The SiMn market experienced volatile fluctuations, with a strong wait-and-see sentiment prevailing in the post-holiday market [SMM SiMn Futures Review].

Published: Feb 25, 2026 17:44

Save

February 25 news: The SM2605 contract opened at 5,748 yuan/mt and closed at 5,752 yuan/mt, up 0.28%, with the highest price at 5,784 yuan/mt and the lowest at 5,736 yuan/mt. Trading volume was 140,400 lots, and open interest was 453,701 lots. Cost side, the manganese ore market continued to hold up well, serving as the core support for costs. Electricity prices showed significant regional divergence, becoming a key factor affecting the competitiveness of alloy plants in different production areas. Electricity prices in northern production areas are expected to remain low, offering notable cost advantages, while most southern production areas see no downside room for electricity prices. The coking coal and coke markets overall remained in the doldrums, exerting a mild impact on SiMn costs. Supply side, pressure from SiMn supply is set to further release, significantly restraining price rises. On one hand, alloy plants in Ningxia had already seen inventory accumulation before the holiday, facing considerable pressure to digest stocks after the holiday; on the other hand, some alloy plants in Inner Mongolia still have expectations to start production and resume operations, which will lead to increased SiMn capacity release, gradually highlighting supply-side pressure and likely curbing price increases. Demand side, February steel tender prices have not been announced, and the market is watching for the impact of tender pricing.

Feb. 25 — SM2605 contract opened at 5,748 yuan/mt and closed at 5,752 yuan/mt, up 0.28%, with the highest price at 5,784 yuan/mt and the lowest at 5,736 yuan/mt. Trading volume was 140,400 lots, and open interest stood at 453,701 lots. Cost side, the manganese ore market continued to hold up well, providing core support for costs. Electricity prices showed significant regional divergence, becoming a key factor affecting the competitiveness of alloy plants in different production areas. Electricity prices in northern production areas are expected to remain low, offering notable cost advantages, while most southern production areas see no downside room for electricity prices. The coking coal and coke markets overall remained in the doldrums, exerting a mild impact on SiMn costs. Supply side, pressure from SiMn supply is set to further release, significantly restraining price rises. On one hand, alloy plants in Ningxia had already seen inventory accumulation before the holiday, and face considerable pressure to digest stocks after the holiday; on the other hand, some alloy plants in Inner Mongolia still have expectations to start production and resume production, and subsequent SiMn capacity release is expected to increase, gradually highlighting supply-side pressure, which is anticipated to constrain price increases. Demand side, February steel tender prices have not been announced, and the market is watching for the impact of tender pricing on the market.

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

Jun 5, 2026 18:45

Short-Term Finished Steel Continues to Move Sideways, Raw Material Trends May Diverge [SMM Steel Industry Chain Weekly]

This week, ferrous metals diverged, with coking coal and coke extending their strength, iron ore making some concessions, and finished steel moving sideways. Early in the week, rumors about coal mine safety inspections continued to swirl, and expectations of supply tightness intensified, driving coking coal to its daily limit up. Against weak supply-demand fundamentals, iron ore took a path of conceding to coking coal and coke, while finished steel edged higher in a narrow range; later in the week, data on the five major steel products were released, with HRC inventory destocking continuing, the off-season effect on construction steel demand emerging, inventory destocking narrowing, and overall inventory pressure for finished steel also beginning to slowly accumulate......

Jun 5, 2026 18:45

Jun 5, 2026 18:43

6.5 SMM Global Steel Daily Report

[HRC] HRC export prices remained stable day on day today, with transaction prices at 496-504 USD/tonne. A major mill in north China reported that its transaction price fell by more than 5-10 USD/tonne WoW this week, and its prices remained higher than other resources, at around 515 USD/tonne. The presence of tax-exclusive prices in the market has made it more difficult for some regular traders to close deals. It is learned that tax-exclusive prices are even 10 USD/tonne lower than the market’s lowest tax-inclusive prices. [Rebar] Rebar export FOB quotations remained stable today, with transaction prices mostly concentrated at 492-495 USD/tonne. Shipments are mostly scheduled for August, and some steel mills have full order books, with deliveries already scheduled from September to October. According to feedback from some market traders, recent inquiries for wire rod have been moderate, overseas buyers remain cautious and on the sidelines, and their psychological price levels are generally lower than current offers. [Steel Billet] The export transaction price for steel billet was 473-475 USD/tonne today, holding steady day on day. Recently, offers from steel mills in north China were at around 478 USD/tonne, but it is reported that deals cannot be reached for high-priced resources. Currently, most shipments are scheduled for August, with a few in September. It is learned that a few mills in east China have maintenance plans in June and will continue to control their order intake in the short term. In addition, some mills in north China have recently taken new rebar orders, so they are temporarily reducing the volume of steel billet available for ordering.

Jun 5, 2026 18:43

Jun 5, 2026 18:22

[SMM Steel Monthly Shipping] In May, departures from 32 Chinese ports edged down 3.43% MoM.

Jun 5, 2026 18:22