Group 1: Report Core View - The overall fundamentals of natural rubber are neutral, with supply increasing, foreign spot prices strong, domestic inventories rising, and tire operating rates at a high level. The market is dominated by sentiment, and short - term trading is recommended [6]. Group 2: Industry Investment Rating - Not mentioned in the report. Group 3: Summary by Directory 1. Daily Prompt - The fundamentals of natural rubber are neutral, with supply starting to increase, foreign spot prices strong, domestic inventories beginning to rise, and tire operating rates at a high level. The base - difference is neutral, the inventory situation is mixed, the price is running below the 20 - day line, the main position is net short with an increase in short positions, and short - term trading is influenced by market sentiment [6]. 2. Fundamental Data Supply - Supply is increasing, and import volume is seasonally declining [8][22]. Demand - Downstream consumption is high, automobile production and sales are seasonally rising, and tire production is at a record high for the same period, but tire industry exports are falling [8][25][31]. Price - The spot price of 2023 full - latex (non - deliverable) fell on August 1st, and the spot price is resistant to decline. The base - difference strengthened on August 1st [10][8][37]. Inventory - The exchange inventory has been continuously decreasing recently, while the inventory in Qingdao area has been slightly increasing [16][19]. 3. Multiple and Short Factors and Main Risk Points Bullish Factors - Downstream consumption is high, spot prices are resistant to decline, and there is anti - involution in the domestic market [8]. Bearish Factors - Supply is increasing, and the inventory in Qingdao area has not seasonally decreased [8].

交易咨询业务资格：证监许可【2012】1091号 沪镍&不锈钢早报—2025年8月4日 大越期货投资咨询部 祝森林 从业资：F3023048 投资咨询证：Z0013626 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 沪镍 每日观点 1、基本面：上周镍价偏弱运行，宏观面的反内卷短期有所消化，现货并没有随着价格下跌而成交转好， 下游依然刚需采购为主。产业链上，矿价弱稳，镍铁价格同样弱稳，但部分报价有所回升，成本线依然 在低位。不锈钢7、8月是传统消费淡季，本周库存300系有小幅上升。新能源汽车产销数据较好，但三 元电池装车量在下降，镍在新能源的需求下降。中长线过剩格局不变。偏空 2、基差：现货120650，基差880，偏多 3、库存：LME库存209082，+390，上交所仓单21374，-331，偏空 4、盘面：收盘价收于20均线以下，20均线向下，偏空 5、主力持仓：主力持仓净空，空减，偏空 6、结论：沪镍2509：20均线上下宽幅 ...

交易咨询业务资格：证监许可【2012】1091号 贵金属早报—— 2025年8月4日 大越期货投资咨询部 项唯一 从业资格证号： F3051846 投资咨询证号： Z0015764 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 前日回顾 2 每日提示 3 4 5 今日关注 基本面数据 持仓数据 黄金 1、基本面：非农就业数据远不如预期，降息预期迅速升温，金价大幅回升；美国三 大股指全线收跌，欧洲主要股指收盘全线下跌；美债收益率收盘集体下跌，10年期 跌14.62个基点报4.220%；美元指数跌1.38%报98.68，离岸人民币对美元升值报 7.1929；COMEX黄金期货涨2.01%报3416美元/盎司；中性 2、基差：黄金期货770.72，现货766.88，基差-3.84，现货贴水期货；中性 3、库存：黄金期货仓单35745千克，增加102千克；偏空 4、盘面：20日均线向下，k线在20日均线下方；偏空 ...

