SMM

Nov. 19 — The SM2601 contract opened at 5,684 yuan/mt and closed at 5,642 yuan/mt, down 1.16%, with the highest price at 5,684 yuan/mt and the lowest at 5,622 yuan/mt during the daytime session. Trading volume was 212,300 lots, and open interest stood at 436,259 lots. Futures were under pressure and moved in a volatile pattern today. Cost side, the fourth round of coke price increases was fully implemented, with coke prices stabilizing after the rise, while manganese ore prices remained firm, providing relatively strong cost support. Supply side, nationwide supply pressure remained high, with new capacity put into operation in Hunan, production cuts being more frequent in Yunnan, and plants in other regions maintaining scheduled production. Demand side, as the off-season began, HBIS's tender price for this month was 5,820 yuan/mt, flat MoM from the previous month, indicating limited willingness among steel mills to offer discounts on SiMn purchases. Currently, sentiment toward SiMn market shipments remains cautious, with factories showing little inclination to offer quotes, leading to volume discount practices and some softening in spot prices.