Futures Consolidate on a Subdued Note; Steel Tender Pricing Provides Relatively Small Boost [SMM SiMn Weekly Review]

Published: Sep 18, 2026 17:27

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As of this Friday, SiMn 6517 (cash) in north China was at yuan 5,900-5,950/mt, up WoW from last Friday; SiMn 6517 (cash) in south China was at yuan 5,950-6,000/mt, up WoW from last Friday, and SiMn 6014 (cash) in south China was at yuan 5,450-5,550/mt, up WoW from last Friday. Recently, SiMn futures consolidated on a weak note, with pessimism and wait-and-see sentiment still prevailing in the market.

As of this Friday, SiMn 6517 (cash) in north China was at 5,900-5,950 yuan/mt, up WoW from last Friday; SiMn 6517 (cash) in south China was at 5,950-6,000 yuan/mt, up WoW from last Friday, and SiMn 6014 (cash) in south China was at 5,450-5,550 yuan/mt, up WoW from last Friday.

Recently, SiMn futures consolidated on a weak note, with market pessimism and wait-and-see sentiment still prevailing.

Cost side: Ore side, spot prices of manganese ore edged down; electricity price side, electricity fees in Guangxi and Guizhou stayed high with no expectations of decline, while Yunnan remained in the rainy season, keeping electricity fees low. Coke side: With successive hikes, coke prices continued their upward trend.Under the interplay of multiple factors, overall production costs of SiMn rose.

Supply side: Operating rates in Inner Mongolia remained stable, but most producers reported severe losses and significant production pressure. Losses deepened for producers in Ningxia, extending last month's production cuts, with low operating rates; south China was divided, as alloy plants in Yunnan saw relatively notable cost declines due to lower electricity prices in the rainy season, keeping operating rates at relatively high levels, while operating rates in the rest of south China remained low overall, with fewer shipment opportunities and a sluggish trading atmosphere.Overall industry supply declined, while finished product inventories at enterprises stayed high, and high destocking pressure continued to weigh on SiMn futures and spot prices in the short term.

Demand side: Steel mill tenders gradually entered the market. HBIS's latest price for September 2026 SiMn was 6,050 yuan/mt, with a first-round inquiry at 6,000 yuan/mt. The August 2026 price was 5,880 yuan/mt (September 2025 price: 6,000 yuan/mt). SiMn purchase volume was 14,800 mt (excluding 6,000 mt of medium-thickness plates). August purchase volume: 16,600 mt.Market pessimism eased slightly, but cautious wait-and-see shipment sentiment still prevailed.

Overall, producers generally fell into losses, with significant production pressure. Under a loose supply-demand balance, SiMn is expected to consolidate in the short term, with steel tender prices rising MoM and cautious wait-and-see shipment sentiment easing slightly.

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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