SiMn futures fluctuated downward, with strong wait-and-see sentiment in the market [SMM Silicon Manganese Futures Review]

February 6 — The SM2605 contract opened at 5,880 yuan/mt and closed at 5,856 yuan/mt, down 0.48%. The highest price for the day was 5,930 yuan/mt, and the lowest was 5,850 yuan/mt. Trading volume reached 206,300 lots, and open interest stood at 359,017 lots. Today, SiMn futures came under pressure and fluctuated downward. Cost side, overall manganese ore transaction prices remained high and the market was temporarily stable, providing strong cost support for SiMn alloy prices. In 2026, electricity prices in Inner Mongolia and south China were expected to increase, likely raising alloy production costs. This week, cost support for SiMn alloy remained temporarily stable. Supply side, newly added SiMn furnaces in the main northern production areas gradually started producing iron, increasing supply pressure for standard-grade SiMn. With the Chinese New Year approaching, operating rates at alloy plants in south China remained stably low. Many manufacturers chose to temporarily halt production, adopting a wait-and-see attitude pending the post-holiday electricity settlement prices. Currently, loose supply pressure for SiMn persists. Demand side, HBIS Group's SiMn procurement for February 2026 awaited confirmation. The current SiMn market continued to be dominated by volatile movements.