SMM

[SMM SiMn Alloy Futures Review: Futures Fluctuate Downward, Spot Prices Remain Stable] The SM2505 contract opened at 6,442 yuan/mt, fluctuated downward after the morning session, and finally closed at 6,492 yuan/mt, down 0.15%. The daily high was 6,542 yuan/mt, and the low was 6,424 yuan/mt. Trading volume reached 288,307 lots, with an open interest of 445,975. Raw material side, SiMn alloy futures fluctuated downward, while manganese ore prices faced upward pressure. Miners mostly held back from selling, and manganese ore prices remained stable. Supply side, SiMn alloy producers showed weak willingness to offer actively, and SiMn alloy holders had limited willingness to sell at low prices. Demand side, downstream steel mills were cautious in procuring SiMn alloy, mostly adopting a wait-and-see approach and focusing on just-in-time procurement.