Key Points of the Report 1. Report Industry Investment Rating No information provided regarding the industry investment rating. 2. Core Viewpoint The report analyzes the cotton market comprehensively, concluding that the overall situation is neutral. The 01 contract of Zhengzhou cotton should be treated with a weak and oscillating mindset. The reasons include the delay of Sino - US trade negotiations, the upcoming peak season's unclear prospects during the current off - season, and the approaching contract change for the main Zhengzhou cotton contract [4]. 3. Summary by Directory 3.1 Previous Day Review No information provided in the content. 3.2 Daily Prompt - **Fundamentals**: Different institutions have different forecasts for the 2025/2026 cotton production, consumption, and inventory. For example, the ICAC July report predicts a global production of 2590000 tons and consumption of 2560000 tons; the USDA July report forecasts a production of 2578300 tons, consumption of 2571800 tons, and an ending inventory of 1683500 tons. In June, China's textile and clothing exports were $27.31 billion, a year - on - year decrease of 0.1%. China's cotton imports in June were 30000 tons, a year - on - year decrease of 82.1%, and cotton yarn imports were 110000 tons, a year - on - year increase of 0.1%. The overall situation is neutral [4]. - **Basis**: The national average price of spot 3128b cotton is 15260 yuan, with a basis of 1475 yuan (for the 01 contract), indicating a premium over futures, which is a bullish signal [4]. - **Inventory**: The Chinese Ministry of Agriculture estimates the ending inventory for the 2025/2026 period in July to be 8.23 million tons, which is a bearish factor [4]. - **Market**: The 20 - day moving average is flat, and the K - line is below the 20 - day moving average, showing a bearish trend [4]. - **Main Position**: The main position is long, but the net long position is decreasing, and the main trend is unclear, which is a bullish signal [4]. - **Expectation**: The delay of Sino - US trade negotiations is lower than market expectations, leading to a general weakening of commodities. The main contract of Zhengzhou cotton is about to change to 01. Recently, the decline of the 09 contract is greater than that of the 01 contract, and the 01 contract begins to have a premium over the 09 contract. Currently in the off - season of consumption, the prospects for the "Golden September and Silver October" market are unclear, and the 01 contract should be considered with a weak and oscillating mindset [4]. 3.3 Today's Focus No information provided in the content. 3.4 Fundamental Data - **Global Supply - Demand Balance**: The USDA July report shows that the global cotton production in 2025/2026 is 2578300 tons, consumption is 2571800 tons, and ending inventory is 1683500 tons. The ICAC report predicts a global production of 2590000 tons and consumption of 2560000 tons in 2025/2026 [4][8][9]. - **China's Supply - Demand Balance**: The Ministry of Agriculture's July 2025/2026 forecast shows a production of 625000 tons, imports of 140000 tons, consumption of 740000 tons, and an ending inventory of 823000 tons [4]. 3.5 Position Data The main position is long, but the net long position is decreasing, and the main trend is unclear [4].

交易咨询业务资格：证监许可【2012】1091号 沪铜早报- 大越期货投资咨询部 : 祝森林 从业资格证号：F3023048 投资咨询证号： Z0013626 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 每日观点 铜: 4、盘面：收盘价收于20均线下，20均线向下运行；偏空。 5、主力持仓：主力净持仓多，多增；偏多。 6、预期：美联储降息放缓，库存回升，地缘扰动仍存，淡季消费承压，铜价震荡调整. 近期利多利空分析 利多： 1、基本面：冶炼企业有减产动作，废铜政策有所放开，7月份制造业采购经理指数（PMI）为49.3%， 比上月下降0.4个百分点；中性。 2、基差：现货78325，基差-75，贴水期货；中性。 3、库存：8月1日铜库存增3550至141750吨，上期所铜库存较上周减880吨至72543吨；中性。 利空： 逻辑： 国内政策宽松 和 贸易战升级 风险： 自然灾害 1、俄乌,伊以地缘政治扰动。 2、美联储降息。 3、矿端增产 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The Shanghai zinc (ZN2509) is expected to oscillate and weaken in the short - term. The previous trading day saw Shanghai zinc in an oscillating trend, with a star - shaped candlestick, shrinking trading volume, and both long and short positions reducing, with the reduction of short positions being slightly more. Technically, the price is above the long - term moving average with strong support, the short - term KDJ indicator is declining and operating in the weak area, the trend indicator is declining, the long - position strength is rising, the short - position strength is falling, and the long - and short - position forces are starting to be in a stalemate [2][21]. 