SMM

September 25: The SM2601 contract opened at 5,916 yuan/mt and closed at 5,938 yuan/mt, up 0.47%, with the highest price at 5,954 yuan/mt and the lowest at 5,856 yuan/mt. Trading volume was 219,803 contracts, and open interest stood at 332,429 contracts. Cost side, the manganese ore market remains firm, with cost support still in place. Supply side, production fluctuations at plants in Inner Mongolia and Ningxia were relatively small, and with few favorable market conditions recently, a wait-and-see sentiment prevailed, leading to low willingness to offer. Demand side, HBIS’s September tender was finalized at 6,000 yuan/mt, which provided limited boost to SiMn market sentiment; alloy plants reported sluggish offers, and the stainless steel market did not show a clear strengthening trend. Market participants generally perceived the overall atmosphere as sluggish, with trading activity failing to exhibit the vigor typically expected during the peak season.