November 21 — SiMn futures 2601 contract opened at 5,614 yuan/mt and closed at 5,606 yuan/mt, down 0.25%. The highest price was 5,622 yuan/mt and the lowest was 5,590 yuan/mt during the daytime session. Trading volume reached 137,900 lots, and open interest stood at 439,449 lots. The futures market remained under pressure and fluctuated throughout the day. Cost side, both core raw materials—coke and manganese ore offers of overseas miners—held up well. Supply side, the market generally maintained a wait-and-see attitude with a bearish bias. In north China, alloy plants maintained normal production pace, and supply remained relatively stable; in south China, operating rates saw relatively small changes, with overall production enthusiasm remaining low. Demand side, as the off-season set in, purchasing activity pulled back, steel mill demand support was limited, providing insufficient momentum for SiMn prices. Currently, market sentiment remained cautious, with factories reluctant to offer quotes and the price negotiation center trending lower.
SiMn Futures Under Continuous Pressure, Factory Negotiation Center Declines [SMM Silicon Manganese Futures Review]
- Nov 21, 2025, at 3:17 pm
November 21 — The SM2601 contract opened at 5,614 yuan/mt and closed at 5,606 yuan/mt, down 0.25%. The highest price during the daytime session was 5,622 yuan/mt, and the lowest price was 5,590 yuan/mt. Trading volume reached 137,900 lots, and open interest stood at 439,449 lots. Futures remained under pressure and fluctuated throughout the day.
Cost side, core raw materials coke and manganese ore both held up well.
Supply side, the market generally maintained a wait-and-see attitude with a pessimistic bias. In north China, alloy plants maintained normal production scheduling, and supply releases remained relatively stable. In south China, operating rates saw relatively small changes, with overall production enthusiasm remaining low.
Demand side, as the off-season set in, purchasing activity pulled back. Steel mill demand absorption capacity was limited, providing insufficient momentum for SiMn prices.
Currently, the SiMn market maintains a cautious sentiment toward shipments, with factories showing low willingness to offer quotes and the bargaining center trending lower.
