October 23 — SM2601 contract opened at 5,810 yuan/mt and closed at 5,818 yuan/mt, up 0.41%, with the highest price at 5,828 yuan/mt and the lowest at 5,778 yuan/mt. Trading volume was 150,568 lots, and open interest was 352,292 lots. Cost side, the coke market saw a second round of increases, but whether prices will adjust further depends on steel mill intentions; recently, coke prices have remained stable. The manganese ore market is in the doldrums, with cost support in south China slightly stronger than in the north. Supply side, the spot market is in the doldrums, and alloy plants have experienced relatively small production fluctuations; overall, the market is dominated by a wait-and-see sentiment, and spot prices have remained stable. Demand side, HBIS Group set the final October SiMn price at 5,820 yuan/mt, a relatively small increase compared to the second round inquiry price of 5,800 yuan/mt, but a significant decrease compared to the September SiMn price of 6,000 yuan/mt. Market enthusiasm for the mainstream steel tender pricing is low. Overall, the SiMn market is expected to continue fluctuating in the near term.
SiMn futures fluctuated during the session. HBIS set the SiMn price at 5,820 yuan/mt [SMM SiMn Futures Review]
- Oct 23, 2025, at 3:22 pm
October 23: The SM2601 contract opened at 5,810 yuan/mt and closed at 5,818 yuan/mt, up 0.41%. The highest price for the day was 5,828 yuan/mt, and the lowest price was 5,778 yuan/mt. Trading volume was 150,568 contracts, and open interest was 352,292 contracts.
Cost side, coke prices remained stable recently, as the second round of increases in the coke market awaits confirmation from steel mills. The manganese ore market was in the doldrums, with cost support in south China slightly stronger than in the north.
Supply side, the spot market was in the doldrums. Production at alloy plants showed relatively small fluctuations, and the overall market was dominated by a wait-and-see sentiment, with spot prices holding steady.
Demand side, HBIS Group’s final October SiMn price was set at 5,820 yuan/mt, a relatively small increase compared to the second round inquiry price of 5,800 yuan/mt, but a significant decrease from the September SiMn price of 6,000 yuan/mt. Market enthusiasm for the mainstream steel tender pricing remained low.
Overall, the SiMn market is expected to continue fluctuating in the near term.
