Feb. 26: The SM2605 contract opened at 5,748 yuan/mt and closed at 5,918 yuan/mt, up 2.85%, with the highest price at 5,968 yuan/mt and the lowest at 5,740 yuan/mt. Trading volume was 722,600 lots, and open interest stood at 451,708 lots. Futures showed an upward trend. Cost side, frequent news from manganese mines continues to stimulate the manganese ore market to hold up well. Regional divergence in electricity costs is significant, becoming a key factor affecting the competitiveness of alloy plants in different production areas. Electricity prices in northern production areas are expected to remain low, offering notable cost advantages, while the main production areas in south China see no downside room for electricity prices. The coking coal and coke markets overall remain in the doldrums, exerting a mild impact on SiMn costs. Supply side, SiMn supply diverges between the north and south markets. On one hand, some alloy plants in Inner Mongolia still have expectations to start production or resume production, which will lead to an increase in SiMn capacity release and gradually highlight supply-side pressure, likely restraining price increases. On the other hand, most SiMn producers in the south face difficulties resuming production due to rising costs from raised electricity pricing policies. Demand side, the mainstream steel tender prices for February have not been announced, and the market is watching for the impact of tender pricing on the market.

During the Chinese New Year holiday in 2026, the SiMn market operated steadily overall, with spot prices maintaining sideways movement. The fluctuation range in the operating rate of alloy plants was relatively small, and the market as a whole exhibited a "supply-demand weak balance with prominent cost support" pattern.

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.

[SMM Ferrosilicon Manganese Futures Review: Futures Market Experiences Sideways Movement, Spot Prices Remain Stable] The SM2509 contract opened at 5,860 yuan/mt. After the morning session, it experienced sideways movement and eventually closed at 5,858 yuan/mt, down 0.17%. The daily high was 5,886 yuan/mt, and the low was 5,818 yuan/mt. Trading volume was 210,575 lots, and open interest was 381,074. Cost support for SiMn has strengthened, and SiMn producers have a strong sentiment to stand firm on quotes. However, the first round of inquiries in mainstream steel tenders fell short of expectations. SiMn producers have a weak willingness to actively quote in the spot market. Various market participants are adopting a wait-and-see attitude, awaiting the pricing situation in mainstream steel tenders.

SMM Manganese Silicon Futures Review: Futures Fluctuated Downward, Spot Market Dominated by Wait-and-See Sentiment. The SM2509 contract opened at 5,826 yuan/mt, fluctuated downward after the morning session, and finally closed at 5,796 yuan/mt, a decrease of 0.55%. The daily high was 5,882 yuan/mt, and the low was 5,796 yuan/mt. The trading volume was 215,568, and the open interest was 379,691. The manganese silicon futures market fluctuated downward, and the spot side still lacked favorable factors to drive it, with most market participants maintaining a wait-and-see sentiment.

SMM SiMn Daily Review: Supply Surplus Persists, SiMn Spot Prices Remain Stable. In the northern market, SiMn alloy 65/17 (cash) was quoted at 5,850-6,050 yuan/mt, flat MoM. In south China, SiMn alloy 65/17 (cash) was quoted at 5,950-6,150 yuan/mt, flat MoM. According to SMM, on the raw material side, most alloy plants are driving down prices for purchases, and manganese ore spot prices continue to fluctuate downward. Supply side, cost support for SiMn plants has weakened, and some SiMn holders are under pressure to lower their offers. Demand side, downstream steel mills show weak purchasing enthusiasm, mostly waiting for steel tenders to enter the market. Overall, the SiMn market still faces a supply surplus, and the spot market remains sluggish. Attention should be paid to the guidance of mainstream steel tenders on the market.