Report Summary 1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints - This week, the cracking spread of Singapore 380cst high - sulfur fuel oil rebounded, the near - month spread rebounded, and the EW spread continued to rebound. The 9 - 10 month spread rebounded to $5.5 per ton, the basis oscillated at a low level (-$5), and the internal - external spread of FU01 strengthened slightly to $2.5. The 0.5 cracking spread of Singapore oscillated and continued to weaken, the 9 - 10 month spread rebounded slightly to $3.75 per ton, and the internal - external spread of LU11 oscillated around $8. [5][6] - This week, Singapore's on - shore inventory increased significantly, reaching the highest level in the same period of history. Floating storage increased month - on - month. Saudi Arabia's shipments were at a historical high in the same period, arrivals rebounded this week, and the UAE's shipments rebounded significantly month - on - month, with a significant increase in net exports. [6] - The divergence between the East and the West of high - sulfur fuel oil continued. The current price difference has triggered logistics changes. In the heavy - quality pattern, the cracking spread of Singapore 380cst is the weakest, and the premium of heavy - quality crude oil is the strongest. A two - way regression is expected in the future. [6] - This week, LU's weakening was realized, the spot price of the external MF0.5 decreased slightly, and the valuation was realized. Attention should be paid to the subsequent release of LU quotas. Pay attention to the opportunity of the widening of the 380 EW spread of high - sulfur fuel oil, and exit the short - allocation of LU in the short term. [6] 3. Summary of Related Data Rotterdam Fuel Oil Data | Product | Change | | --- | --- | | Rotterdam 3.5% HSF O swap M1 | -$0.57 | | Rotterdam 0.5% VLS FO swap M1 | -$0.20 | | Rotterdam HSFO - Brent M1 | -$0.15 | | Rotterdam 10ppm Gasoil swap M1 | -$4.36 | | Rotterdam VLSFO - Gasoil M1 | +$4.16 | | LGO - Brent M1 | -$0.64 | | Rotterdam VLSFO - HSFO M1 | +$0.37 | [3] Singapore Fuel Oil Data | Product | Change | | --- | --- | | Singapore 380cst M1 | -$6.18 | | Singapore 180cst M1 | -$2.44 | | Singapore VLSFO M1 | +$0.21 | | Singapore Gasoil M1 | -$0.01 | | Singapore 380cst - Brent M1 | -$1.24 | | Singapore VLSFO - Gasoil M1 | +$0.29 | [3][8] Singapore Fuel Oil Spot Data | Product | Change | | --- | --- | | FOB 380cst | -$11.83 | | FOB VLSFO | -$6.30 | | 380cst Basis | -$0.05 | | High - sulfur Internal - External Spread | +$0.1 | | Low - sulfur Internal - External Spread | +$0.6 | [4] Domestic FU Data | Product | Change | | --- | --- | | FU 01 | -16 | | FU 05 | -10 | | FU 09 | -6 | | FU 01 - 05 | -6 | | FU 05 - 09 | -4 | | FU 09 - 01 | +10 | [4] Domestic LU Data | Product | Change | | --- | --- | | LU 01 | 0 | | LU 05 | +10 | | LU 09 | +18 | | LU 01 - 05 | -10 | | LU 05 - 09 | -8 | | LU 09 - 01 | +18 | [5]