3. Summary by Related Catalogs Fundamental Analysis - In April 2025, global zinc plate production was 1.153 million tons, consumption was 1.1302 million tons, with a supply surplus of 22,700 tons. From January to April, global zinc plate production was 4.4514 million tons, consumption was 4.5079 million tons, with a supply shortage of 56,500 tons. From January to April, global zinc ore production was 4.0406 million tons, showing a bullish sign [2]. - The basis of spot zinc is +30 (spot price is 22,350), indicating a neutral situation [2]. - On August 1, LME zinc inventory decreased by 3,975 tons to 100,825 tons compared to the previous day, and the SHFE zinc inventory warrant decreased by 76 tons to 14,982 tons, showing a bullish sign [2]. - The previous trading day, Shanghai zinc showed an oscillating trend, closing below the 20 - day moving average, and the 20 - day moving average was downward, showing a bearish sign [2]. - The main net position is short, and the short position is decreasing, showing a bearish sign [2]. Market Quotes Futures Exchange Zinc Futures Quotes on August 1 - For the zinc futures contract 2509, the previous settlement price was 22,440, the opening price was 22,300, the highest price was 22,425, the lowest price was 22,280, the closing price was 22,320, the settlement reference price was 22,345, down 120 compared to the previous settlement, with a trading volume of 105,121 lots, a trading value of 1.17465677 billion yuan, and an open interest of 108,084 lots, a decrease of 2,397 lots [3]. Domestic Main Spot Market Quotes on August 1 - The price of zinc concentrate in Linzhou was 17,020 yuan/ton, unchanged; the price of zinc ingot was 22,350 yuan/ton, unchanged; the price of galvanized sheet in China was 4,100 yuan/ton, down 8 yuan/ton; the price of galvanized pipe in China was 4,490 yuan/ton, down 8 yuan/ton; the price of zinc alloy in Ningbo was 22,850 yuan/ton, unchanged; the price of zinc powder in Changsha was 27,360 yuan/ton, unchanged; the price of zinc oxide in Taizhou was 20,700 yuan/ton, unchanged; the price of secondary zinc oxide in a certain area was 7,761 yuan/ton, up 67 yuan/ton [4]. National Main Market Zinc Ingot Inventory Statistics (July 21 - July 31, 2025) - On July 31, the total inventory of zinc ingots in major Chinese markets was 844,000 tons, an increase of 36,000 tons compared to July 24 and an increase of 8,000 tons compared to July 28 [5]. Futures Exchange Zinc Warrant Report on August 1 - The total zinc warrant in the SHFE was 14,982 tons, a decrease of 76 tons compared to the previous day. Among them, Shanghai had 25 tons, Guangdong had 3,511 tons, Jiangsu had 0 tons, and Tianjin had 11,446 tons [6]. LME Zinc Inventory Distribution and Statistics on July 31 - The LME zinc inventory decreased by 4,250 tons, with the current inventory at 104,675 tons, and the注销占比 (cancellation ratio) was 45.55% [8]. National Main City Zinc Concentrate Price Summary on August 1 - The price of 50% - grade zinc concentrate in Jiyuan, Chenzhou, Kunming, Xi'an, and other places was mostly 17,020 yuan/ton, while in Hechi it was 16,820 yuan/ton, down 300 yuan/ton; in Longnan it was 16,970 yuan/ton, down 50 yuan/ton; in Liangshan Prefecture it was 17,020 yuan/ton, down 200 yuan/ton; in Chifeng it was 16,920 yuan/ton [10]. National Market Zinc Ingot Smelter Price Quotes on August 1 - The price of 0 zinc ingots (≥99.995%) from different smelters varied. For example, Hunan Muchuan Taihai's was 22,660 yuan/ton, Liaoning Huludao Zinc Industry's was 22,800 yuan/ton, and Guangdong Zhongjin Lingnan's was 22,390 yuan/ton [14]. Domestic Refined Zinc Production in June 2025 - The planned production value in June was 459,700 tons, the actual production was 471,800 tons, a month - on - month increase of 11.67%, a year - on - year decrease of 2.36%, and 2.63% higher than the planned value. The capacity utilization rate was 87.10%, and the planned production in July was 470,300 tons [16]. Zinc Concentrate Processing Fee Quotes on August 1 - The domestic zinc concentrate processing fee for 50% - grade varied by region. For example, in Xiangxi it was 3,700 - 3,900 yuan/metal ton, with an average of 3,800 yuan/metal ton; in Huludao it was 3,900 - 4,100 yuan/metal ton, an increase of 200 yuan/metal ton compared to before. The import processing fee for 48% - grade was 60 - 80 US dollars/kiloton, with an average of 70 US dollars/kiloton [18]. Shanghai Futures Exchange Member Zinc Trading and Position Ranking Table on August 1 - For the zn2509 contract, in terms of trading volume, CITIC Futures ranked first with 31,843 lots, a decrease of 19,494 lots compared to the previous day. In terms of long positions, CITIC Futures ranked first with 9,405 lots, a decrease of 471 lots. In terms of short positions, CITIC Futures ranked first with 12,265 lots, a decrease of 606 lots [20].

