SMM

The SM2501 contract opened at 6,080 yuan/mt, then fluctuated upward, and finally closed at 6,098 yuan/mt, up 0.83%. The highest price for the day was 6,120 yuan/mt, and the lowest price was 6,006 yuan/mt. Trading volume was 146,605 lots, and open interest was 369,301 lots. Supply side, SiMn alloy plants still held back from selling. Most of the SiMn alloy production plants continued with production even at a loss. Demand side, there are currently no signs of a significant recovery in downstream demand. The future changes in downstream demand and the situation of steel mills resuming production need to be closely monitored.