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.

[SMM SiMn Daily Review: Mainstream Steel Mill Bidding Not Yet Priced, Market Holds Wait-and-See Sentiment] In the northern market, SiMn alloy 65/17 (cash) is priced at 5,400-5,550 yuan/mt, down 25 yuan/mt WoW from Wednesday; in the southern market, SiMn alloy 65/17 (cash) is priced at 5,450-5,600 yuan/mt, down 25 yuan/mt WoW from Wednesday. According to SMM, on the raw material side, various types of manganese ore are in a state of overall loss, with limited room for miners to lower prices, and manganese ore prices showing relatively small fluctuations. On the supply side, due to the electricity cost advantages during the rainy season in southern regions such as Yunnan, SiMn plants that had previously suspended production are gradually resuming operations, leading to an increase in the SiMn operating rate. On the demand side, mainstream steel mill bidding has not yet been priced, and downstream steel mills are maintaining a cautious wait-and-see sentiment.

[SMM SiMn Weekly Review: Mainstream Steel Mills Enter the Market, with a Cautious Wait-and-See Sentiment] As of Friday this week, the price of SiMn alloy 65/17 (cash) in the northern market was 5,450-5,550 yuan/mt, unchanged from last Friday on a WoW basis; in the southern market, it was 5,450-5,650 yuan/mt, also unchanged from last Friday on a WoW basis. According to SMM, on the raw material side, alloy plants' purchases of manganese ore were sluggish, miners lowered their offers, and the transaction prices of some manganese ores dropped slightly. On the supply side, most northern SiMn plants maintained stable production, while SiMn plants in the southern region showed increased willingness to resume production due to electricity tariff discounts during the rainy season. On the demand side, the first round of inquiries from mainstream steel mills fell short of expectations, and downstream steel mills of SiMn were mostly waiting for the pricing decisions of mainstream steel mills.

[SMM Daily Review of SiMn: Steel Tenders Enter the Market One After Another, Spot Prices Mostly in a Wait-and-See Mood] In the northern market, the price of SiMn alloy 65/17 (cash) is 5,450-5,550 yuan/mt, unchanged WoW from last Wednesday; in the southern market, the price of SiMn alloy 65/17 (cash) is 5,450-5,650 yuan/mt, unchanged WoW from last Wednesday. According to SMM, on the raw material side, miners' offers have fluctuated relatively small, with individual manganese ore varieties traded based on actual orders, leading to a slight decrease in spot prices. On the supply side, SiMn producers in south China have shown increased willingness to resume production due to the electricity cost advantages during the rainy season. On the demand side, downstream steel mills are mostly cautious and adopting a wait-and-see attitude. Steel tenders are being launched one after another, with many waiting for mainstream steel tenders to enter the market.

[SMM SiMn Weekly Review: Downstream Procurement Enthusiasm Remains Weak Post-Holiday, Spot Prices in the Doldrums] As of Friday this week, the price of SiMn alloy 65/17 (cash) in the northern market was 5,450-5,550 yuan/mt, down 50 yuan/mt WoW from last Friday; in the southern market, it was 5,450-5,650 yuan/mt, also down 50 yuan/mt WoW from last Friday. According to SMM, on the raw material side, manganese ore prices continued to decline, weakening the cost support for SiMn. On the supply side, fluctuations in SiMn mills' production schedules were relatively small, with some SiMn mills in the southern region expressing willingness to resume production. SiMn mills' willingness to offer quotes actively remained weak, with some holders' quotes dropping slightly. On the demand side, downstream steel mills were cautious in procuring SiMn, mostly waiting for mainstream steel tenders to commence.