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  SiMn market returns to fundamentals, futures market fluctuates downward [SMM Manganese-Silicon Futures Review]

  [SMM SiMn Futures Review: SiMn Market Returns to Fundamentals, Futures Market Fluctuates Downward] The SM2509 contract opened at 5,952 yuan/mt, fluctuated downward after the morning session, and eventually closed at 5,718 yuan/mt, down 3.64%. The daily high was 6,006 yuan/mt, and the low was 5,716 yuan/mt. Trading volume was 887,991 lots, and open interest was 435,700. The impact of bullish news on the SiMn market has dissipated, and the market has returned to fundamental logic. Influenced by yesterday's sentiment, SiMn holders slightly raised their quotes, while downstream buyers remained cautious about purchasing SiMn. Market transactions were sluggish, and it is expected that SiMn prices will remain in the doldrums in the future.

• Market news disturbs, SiMn prices rebound slightly [SMM Weekly Review]

  [SMM Weekly Review: Market News Disturbances Lead to Slight Rebound in SiMn Prices] As of Friday this week, the price of SiMn alloy 65/17 (cash) in the northern market was 5,550-5,750 yuan/mt, unchanged WoW from last Friday; in the southern market, it was 5,600-5,800 yuan/mt, also unchanged WoW from last Friday. According to SMM, influenced by news disturbances regarding South African manganese ore, the futures market for manganese-silicon experienced sideways movement, and offers from SiMn holders rose slightly. On the demand side, the market maintained a wait-and-see sentiment, with low acceptance of high-priced SiMn. Buyers tended to drive down prices when purchasing SiMn, resulting in sluggish market transactions. Attention should be paid to the actual transaction situation of SiMn and manganese ore in the future market.

• Concerns about continued decline in LME copper prices prompt import traders to slightly increase shipments [SMM Secondary Copper Daily Review]

• [SMM Weekly Manganese Ore Review] Market Transactions Sluggish, Spot Price Struggles to Rise

  As of this Friday, at northern ports: Australian lump ore was priced at 39.5-40.5 yuan/mtu, up 2.56% WoW from last Friday; Australian seed ore was priced at 36.5-37.5 yuan/mtu, down 1.33% WoW from last Friday; South African semi-carbonate ore was priced at 33.6-34.1 yuan/mtu, up 0.30% WoW from last Friday; Gabon ore was priced at 36.6-37.6 yuan/mtu, down 1.07% WoW from last Friday; South African high-iron ore was priced at 29.8-30.3 yuan/mtu, down 0.66% WoW from last Friday. At southern ports: Australian lump ore was priced at 39.5-40.5 yuan/mtu, up 1.27% WoW from last Friday; Australian seed ore was priced at 37.5-38 yuan/mtu, down 2.58% WoW from last Friday; South African semi-carbonate ore was priced at 34-34.5 yuan/mtu, unchanged WoW from last Friday; Gabon ore was priced at 38.8-39.3 yuan/mtu, down 0.51% WoW from last Friday; South African high-iron ore was priced at 28.5-29 yuan/mtu, up 0.70% WoW from last Friday. Affected by the news about South African manganese ore, the SiMn futures market surged and then pulled back during the week. Driven by the surge in the SiMn futures market yesterday, ore prices rose slightly, with some miners maintaining firm quotes. Downstream alloy plants showed weak acceptance of high-priced manganese ore, resulting in relatively sluggish market transactions and ore prices struggling to rise. Attention should be paid to the future performance of the SiMn futures market and the actual procurement of manganese ore by downstream alloy plants.

• Sales Losses Widen, Secondary Copper Rod Enterprises Reduce Operating Rates [SMM Weekly Review of Secondary Copper Rod]

  [SMM Analysis: Sales Losses Widen, Secondary Copper Rod Enterprises Reduce Operating Rates] According to SMM's survey data, the operating rate of secondary copper rod this week was 22.14%, up 0.27 percentage point WoW and down 6.87 percentage points YoY. Meanwhile, the average price difference between copper cathode rod and secondary copper rod was 1,082 yuan/mt this week, narrowing by 84 yuan/mt MoM. In addition, the average discount of secondary copper rod in Jiangxi against copper futures was 188 yuan/mt, narrowing by 437 yuan/mt MoM...