SMM

Today, the SM2501 contract opened at 6,200 yuan/mt, fluctuated downward after the morning session, and finally closed at 6,180 yuan/mt, a drop of 1.06%. The daily high was 6,216 yuan/mt, and the low was 6,158 yuan/mt. Trading volume reached 118,417 lots, and open interest reached 254,002 lots. Raw material side, demand from alloy plants remained sluggish. Except for the firm quotes of South African semi-carbonate manganese ore, spot prices of other manganese ores dropped slightly. SiMn alloy producers showed low willingness to offer actively, and the futures market remained weak. Market participants generally exhibited weak sentiment. Downstream buyers mostly adopted a cautious attitude, showing low enthusiasm for SiMn alloy procurement.