SMM

November 14 News: The SM2601 contract opened at 5,756 yuan/mt and closed at 5,748 yuan/mt, down 0.07%, with the highest price at 5,770 yuan/mt and the lowest at 5,738 yuan/mt. Trading volume was 119,400 lots, and open interest stood at 361,759 lots. Futures continued to show weakness today. Cost side, expectations for the fourth round of coke price increases remained, keeping prices relatively stable, while the manganese ore market held up well, providing solid cost support. Supply side, national supply pressure remained relatively high, as preferential electricity prices in south China's rainy season ended, leading to increased production cuts and shutdowns at southern plants. Demand side, entering the off-season, HBIS's tender volume this month pulled back MoM, with the final price set at 5,820 yuan/mt, flat MoM from the previous month. Steel mills showed strong intentions to drive down prices, providing insufficient boost to SiMn market confidence. Overall, SiMn market demand remained weak, lacking upward momentum for price increases.