Report Summary 1. Investment Rating The report does not provide an overall investment rating for the polyolefin industry. 2. Core Views - The LLDPE and PP markets are expected to show a volatile trend today. For LLDPE, the macro - driven growth has subsided, and it is in the off - season of agricultural film demand with weak downstream demand. For PP, the downstream demand for pipes and plastic weaving is weak, and the industrial inventory is at a neutral level [4][7]. - The main influencing factors for LLDPE and PP include cost support on the positive side and weak demand on the negative side. The main logic is the interaction between cost, demand, and domestic macro - policies [6][9]. 3. Summary by Categories LLDPE - **Fundamentals**: The official manufacturing PMI in July was 49.3%, down 0.4 percentage points from the previous month, still in the contraction range. The short - term anti - involution sentiment - driven increase has subsided, and oil prices have also fallen. It is the off - season for agricultural films, and the demand for other films is flat, with many downstream enterprises shutting down for maintenance. The current spot price of LLDPE delivery products is 7340 (-10), and the overall fundamentals are neutral [4]. - **Basis**: The basis of the LLDPE 2509 contract is 23, and the premium/discount ratio is 0.3%, which is neutral [4]. - **Inventory**: The comprehensive PE inventory is 49.1 tons (-7.2), which is neutral [4]. - **Disk**: The 20 - day moving average of the LLDPE main contract is flat, and the closing price is above the 20 - day line, showing a bullish signal [4]. - **Main Position**: The net position of the LLDPE main contract is short, and the short position is increasing, showing a bearish signal [4]. - **Expectation**: The LLDPE main contract is expected to fluctuate today, considering the subsiding of macro - driven growth, off - season demand, and weak downstream demand [4]. - **Factors**: Positive factor is cost support; negative factor is weak demand [6]. PP - **Fundamentals**: Similar to LLDPE, the macro situation shows a contraction in the manufacturing industry. It is the off - season for downstream demand, and affected by high temperature and heavy rain in summer, the demand for pipes and plastic weaving is weak. The current spot price of PP delivery products is 7150 (-0), and the overall fundamentals are neutral [7]. - **Basis**: The basis of the PP 2509 contract is 52, and the premium/discount ratio is 0.7%, showing a bullish signal [7]. - **Inventory**: The comprehensive PP inventory is 56.5 tons (-1.6), showing a bearish signal [7]. - **Disk**: The 20 - day moving average of the PP main contract is flat, and the closing price is above the 20 - day line, showing a bullish signal [7]. - **Main Position**: The net position of the PP main contract is short, and the short position is increasing, showing a bearish signal [7]. - **Expectation**: The PP main contract is expected to fluctuate today, due to the subsiding of macro - driven growth and weak downstream demand [7]. - **Factors**: Positive factor is cost support; negative factor is weak demand [9]. Supply - Demand Balance Sheets - **Polyethylene**: From 2018 to 2024, the production capacity has been increasing year by year, with a significant increase of 20.5% expected in 2025E. The import dependence has been decreasing, and the consumption growth rate has fluctuated, with an increase of 1.4% in 2024 [15]. - **Polypropylene**: The production capacity has also been growing from 2018 to 2024, with an expected increase of 11.0% in 2025E. The import dependence has shown some fluctuations, and the consumption growth rate was 8.4% in 2024 [17].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - For PTA, last week some PTA plants reduced production or stopped operations, and the supply - demand pattern was acceptable. However, major suppliers actively sold goods, leading to a weak operation of the PTA spot basis. With a cooling macro - atmosphere, commodity price corrections, insufficient cost - end support, and weak off - season demand from downstream terminals, it is expected that the PTA spot price will fluctuate in the short term. Also, the PTA processing margin was once compressed below 200, and attention should be paid to whether there will be new changes in PTA plants under continuously low processing fees [5]. - For MEG, on Friday, the price center of ethylene glycol declined