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.

SM2605 contract opened at 5,810 yuan/mt and closed at 5,818 yuan/mt, down 0.72%. The daily highest price was 5,842 yuan/mt, and the lowest price was 5,806 yuan/mt. Trading volume was 103,900 lots, and open interest was 371,448 lots. SiMn futures fluctuated and pulled back 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 furnace startups 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 electricity fee preferential policies in Guangxi and Guizhou for 2026 remains to be verified, with most plants still maintaining off-peak production, and some choosing to temporarily halt production pending month-end electricity settlement prices. 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, with the SiMn price set at 5,920 yuan/mt, rising from December's 5,770 yuan/mt. Market sentiment remained mediocre. The current SiMn market continues to be dominated by volatile movement.

SM2605 contract opened at 5,870 yuan/mt and closed at 5,828 yuan/mt, down 0.41%. The daily highest price was 5,890 yuan/mt, and the lowest price was 5,824 yuan/mt. Trading volume was 132,400 lots, and open interest was 359,586 lots. SiMn futures fluctuated and pulled back today. Cost side, overall manganese ore transaction prices remained high, providing strong cost support for SiMn alloy prices; electricity prices in Inner Mongolia and south China for 2026 are under verification. Supply side, newly started SiMn furnaces in the main northern production regions earlier increased capacity for regular-grade SiMn, with iron output commencing this month, adding to supply pressure. Operating rates at southern alloy plants remained stably low. It is understood that the extent of electricity fee preferential policies in Guangxi and Guizhou for 2026 awaits verification, with most plants maintaining off-peak production, and some choosing to temporarily halt production pending the month-end electricity fee settlement. Loose SiMn supply pressure persists. Demand side, HBIS Group’s January SiMn procurement volume was 17,000 mt, up from December’s 14,700 mt, with the SiMn price set at 5,920 yuan/mt, up from December’s 5,770 yuan/mt. Market sentiment remained mediocre. The current SiMn market continues to be dominated by volatile movement.

SM2605 contract opened at 5,790 yuan/mt and closed at 5,814 yuan/mt, an increase of 0.48%. The daily highest price was 5,826 yuan/mt, and the lowest price was 5,766 yuan/mt. Trading volume was 141,600 lots, and open interest stood at 356,074 lots. SiMn futures fluctuated upward today. Cost side, overall manganese ore transaction prices saw a slight correction but remained at high levels, continuing to provide strong cost support for SiMn alloy prices. Inner Mongolia's power grid tariffs and south China electricity prices for 2026 are under verification. Supply side, newly ignited SiMn furnaces in the main northern production areas earlier increased capacity for standard SiMn, with iron output commencing this month, adding to supply pressure. Operating rates at southern alloy plants remained stably low. It is understood that the extent of electricity fee preferential policies in Guangxi and Guizhou for 2026 awaits verification, with most plants maintaining off-peak production, and some choosing temporary shutdowns pending month-end electricity cost settlements. 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, with the SiMn price set at 5,920 yuan/mt, rising from December's 5,770 yuan/mt. Market sentiment remained mediocre. The current SiMn market continues to be dominated by volatile movements.

SM2605 contract opened at 5,798 yuan/mt and closed at 5,786 yuan/mt, down 0.24%. The daily highest price was 5,810 yuan/mt, and the lowest price was 5,766 yuan/mt. Trading volume was 135,400 lots, and open interest was 332,292 lots. Today, SiMn futures showed a fluctuating trend, with the price fluctuation range shifting downward. Cost side, overall manganese ore transaction prices experienced a slight pullback, but remained at high levels, providing strong cost support for SiMn alloy prices. Supply side, new SiMn furnaces in the main northern production areas started production earlier, increasing general SiMn capacity, with iron output commencing this month, adding to supply pressure. Operating rates in south China alloy plants remained stably low. It is understood that the strength of electricity price preferential policies in Guangxi and Guizhou for 2026 remains to be verified, with most plants still maintaining off-peak production, and some choosing temporary shutdowns, awaiting the month-end electricity settlement price. Currently, loose SiMn supply pressure persists. Demand side, HBIS Group's January SiMn procurement volume was 17,000 mt, compared to 14,700 mt in December, showing an increase; the SiMn 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 fluctuating operations.