[SMM Weekly Review: Cost Support Strengthens, Spot Prices Fluctuate Upward] As of this Friday, SiMn alloy 65/17 (cash) in the northern market was priced at 6,000-6,200 yuan/mt, up 250 yuan/mt MoM; in the southern market, it was priced at 6,200-6,300 yuan/mt, also up 250 yuan/mt MoM. According to SMM, on the raw material side, high-grade manganese oxide ore supply remained tight, with miners showing a strong reluctance to sell. Manganese ore prices for various grades were firm, while actual transactions progressed slowly. Supply side, SiMn alloy plants mainly fulfilled long-term contracts. Due to rising ore prices, cost support for SiMn alloy strengthened, and the willingness to sell spot orders at low prices weakened. Demand side, the purchasing pace slowed before the Chinese New Year, downstream stocking was relatively sufficient, and logistics and transportation faced challenges, resulting in limited actual transactions. Currently, mainstream steel tenders have yet to be priced, with most awaiting pricing updates from major steel tenders.