Electricity Costs Await Verification, SiMn Futures Fluctuate and Climb [SMM Silicon Manganese Futures Review]

SM2605 contract opened at 5,820 yuan/mt and finally closed at 5,826 yuan/mt, up 2.00%, with a daily highest price of 5,844 yuan/mt and a lowest price of 5,820 yuan/mt. Trading volume was 256,200 lots, and open interest was 362,400 lots. Today, SiMn futures fluctuated and climbed. Cost side, overall manganese ore transaction prices remained high and the overall market temporarily stabilized, providing strong cost support for SiMn alloy prices; the cost support from Inner Mongolia regional electricity prices and south China electricity prices for alloy in 2026 was under verification, with a high possibility of increase expected. Supply side, recent new SiMn furnace startups in northern main production areas increased general SiMn capacity again, and previously started submerged arc furnaces had gradually begun producing iron, increasing supply pressure. Operating rates at southern alloy plants remained stably low; the strength of 2026 electricity fee preferential policies in Guangxi and Guizhou needed verification, with most still maintaining off-peak production, and some plants chose temporary shutdowns, waiting for the month-end electricity fee settlement price. Currently, loose SiMn supply pressure persisted. Demand side, HBIS Group's January 2026 SiMn procurement volume was 17,000 mt, compared to December's 14,700 mt, showing an increase; SiMn pricing was 5,920 yuan/mt, compared to December's 5,770 yuan/mt, indicating a price rise. Market sentiment remained mediocre. Currently, the SiMn market continued to be dominated by volatile operation.