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

Published: Jan 29, 2026 19:31

Save

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.

Jan. 29 (Reuters) - The SM2605 contract opened at 5,820 yuan/mt and 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. SiMn futures fluctuated and climbed today. 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 2026 Inner Mongolia regional electricity prices and south China electricity prices for alloys was under verification, with a high possibility of increase expected. Supply side, recent new SiMn furnace startups in the main northern 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 Guangxi and Guizhou electricity fee preferential policies needed verification, most still maintained peak-shaving production, and some plants chose temporary shutdowns, waiting for the month-end electricity fee settlement price. Current SiMn supply still faced loose pressure. Demand side, HBIS Group's January SiMn procurement volume was 17,000 mt, compared to December's 14,700 mt, an increase; the SiMn price set at 5,920 yuan/mt, compared to December's 5,770 yuan/mt, a price increase. Market sentiment remained mediocre. The current SiMn market continued to be dominated by volatile operation.

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

Feb 6, 2026 18:30

Before the holiday, the black chain is unlikely to see a trend-driven market [SMM Steel Industry Chain Weekly Report].

This week, ferrous metals were in the doldrums, with coking coal and coke staging a mid-week rise. At the beginning of the week, financial markets experienced sharp fluctuations, dragging down sentiment in the ferrous chain and leading to a pullback in futures. Mid-week, Indonesia's cut to coke production quotas drove coking coal and coke futures to lead the gains, though the impact was more pronounced on thermal coal, while coking coal's rise was largely sentiment-driven and short-lived. In the latter part of the week, finished products continued their seasonal inventory buildup, and support from the raw material side weakened, causing the entire ferrous chain to pull back. In the spot market, with the Chinese New Year holiday approaching, purchasing activity slowed down further, with end-users only making limited, as-needed purchases at low prices.

Feb 6, 2026 18:30

Feb 6, 2026 18:09

MMi Daily Iron Ore Report (February 6)

Today, the DCE iron ore futures continued to hit bottom today, with the most-traded contract I2605 closing at 760.5 yuan/mt, down 1.23% from the previous trading day. Spot prices fell by 5–10 yuan/mt compared to the previous trading day.

Feb 6, 2026 18:09

Feb 6, 2026 17:41

[SMM Chromium Daily Review] Inquiries and Transactions Weakened, Chromium Market Showed Mediocre Performance Before the Holiday

[SMM Chrome Daily Review: Trading and Inquiries Weakened, Chrome Market Showed Mediocre Performance Before the Holiday] February 6, 2026: Today, the ex-factory price of high-carbon ferrochrome in Inner Mongolia was 8,500-8,600 yuan/mt (50% metal content), flat MoM from the previous trading day...

Feb 6, 2026 17:41