weakly and market negotiations were stalemated. The in - port delay of ships was obvious this week due to weather factors, and it is expected that the visible inventory will still decline on Monday. Recently, the ethylene glycol operating rate has rebounded to around 69%. After the restart and production of Phase II 1 of Zhejiang Petrochemical and Xinjiang Guanghui, there is still room for an increase in domestic production. Fundamentally, the supply - demand of ethylene glycol will shift to inventory accumulation, and the available spot in the market will gradually become more abundant. It is expected that the price center of ethylene glycol will be adjusted weakly in the short term, and subsequent attention should be paid to cost - end changes [7]. Summary by Directory 1. Previous Day's Review - Not provided in the given content 2. Daily Tips PTA - **Fundamentals**: On Friday, the trading atmosphere improved. There were transactions for mid - and early - August at a discount of 10 - 15 to the 09 contract, with the price negotiation range around 4720 - 4780. For late - August, the mainstream was at a discount of 10 to the 09 contract, and some were slightly lower. There were transactions for mid - September at a premium of 0 - 2 to the 09 contract. The mainstream spot basis today is at a discount of 13 to the 09 contract [6]. - **Basis**: The spot price is 4740, and the basis of the 09 contract is - 4, with the futures price at a premium. It is neutral [6]. - **Inventory**: The PTA factory inventory is 3.82 days, a decrease of 0.17 days compared to the previous period. It is bullish [6]. - **Market Chart**: The 20 - day moving average is downward, and the closing price is below the 20 - day moving average. It is bearish [6]. - **Main Position**: The net position is short, and short positions are increasing. It is bearish [6]. MEG - **Fundamentals**: On Friday, the price center of ethylene glycol declined weakly, and market negotiations were stalemated. The spot basis strengthened to a premium of 71 - 74 yuan/ton to the 09 contract. The intention of traders to follow up was weak. In the US dollar market, the center of the ethylene glycol outer market weakened slightly. Recent shipments were negotiated at around 522 - 525 US dollars/ton, and recent shipments were traded at around 521 - 523 US dollars/ton, with some traders participating in sales. The negotiation ranges for domestic and foreign market transactions were 4465 - 4494 yuan/ton and 521 - 524 US dollars/ton respectively [7]. - **Basis**: The spot price is 4480, and the basis of the 09 contract is 75, with the futures price at a discount. It is neutral [7]. - **Inventory**: The total inventory in East China is 42.74 tons, a decrease of 4.14 tons compared to the previous period. It is bullish [7]. - **Market Chart**: The 20 - day moving average is upward, and the closing price is below the 20 - day moving average. It is bullish [7]. - **Main Position**: The main net position is short, and short positions are increasing. It is bearish [7]. 3. Today's Focus - Not provided in the given content 4. Fundamental Data PTA Supply - Demand Balance Sheet - From 2024 to 2025, the PTA production capacity, production, supply, demand, inventory, and other data showed different trends. For example, in 2025, the production capacity continued to increase, and the production and supply also changed with the load rate. The demand was affected by factors such as polyester production capacity and load rate [10]. Ethylene Glycol Supply - Demand Balance Sheet - From 2024 to 2025, the total operating rate, production, supply, demand, and port inventory of ethylene glycol also showed different trends. The production and supply were affected by the operating rate and new production capacity, while the demand was related to polyester production [11]. Price - **Spot Price**: The spot price of naphtha CFR Japan increased by 1.000 to 567.380 US dollars/ton; the spot price of p - xylene (PX) CFR Taiwan, China decreased by 1.000 to 842 US dollars/ton; the CCFEI price index of domestic PTA decreased by 80.000 to 4740 yuan/ton; the CCFEI price index of domestic ethylene glycol decreased by 5.000 to 4480 yuan/ton [12]. - **Futures Price**: The prices of TA01, TA05, TA09, EG01, EG05, and EG09 all changed to varying degrees. For example, TA01 decreased by 58.000 to 4782 yuan/ton [12]. - **Basis and Margin**: The basis of PTA and MEG contracts and the processing margin of PTA and the profit of MEG also changed. The PTA processing margin decreased by 244.269 to 195.21 yuan/ton [12]. 