December 23: The SM2603 contract opened at 5,840 yuan/mt and closed at 5,822 yuan/mt, down 0.21%. The highest price for the day was 5,858 yuan/mt, and the lowest price was 5,796 yuan/mt. Trading volume was 159,900 lots, and open interest stood at 280,367 lots. The SiMn market fluctuated today, rising at opening before fluctuating downward. Cost side, the core raw material manganese ore market consolidated, with trader offers remaining firm at the beginning of the week and ore prices not declining. Supply side, operating rates at alloy plants in the main producing regions in the north remained stable, and market expectations for new capacity persist. Operating rates at alloy plants in south China remained stable but low. Demand side, HBIS Group set its December SiMn price at 5,770 yuan/mt, with limited short-term demand drivers. Currently, favorable factors in the SiMn market are not obvious, and close attention to fundamental supply-demand conditions is still needed.
SiMn Futures Fluctuated, Continued Focus on Fundamental Drivers [SMM MnSi Futures Review]
- Dec 23, 2025, at 3:09 pm
Dec 23 — The SM2603 contract opened at 5,840 yuan/mt and closed at 5,822 yuan/mt, down 0.21%. The daily highest price was 5,858 yuan/mt, and the lowest was 5,796 yuan/mt. Trading volume stood at 159,900 lots, with open interest at 280,367 lots.
Today, the silicon manganese market fluctuated, rising at opening before fluctuating downward. Cost side, the core raw material manganese ore market consolidated. At the start of the week, traders’ offers remained firm, and manganese ore prices did not decline. Supply side, alloy plants in the main northern producing areas maintained stable operations, and market expectations for new capacity remained. In south China, alloy plants’ operating rates stayed low but stable. Demand side, HBIS Group set its December silicon manganese price at 5,770 yuan/mt, indicating limited short-term demand drivers. Currently, favorable factors in the silicon manganese market are not pronounced, and close attention to fundamental supply-demand dynamics is still needed.
