SMM

On January 9, the SM2603 contract opened at 5,878 yuan/mt and closed at 5,848 yuan/mt, down 0.74%. The daily highest price was 5,912 yuan/mt, and the lowest price was 5,848 yuan/mt. Trading volume was 172,200 lots, and open interest was 253,107 lots. Today, SiMn futures were under pressure and fluctuated, while spot prices remained stable. Cost side, the market price of the core raw material manganese ore remained high, and traders' offers stayed firm, with transaction prices for manganese ore slightly increasing. Supply side, new SiMn furnaces in the main northern production areas started production earlier, increasing capacity for standard SiMn, and alloy plants maintained stable operations. Operating rates at alloy plants in south China remained low and stable. It is understood that the extent of electricity price preferential policies in Guangxi and Guizhou for 2026 remains to be verified, with most plants still maintaining off-peak production. Currently, the pressure of ample SiMn supply persists. Demand side, the winter stockpiling period for downstream steel mills has begun, providing potential short-term demand support, while awaiting the release of tender prices for the new round of SiMn procurement by downstream steel mills this month. The current SiMn market is fluctuating, and continued attention to fundamental supply-demand dynamics is needed.