SMM

The SM2501 contract opened at 6,300 yuan/mt, fluctuated rangebound after the morning session, and finally closed at 6,328 yuan/mt, up 0.89%. The highest price of the day was 6,356 yuan/mt, and the lowest was 6,276 yuan/mt. Trading volume was 110,007 lots, and open interest was 268,650 lots. Raw material side, due to the fluctuations in the futures market, the manganese ore market mostly adopted a wait-and-see attitude, and spot prices remained stable. Supply side, currently, SiMn alloy plants have a low willingness to sell at low prices, and the availability of low-priced goods in the market has decreased. Demand side, inquiries for SiMn alloy from downstream are relatively active, and spot market prices have slightly increased. Further attention is needed on the actual downstream procurement situation.