5. Impact Factor Summary - **Positive Factors**: Some PTA plants are planned for maintenance in August, and the supply - demand is expected to improve [8]. - **Negative Factors**: From the demand side, at the end of the rush - to - export period and in the off - season of domestic demand, the trend of weakening terminal demand is certain [8]. 6. Current Main Logic and Risk Points - The short - term commodity market is greatly affected by the macro - aspect. Attention should be paid to the cost end, and for the market rebound, attention should be paid to the upper resistance level [9].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The cost increase of raw materials supports the price of silicomanganese, and the silicomanganese futures market is oscillating at a high level. The market is expected to continue the strong oscillation in the short - term. The focus should be on the raw material price trends and changes in downstream actual procurement volume. The price of silicomanganese is expected to oscillate this week, with SM2509 oscillating between 5,900 - 6,050 yuan/ton [3]. Summary by Directory Manganese Silicon Supply - **Capacity**: Data shows the monthly capacity of Chinese silicomanganese enterprises from 2016 - 06 to 2025 - 06 [7]. - **Annual Output**: The annual output of silicomanganese in Guangxi, Guizhou, Inner Mongolia, Ningxia, Yunnan, other regions, and China from 2008 - 2025 is presented [8]. - **Weekly, Monthly Output and Operating Rate**: Data shows the weekly and monthly output of Chinese silicomanganese and the weekly operating rate of Chinese silicomanganese enterprises from 2020 - 01 - 01 to 2025 - 01 - 01 [11]. - **Regional Output**: Monthly output data of Inner Mongolia, Ningxia, and Guizhou, and daily average output data of Inner Mongolia, Ningxia, Guizhou, and Guangxi are provided [12][13]. Manganese Silicon Demand - **Steel Tender Purchase Volume**: The monthly purchase volume of silicomanganese 6517 by Hebei Iron and Steel Group, Shagang Co., Ltd. (discontinued), Nanjing Iron and Steel Co., Ltd., and the weekly demand in China are presented [14]. - **Steel Tender Purchase Price**: The monthly purchase prices of silicomanganese 6517 by Baoshan Iron and Steel Co., Ltd., Baowu E'gang, Chengde Jianlong, Heilongjiang Jianlong, Yangchun Iron and Steel, Jilin Jianlong, and Nanjing Iron and Steel Co., Ltd. are shown [16]. - **Daily Average Hot Metal and Profit**: The weekly daily average hot metal output and profitability of 247 Chinese steel enterprises from 2020 - 01 - 01 to 2025 - 01 - 01 are provided [18]. Manganese Silicon Import and Export - The monthly import and export volume of silicomanganese iron in China from 2020 - 01 to 2025 - 01 is presented [20]. Manganese Silicon Inventory - The weekly inventory of 63 sample silicomanganese enterprises in China, and the monthly average available inventory days in China, the Northern Region, and East China from 2019 - 09 - 30 to 2025 - 03 - 31 are shown [22]. Manganese Silicon Cost - **Manganese Ore Import Volume**: The monthly import volume of manganese ore in China, including imports from Gabon, South Africa, and Australia, from 2020 - 01 to 2025 - 04 is presented [24]. - **Manganese Ore Port Inventory and Available Days**: The weekly port inventory of manganese ore in China, Qinzhou Port, and Tianjin Port, and the weekly average available inventory days in China from 2020 - 01 - 01 to 2025 - 01 - 01 are shown [26]. - **High - Grade Manganese Ore Port Inventory**: The weekly port inventory of high - grade manganese ore in Qinzhou Port and Tianjin Port, including Australian, Gabonese, and Brazilian origin, from 2020 - 01 - 01 to 2025 - 01 - 01 is presented [28]. - **Tianjin Port Manganese Ore Price**: The daily price of manganese ore in Tianjin Port, including South African semi - carbonate manganese blocks, Australian manganese ore, and Gabonese manganese blocks, from 2020 - 01 - 01 to 2025 - 07 - 01 is shown [29]. - **Regional Cost**: The daily cost of silicomanganese in Inner Mongolia, the Northern Region, Ningxia, the Southern Region, and Guangxi is presented [30]. Manganese Silicon Profit - The daily profit of silicomanganese in the Northern Region, the Southern Region, Inner Mongolia, Ningxia, and Guangxi from 2020 - 01 - 01 to 2025 - 04 - 01 is presented [32].

