SiMn futures fluctuate rangebound, spot market operates steadily [SMM SiMn Futures Review]

Jan. 20 (Reuters) - The SM2603 contract opened at 5,806 yuan/mt and closed at 5,760 yuan/mt, down 0.89%. The intraday highest price was 5,808 yuan/mt, and the lowest price was 5,728 yuan/mt. Trading volume was 140,600 lots, and open interest was 215,166 lots. SiMn futures fluctuated rangebound today. 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 regular silicon-manganese capacity. Operating rates at alloy plants in south China remained stably low. It was understood that the strength of preferential electricity price policies in Guangxi and Guizhou for 2026 needed verification, 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; the SiMn purchase price was set at 5,920 yuan/mt, up from December's 5,770 yuan/mt. Market sentiment remained mediocre. The current SiMn market was fluctuating.