December 16: The SM2603 contract opened at 5,756 yuan/mt and closed at 5,736 yuan/mt, down 0.69%. The highest price during the daytime session was 5,778 yuan/mt, and the lowest price was 5,716 yuan/mt. Trading volume was 160,300 lots, and open interest was 278,789 lots. The futures market experienced pressured fluctuations. Cost side, core manganese ore prices remained high; although prices for some individual manganese ores declined, overall cost support for SiMn alloy remained firm. Supply side, alloy plants in the main production areas of northern China maintained stable operations, while operating rates at plants in south China were relatively low. Spot SiMn prices in production areas were below the cost prices of most enterprises, putting significant pressure on manufacturers' losses and leading to low willingness to provide retail quotations. Demand side, HBIS Group set its December SiMn price at 5,770 yuan/mt, a significant decrease compared to the November price of 5,820 yuan/mt. This price is below the cost prices of most enterprises, resulting in a negative market sentiment for SiMn.
Trading of SiMn futures under pressure and fluctuating, prices suppressed by weak demand [SMM ferromanganese market review]
- Dec 16, 2025, at 3:59 pm
SM2603 contract opened at 5,756 yuan/mt and closed at 5,736 yuan/mt, down 0.69%. The highest price was 5,778 yuan/mt and the lowest 5,716 yuan/mt. Trading volume was 160,300 lots, and open interest 278,789 lots. The futures market experienced volatile pressure today.
Cost side, core manganese ore prices remained high; although some ore prices declined, overall SiMn alloy cost support held firm. Supply side, operating rates at alloy plants in northern main production areas were stable, while rates in south China were lower. Spot SiMn prices in production regions were below most enterprises' cost levels, leaving producers under significant loss pressure and reluctant to offer retail quotations. Demand side, HBIS Group's December SiMn pricing was 5,770 yuan/mt, down notably from November's 5,820 yuan/mt. This price is below most enterprises' costs, leading to negative market sentiment for SiMn.
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