According to the latest release from the General Administration of Customs, SMM statistics show that China's SiMn exports in May 2026 stood at 6,188.1 mt, up 40.80% MoM and 35.85% YoY. Total exports from January to May reached 21,248.89 mt, a cumulative increase of 64.50% YoY. In terms of regional trade structure, SiMn exports were mainly destined for Indonesia.

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.

SM2605 contract opened at 5,820 yuan/mt and finally closed at 5,826 yuan/mt, up 2.00%, with a daily highest price of 5,844 yuan/mt and a lowest price of 5,820 yuan/mt. Trading volume was 256,200 lots, and open interest was 362,400 lots. Today, SiMn futures fluctuated and climbed. Cost side, overall manganese ore transaction prices remained high and the overall market temporarily stabilized, providing strong cost support for SiMn alloy prices; the cost support from Inner Mongolia regional electricity prices and south China electricity prices for alloy in 2026 was under verification, with a high possibility of increase expected. Supply side, recent new SiMn furnace startups in northern main production areas increased general SiMn capacity again, and previously started submerged arc furnaces had gradually begun producing iron, increasing supply pressure. Operating rates at southern alloy plants remained stably low; the strength of 2026 electricity fee preferential policies in Guangxi and Guizhou needed verification, with most still maintaining off-peak production, and some plants chose temporary shutdowns, waiting for the month-end electricity fee settlement price. Currently, loose SiMn supply pressure persisted. Demand side, HBIS Group's January 2026 SiMn procurement volume was 17,000 mt, compared to December's 14,700 mt, showing an increase; SiMn pricing was 5,920 yuan/mt, compared to December's 5,770 yuan/mt, indicating a price rise. Market sentiment remained mediocre. Currently, the SiMn market continued to be dominated by volatile operation.

SM2605 contract opened at 5,822 yuan/mt and closed at 5,832 yuan/mt, up 0.24%, with the highest price at 5,836 yuan/mt and the lowest at 5,786 yuan/mt. Trading volume was 139,900 lots, and open interest was 374,987 lots. SiMn futures fluctuated and climbed 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 under verification. Supply side, recent new SiMn furnace start-ups in the main northern production areas increased general SiMn capacity, adding to supply pressure. Operating rates at southern alloy plants remained stably low. It is understood that the strength of preferential electricity policies in Guangxi and Guizhou for 2026 remains to be verified, with most plants still maintaining off-peak production, and some choosing to suspend operations temporarily while awaiting the electricity settlement price by month-end. Loose SiMn supply pressure persists. Demand side, HBIS Group’s January 2026 SiMn procurement volume was 17,000 mt, up from December’s 14,700 mt, while the SiMn purchase price was set at 5,920 yuan/mt, up from 5,770 yuan/mt in December. Market sentiment remained mediocre. The current SiMn market continues to be dominated by range-bound movement.