[SMM Analysis] SiMn Front-Month Futures Trade in Wide Range Through October as Fundamentals Stay Bearish

In October 2026, the silicon-manganese (SiMn) main futures contract traded in a "rise-then-retreat, wide-range oscillation" pattern. As of October 30, the main contract closed at 5,900 yuan/ton, slightly up from 5,824 yuan/ton at the start of the month. The full-month trading range held between 5,780 and 5,930 yuan/ton, showing a bottom-up bias but clear pressure overhead.