Verification of Electricity Price Support Pending, SiMn Maintains Fluctuating Trend [SMM SiMn Futures Review]
SM2605 contract opened at 5,790 yuan/mt and closed at 5,814 yuan/mt, an increase of 0.48%. The daily highest price was 5,826 yuan/mt, and the lowest price was 5,766 yuan/mt. Trading volume was 141,600 lots, and open interest stood at 356,074 lots. SiMn futures fluctuated upward today. Cost side, overall manganese ore transaction prices saw a slight correction but remained at high levels, continuing to provide strong cost support for SiMn alloy prices. Inner Mongolia's power grid tariffs and south China electricity prices for 2026 are under verification. Supply side, newly ignited SiMn furnaces in the main northern production areas earlier increased capacity for standard SiMn, with iron output commencing this month, adding to supply pressure. Operating rates at southern alloy plants remained stably low. It is understood that the extent of electricity fee preferential policies in Guangxi and Guizhou for 2026 awaits verification, with most plants maintaining off-peak production, and some choosing temporary shutdowns pending month-end electricity cost settlements. Loose SiMn supply pressure persists. Demand side, HBIS Group's January 2026 SiMn procurement volume was 17,000 mt, up from December's 14,700 mt, with the SiMn price set at 5,920 yuan/mt, rising from December's 5,770 yuan/mt. Market sentiment remained mediocre. The current SiMn market continues to be dominated by volatile movements.
