Verification of Electricity Price Support Pending, SiMn Maintains Fluctuating Trend [SMM SiMn Futures Review]

Published: Jan 22, 2026 17:49

Save

SM2605 contract opened at 5,790 yuan/mt and closed at 5,814 yuan/mt, an increase of 0.48%. The daily highest price was 5,826 yuan/mt, and the lowest price was 5,766 yuan/mt. Trading volume was 141,600 lots, and open interest stood at 356,074 lots. SiMn futures fluctuated upward today. Cost side, overall manganese ore transaction prices saw a slight correction but remained at high levels, continuing to provide strong cost support for SiMn alloy prices. Inner Mongolia's power grid tariffs and south China electricity prices for 2026 are under verification. Supply side, newly ignited SiMn furnaces in the main northern production areas earlier increased capacity for standard SiMn, with iron output commencing this month, adding to supply pressure. Operating rates at southern alloy plants remained stably low. It is understood that the extent of electricity fee preferential policies in Guangxi and Guizhou for 2026 awaits verification, with most plants maintaining off-peak production, and some choosing temporary shutdowns pending month-end electricity cost settlements. Loose SiMn supply pressure persists. Demand side, HBIS Group's January 2026 SiMn procurement volume was 17,000 mt, up from December's 14,700 mt, with the SiMn price set at 5,920 yuan/mt, rising from December's 5,770 yuan/mt. Market sentiment remained mediocre. The current SiMn market continues to be dominated by volatile movements.

January 22 — SM2605 contract opened at 5,790 yuan/mt and closed at 5,814 yuan/mt, an increase of 0.48%. The highest price was 5,826 yuan/mt and the lowest price was 5,766 yuan/mt. Trading volume was 141,600 lots, and open interest was 356,074 lots. SiMn futures fluctuated upward today. Cost side, overall manganese ore transaction prices saw a slight pullback, but remained at high levels, providing strong cost support for SiMn alloy prices. Inner Mongolia power grid electricity prices and south China electricity prices for 2026 are under verification. Supply side, newly started SiMn furnaces in the main northern production areas earlier increased ordinary SiMn capacity, with iron output commencing this month, adding supply pressure. Operating rates at southern alloy plants remained stably low. It is understood that the strength of 2026 electricity fee preferential policies in Guangxi and Guizhou needs verification, with most plants maintaining off-peak production, and some choosing temporary shutdowns pending month-end electricity fee settlement prices. Loose SiMn supply pressure persists. Demand side, HBIS Group's January SiMn procurement volume was 17,000 mt, compared to December's 14,700 mt, showing an increase. The SiMn price was set at 5,920 yuan/mt, up from December's 5,770 yuan/mt. Market sentiment remained mediocre. The current SiMn market continues to be dominated by volatile movement.

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

22 hours ago

Focus on Post-Holiday Inventory Accumulation in Ferrous Metals [SMM Steel Industry Chain Weekly Report]

This week, ferrous metals were in the doldrums. There were no significant macro disturbances during the week. The pullback in the US dollar index led to a rebound in nonferrous metals and the A-share market, but ferrous metals did not follow the trend noticeably. Instead, pressure from bears weighed on finished steel prices. On the spot market, most markets have already entered a holiday shutdown. Spot prices remained basically stable, while market transactions contracted sharply...

22 hours ago

MMi Daily Iron Ore Report (February 13)

22 hours ago

Iron ore prices fell before the Chinese New Year, but data indicate an improvement in the supply surplus [SMM Brief Review].

22 hours ago