SMM

September 29 — The SM2601 contract opened at 5,834 yuan/mt and closed at 5,820 yuan/mt, down 0.78%. The highest price for the day was 5,868 yuan/mt, and the lowest was 5,742 yuan/mt. Trading volume was 286,763 lots, and open interest was 344,083 lots. Cost side, raw material manganese ore and coke prices have stabilized, providing continued cost support. Supply side, SiMn futures fluctuated, with relatively small fluctuations in alloy plant production. Recent market conditions offered few positive factors, and with the National Day holiday approaching, market sentiment was mainly wait-and-see, with low willingness to offer. Demand side, the market did not show the active trading typical of the peak season. HBIS set its September price at 6,000 yuan/mt, which provided little boost to SiMn market sentiment. Stainless steel prices are unlikely to fall significantly, but the momentum for further increases has clearly weakened, leading to cautious purchasing of high-silicon SiMn. Overall, the SiMn market has been relatively stable recently, with downstream restocking largely completed before the holiday, and short-term movement is expected to remain volatile.