and port manganese ore traders' offers stayed firm, with transaction prices for manganese ore consolidating at high levels. Supply side, new SiMn furnaces in the main northern production areas started production earlier, increasing capacity for standard SiMn. Operating rates at alloy plants in south China remained stable but low. It was understood that the extent of electricity price preferential policies in Guangxi and Guizhou for 2026 remained to be verified, with most plants still maintaining off-peak production, and some choosing to temporarily halt operations. Loose supply pressure for SiMn persisted. Demand side, HBIS Group's January 2026 SiMn procurement volume was 17,000 mt, up from December's 14,700 mt, and the purchase price was set at 5,920 yuan/mt, up from December's 5,770 yuan/mt. Market sentiment remained mediocre. Currently, the SiMn market is trading with volatility.

January 19 news: The SM2603 contract opened at 5,852 yuan/mt and closed at 5,808 yuan/mt, down 0.79%. The daily highest price was 5,858 yuan/mt, and the lowest price was 5,788 yuan/mt. Trading volume was 123,300 lots, and open interest was 22,884 lots. Today, SiMn futures traded under pressure with fluctuations. Cost side, the market price of the core raw material manganese ore remained high, and port manganese ore traders' offers stayed firm, with transaction prices for manganese ore consolidating at high levels. Supply side, new SiMn furnaces in the main northern production areas started production earlier, increasing general-grade SiMn capacity. 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 from ample SiMn supply persists. Demand side, HBIS Group's January 2026 SiMn procurement volume was 17,000 mt, compared to 14,700 mt in December, showing an increase; the SiMn purchase price was set at 5,920 yuan/mt, up from 5,770 yuan/mt in December. Market sentiment remained mediocre. The current SiMn market is fluctuating.

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