According to the latest release from the General Administration of Customs, SMM statistics showed that China’s SiMn exports were 2,539.52 mt in January 2026, down 50.55% MoM and down 31.84% YoY. China’s SiMn imports were 0 mt in January 2026, down 100% MoM and down 100% YoY. By import and export regional structure, SiMn exports were mainly destined for Indonesia.

Post-holiday, the domestic manganese ore market at northern and southern ports showed divergent trends. By port: Transaction prices for manganese ore at Tianjin Port remained firm, with stable market operations; Qinzhou Port, however, performed sluggishly, with few inquiries and overall sluggish transactions.

2. On February 6, the SM2605 contract opened at 5,880 yuan/mt and closed at 5,856 yuan/mt, down 0.48%. The daily highest price was 5,930 yuan/mt, and the lowest price was 5,850 yuan/mt. Trading volume reached 206,300 lots, and open interest stood at 359,017 lots. Today, SiMn futures fluctuated downward under pressure. Cost side, overall manganese ore transaction prices remained high and the market was temporarily stable, providing strong cost support for SiMn alloy prices. In 2026, electricity prices in Inner Mongolia and south China were expected to likely increase alloy costs. This week, SiMn alloy cost support remained steady. Supply side, newly added SiMn furnaces in the main northern production areas gradually started producing iron, increasing supply pressure for standard SiMn. With the Chinese New Year approaching, operating rates at southern alloy plants remained stably low, as manufacturers opted for temporary shutdowns and adopted a strong wait-and-see attitude, pending post-holiday electricity settlement prices. Currently, loose SiMn supply pressure persisted. Demand side, HBIS Group's SiMn procurement for February 2026 awaited confirmation. The current SiMn market continued to be dominated by fluctuating movements.

2.4 News: The SM2605 contract opened at 5,842 yuan/mt and finally closed at 5,868 yuan/mt, up 0.31%. The daily highest price was 5,880 yuan/mt and the lowest price was 5,826 yuan/mt. Trading volume was 118,900 lots, and open interest was 354,221 lots. Today, SiMn futures edged up under pressure. Cost side, overall manganese ore transaction prices remained high and the market temporarily stabilized, providing strong cost support for SiMn alloy prices. In 2026, the cost support from local electricity prices in Inner Mongolia and electricity prices in south China for alloy costs was under verification, but a rise was likely. At the start of the week, SiMn alloy cost support temporarily stabilized. Supply side, newly added SiMn furnaces in the main northern production areas gradually started producing iron, increasing supply pressure for standard SiMn. Operating rates at alloy plants in south China remained stably low. In 2026, the intensity of electricity fee policies in Guangxi and Guizhou awaited verification; most plants maintained off-peak production. With the Chinese New Year approaching, manufacturers chose temporary shutdowns, adopting a strong wait-and-see attitude, pending post-holiday electricity settlement prices. Currently, loose supply pressure for SiMn persisted. Demand side, HBIS Group's SiMn procurement for February 2026 awaited verification. The current SiMn market continued to be dominated by volatile movements.

February 2 — SM2605 contract opened at 5,880 yuan/mt and closed at 5,834 yuan/mt, down 0.88%. The daily highest price was 5,916 yuan/mt, and the lowest price was 5,816 yuan/mt. Trading volume reached 186,200 lots, and open interest stood at 360,081 lots. SiMn futures came under pressure and declined today. Cost side, overall manganese ore transaction prices remained high and the market was temporarily stable, providing strong cost support for SiMn alloy prices. The cost support from Inner Mongolia regional electricity prices and south China electricity prices for alloy production in 2026 is still under verification, with a high likelihood of increase expected. SiMn alloy cost support remained steady at the beginning of the week. Supply side, newly added SiMn furnaces in the main northern production areas gradually started tapping metal, increasing supply pressure for standard-grade SiMn. Operating rates at alloy plants in south China remained stably low. The impact of 2026 electricity fee policies in Guangxi and Guizhou is yet to be verified, with most plants continuing valley-shift production. Coupled with the approaching Chinese New Year, many manufacturers chose temporary shutdowns, adopting a strong wait-and-see attitude pending post-holiday electricity settlement prices. Loose SiMn supply pressure persists. Demand side, HBIS Group's SiMn procurement for February 2026 awaits confirmation. Currently, the SiMn market continues to operate mainly with volatility.

According to the latest release from the General Administration of Customs, SMM statistics showed that China's SiMn exports in December 2025 were 5,135.35 mt, down 12.51% MoM. The cumulative export volume from January to December was 39,600 mt, a cumulative decrease of 8.06% YoY. China's SiMn imports in December 2025 were 655.37 mt, down 73.25% MoM. The cumulative import volume from January to December was 16,400 mt, a cumulative decrease of 45.02% YoY.