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.

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.

[SMM Ferromanganese-Silicon Futures Review: Ferromanganese-Silicon Futures Market in the Doldrums, Spot Prices Remain Stable] The SM2509 contract opened at 5,532 yuan/mt, experienced sideways movement after the morning session, and eventually closed at 5,542 yuan/mt, down 0.18%. The daily high was 5,590 yuan/mt, and the low was 5,506 yuan/mt. Trading volume was 184,780 lots, and open interest was 436,151. On the raw material side, the quotes from ore merchants fluctuated relatively small, and manganese ore prices remained stable. On the spot side, influenced by the doldrums in the futures market, SiMn holders maintained their quotes, and spot prices remained stable. Currently, there are no positive factors in the SiMn market, and it is expected that spot SiMn prices will remain weak in the future.

[SMM Analysis: SiMn Alloy Plants Continue to Incur Losses, with SiMn Production Declining MoM in May] According to SMM data, China's total SiMn alloy production in May 2025 decreased by over 6% MoM and over 20% YoY. The main reason for the decline in SiMn production in May was that, despite the higher operating rates maintained in north China regions such as Inner Mongolia and Ningxia due to their cost advantages compared to south China, the continuous decline in spot SiMn prices led to sustained losses for SiMn alloy plants. As a result, production cuts or shutdowns persisted in some plants, contributing to an overall reduction in production. Entering June, as the terminal steel market for SiMn entered the off-season for consumption, the supply surplus of SiMn intensified, leading to a continuous increase in in-plant inventory at SiMn alloy plants. Plans to cut or suspend silicon production continued. Additionally, with fewer calendar days in June, it is expected that SiMn production schedules will remain reduced in the coming market.

[SMM Manganese-Silicon Futures Review: Futures Market Fluctuates Downward, SiMn Prices Drop Slightly] The SM2509 contract opened at 5,730 yuan/mt. After the morning session, it fluctuated downward and eventually closed at 5,668 yuan/mt, marking a 3.21% decline. The daily high was 5,750 yuan/mt, and the low was 5,642 yuan/mt. Trading volume reached 418,077 lots, with open interest at 435,576. On the raw material side, inventory buildup continued at manganese ore ports, and alloy plants showed weak enthusiasm for purchasing manganese ore, with spot prices remaining stable for the time being. On the spot side, downstream steel mills adopted a cautious approach to purchases, driving down prices for SiMn. Sellers of SiMn were under pressure to slightly lower their quotes.

[SMM SiMn Futures Review: SiMn Market Returns to Fundamentals, Futures Market Fluctuates Downward] The SM2509 contract opened at 5,952 yuan/mt, fluctuated downward after the morning session, and eventually closed at 5,718 yuan/mt, down 3.64%. The daily high was 6,006 yuan/mt, and the low was 5,716 yuan/mt. Trading volume was 887,991 lots, and open interest was 435,700. The impact of bullish news on the SiMn market has dissipated, and the market has returned to fundamental logic. Influenced by yesterday's sentiment, SiMn holders slightly raised their quotes, while downstream buyers remained cautious about purchasing SiMn. Market transactions were sluggish, and it is expected that SiMn prices will remain in the doldrums in the future.