Report Industry Investment Rating - Not provided in the report Core Viewpoints - The increase in raw material costs supports the price of silicomanganese. Recently, the manganese ore market has been stable, with various manganese ore varieties rising by 0.5 - 1 yuan/ton degree at the beginning of this week. The supply of South African ore at southern ports is tight, and the bargaining power of factories has decreased. Additionally, the fifth round of coke price hikes has further strengthened cost support [2]. - The high - level oscillation of the silicomanganese futures market supports the spot price. The futures price fluctuated around 6000 yuan/ton this week, and the market trading atmosphere was warm. There was still high - level hedging in the northern region, and the transmission effect of the futures market on the spot market was obvious, leading to a slight increase in spot prices in both the north and the south [2]. - The resonance of macro - policies and downstream demand has injected confidence into the market. Stimulated by macro - favorable policies such as the national anti - involution policy, the downstream stainless steel market has strengthened, and market activity has gradually recovered. Combined with strong support from the raw material side and positive transmission from the futures market, it has jointly promoted the increase in silicomanganese prices [2]. - Overall, the current silicomanganese market has clear and continuously effective supporting factors, and it is expected that the market will continue to operate in a strong and oscillatory manner in the short term. Attention should be paid to the trend of raw material prices and changes in downstream actual procurement volume [2]. Summary by Directory Manganese Silicone Supply - **Capacity**: The report presents the monthly capacity of Chinese silicomanganese enterprises and the annual production of silicomanganese in different regions of China, including Guangxi, Guizhou, Inner Mongolia, Ningxia, Yunnan, and other areas [6][7]. - **Production - Annual**: The annual production data of silicomanganese in different regions of China are shown [7]. - **Production - Weekly, Monthly, and Operating Rate**: The report shows the weekly and monthly production of silicomanganese in China and the weekly operating rate of Chinese silicomanganese enterprises [10]. - **Production - Regional Production**: The monthly production of Inner Mongolia, Ningxia, and Guizhou, as well as the daily average production of Inner Mongolia, Ningxia, Guizhou, and Guangxi are presented [11][12]. Manganese Silicone Demand - **Steel Tender Purchase Price**: The monthly purchase prices of silicomanganese by various steel enterprises, such as Baoshan Iron & Steel Co., Ltd., Baowu Egang, Chengde Jianlong, etc., are shown [15]. - **Daily Average Hot Metal and Profit**: The weekly daily average hot metal production and profitability of 247 steel enterprises in China are presented [17]. Manganese Silicone Import and Export - The monthly import and export quantities of silicomanganese in China are shown [19]. Manganese Silicone Inventory - The weekly inventory of 63 sample silicomanganese enterprises in China, as well as the monthly average available days of inventory in China, the northern region, and the eastern region are presented [21]. Manganese Silicone Cost - **Manganese Ore - Import Volume**: The monthly import volume of manganese ore in China, including imports from different regions such as Gabon, Africa, and Australia, is shown [23]. - **Manganese Ore - Port Inventory and Available Days**: The weekly port inventory of manganese ore in China, including at Qinzhou Port and Tianjin Port, and the weekly average available days of inventory in China are presented [25]. - **Manganese Ore - High - Grade Ore Port Inventory**: The weekly port inventory of high - grade manganese ore in China, including Australian, Gabonese, and Brazilian manganese ore at Qinzhou Port and Tianjin Port, is shown [27]. - **Manganese Ore - Tianjin Port Manganese Ore Price**: The daily price of different types of manganese ore at Tianjin Port, such as South African semi - carbonate manganese ore, Australian manganese ore, and Gabonese manganese ore, is presented [28]. - **Regional Cost**: The daily cost of silicomanganese in different regions, including Inner Mongolia, the northern region, Ningxia, the southern region, and Guangxi, is shown [29]. Manganese Silicone Profit - **Regional Profit**: The daily profit of silicomanganese in different regions, including the northern region, the southern region, Inner Mongolia, Ningxia, and Guangxi, is presented [31].