SMM

The SM2501 contract opened at 6,352 yuan/mt, fluctuated within a range in the morning session, and finally closed at 6,384 yuan/mt, a decrease of 2.62%. The highest price of the day was 6,458 yuan/mt, and the lowest was 6,312 yuan/mt. Trading volume was 182,583 lots, and open interest was 320,853 lots. Supply side, in-plant inventory of SiMn alloy remains high, and production cuts in major SiMn alloy production areas are limited, leading to a persistently high supply of SiMn alloy. Demand side, downstream steel mills are cautious in purchasing SiMn alloy, with actual transactions being mediocre, and overall demand for SiMn alloy remains weak. Overall, the oversupply of SiMn alloy has not changed, and SiMn alloy futures market fluctuates within a range, with all parties still mainly observing.