SiMn futures hold up well, market awaits steel procurement entry [SMM SiMn Weekly Review]

Published: Sep 4, 2026 17:31

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As of this Friday, SiMn 6517 (cash) in north China was at 5,700-5,800 yuan/mt, up WoW from last Friday. SiMn 6517 (cash) in south China was at 5,750-5,850 yuan/mt, flat WoW from last Friday. SiMn 6014 (cash) in south China was at 5,350-5,500 yuan/mt, up WoW from last Friday. Recently, SiMn futures consolidated on a strong note. Bearish sentiment in the market eased somewhat, but wait-and-see sentiment still prevailed.

As of this Friday, SiMn 6517 (cash) in the north China market was at 5,700-5,800 yuan/mt, up WoW from last Friday; SiMn 6517 (cash) in the south China market was at 5,750-5,850 yuan/mt, flat WoW from last Friday, and SiMn 6014 (cash) in the south China market was at 5,350-5,500 yuan/mt, up WoW from last Friday.

Recently, SiMn futures consolidated on a strong note, with the pessimistic market atmosphere easing somewhat, though wait-and-see sentiment still prevailed.

Cost side, manganese ore spot prices saw little change; electricity prices in Guangxi and Guizhou stayed high with no expectations of decline, while Yunnan entered the rainy season, leading to lower electricity charges. In Inner Mongolia, power rationing in some areas during the windy season pushed electricity prices up slightly. Coke side, coke prices maintained their upward trend amid successive increases.Under the interplay of multiple factors, SiMn comprehensive production costs declined somewhat.

Supply side, operating rates in Inner Mongolia remained stable, but most producers reported severe losses and significant production pressure. In Ningxia, producers faced deepening losses, continuing last month's production cuts, with low operating rates. In south China, conditions diverged: Yunnan alloy producers saw relatively notable cost declines due to lower electricity prices in the rainy season, boosting operations, while other southern regions generally maintained low operating rates with few selling opportunities and a sluggish trading atmosphere.Overall industry supply declined, while finished product inventories stayed high, and high destocking pressure continued to weigh on SiMn spot and futures prices in the short term.

Demand side, end-use consumption of alloys remained sluggish, downstream purchasing sentiment was weak, and steel mills and traders took a cautious approach to restocking, making it difficult to effectively boost the SiMn market in the short term. Steel mill tenders were gradually entering the market,but market selling sentiment remained cautious.

Overall, current demand struggled to effectively boost prices, with producers generally mired in losses and facing significant production pressure. Under loose supply-demand conditions, SiMn is expected to maintain a fluctuating trend in the short term, with the market still dominated by wait-and-see sentiment.

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.

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