纯碱现货：重碱河北交割库现货报价在1200左右，送到沙河1240左右，下游低价刚需拿货。期现成交一般 纯碱产业：工厂库存继续累库 1,000 1,200 1,400 1,600 1,800 2,000 2,200 河北鑫利4.8mm（折5mm） 2022 2023 2024 2025 (600) (400) (200) 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 华北玻璃生产利润（气） 2020 2021 2022 2023 2024 2025 1151 1173 1147 1060 1056 1068 1158 1219 900 950 1000 1050 1100 1150 1200 1250 沙河德金 沙河安全 沙河低价 湖北低价 08合约 09合约 11合约 01合约 玻璃价格结构 今日(8/11） 昨日(8/8） 一周前(8/4） 一月前(7/11） (500) 0 500 1,000 1,500 华南玻璃利润（气） 2020 2021 2022 2023 2024 2025 0 500 1,000 1,500 2,000 2,500 3,000 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints - **PTA**: Near - term开工环比回升，聚酯负荷小幅提升，库存累积，基差偏弱，现货加工费低；PX国内开工小幅回升，海外检修重启并存，开工小幅回落，PXN环比走强。 TA低加工费下额外检修增加，需求端长丝产销乏力但难减产，瓶片低开工去库，聚酯开工预计走稳并向上，供需有望改善，关注逢低做扩加工费机会 [2] - **MEG**: 近端国内装置部分推迟重启，开工基本持稳，海外意外检修，周内到港回升发货平稳预计港口库存累积，下游备货回升，基差持稳，油制效益修复。短期累库压力不大，港口库存预计偏低，远月检修回归与新装置投产有累库预期，估值受成本影响大，偏宽幅震荡，关注卫星重启进度 [2] - **Polyester Staple Fiber**: 近端华西提负，开工小幅回升至90.6%，产销持稳，库存累积。需求端涤纱开工持稳，原料备货维持，成品库存去化，效益修复。下游开工后续或抬升，短纤供应可能提升，盘面加工费低，关注逢低做扩加工费机会 [2] - **Natural Rubber & 20 - Rubber**: 主要矛盾是全国显性库存持稳，无季节性去化，泰国杯胶价格反弹，降雨影响割胶，策略为观望 [2] - **Styrene**: 相关产品价格有一定变化，如乙烯、纯苯等价格波动，国产利润也有不同程度变动 [2] 3. Summary by Product PTA - **Price and Index Changes**: From 2025/08/05 to 2025/08/11, crude oil price remained at 66.6, PX price decreased by 3, PTA price increased by 70, PX processing margin increased by 7, polyester gross profit decreased by 2.8, and PTA basis increased by 5 [2] - **Device Changes**: Shandong Weilian's 2.5 million - ton device restarted [2] MEG - **Price and Index Changes**: From 2025/08/05 to 2025/08/11, Northeast Asia ethylene price increased by 5, MEG external price increased by 4, MEG internal price increased by 19, and MEG coal - based profit increased by 19 [2] - **Device Changes**: Shanxi Wouneng's 300,000 - ton device was under maintenance [2] Polyester Staple Fiber - **Price and Index Changes**: From 2025/08/05 to 2025/08/11, the price of 1.4D cotton - type staple fiber remained stable, short - fiber profit was stable, and the difference between cotton and polyester staple fiber increased by 40 [2] - **Device Changes**: Not mentioned Natural Rubber & 20 - Rubber - **Price and Index Changes**: From 2025/08/05 to 2025/08/11, the price of US - dollar Thai standard increased by 60, the price of RMB mixed rubber increased by 430, and the price of RU main contract increased by 1390 [2] - **Device Changes**: Not mentioned Styrene - **Price and Index Changes**: From 2025/08/05 to 2025/08/11, ethylene price remained stable, pure benzene price remained stable in some cases, and styrene CFR China price increased by 3 [2] - **Device Changes**: Not mentioned

s 疯皮期货 沥青早报 裂美&利润 兔黃 以上内容所依据的信息均来源于交易所、媒体及资讯公司等发布的公开资料或通过合法授权渠道向发布人取得的资讯，我们力求分析及建议内容的客观. 公正，研究方法专业审慎，分析结论合理，但我司对信息来源的准确性和完整性不作任何保证，也不保证所依据的信息和建议不会发生任何变化。我们提 供的全部分析及建议内容仅供参考，不构成对您的任何投资建议及入市依据，您应当自主做出期货交易决策，独立承担期货交易后果，凡据此入市者，我 司不承担任何责任。我司在为您提供服务时已最大程度避免与您产生利益冲突、未经我司授权，不得随意转载、复制、传播本网站中所有研究分析报告、 行情分析视频等全部或部分材料、内容。对可能跟互联网软硬件设备故障或失灵、或因不可抗力造成的全部或部分信息中断、延迟、遗漏、误导或造成资 料传输或储存上的错误、或遭第三人侵入系统篡改或伪造变造资料等，我司均不承担任何责任。 研究中心能化团队 2025/8/12 | | 指标 | 7/11 | 8/1 | 8/7 | 8/8 | 8/11 | 日度变化 | 周度変化 | | --- | --- | --- | --- | --- | -- ...

Report Summary 1) Report Industry Investment Rating - No investment rating information is provided in the report. 2) Core Viewpoints - The U.S. soybean export inspection volume in the week ending August 7 was 518,066 tons, higher than the expected 200,000 - 500,000 tons [1]. - As of August 10, the U.S. soybean good - excellent rate was 68%, in line with market expectations, with a decline from the previous week [1]. - Brazil exported 2,774,453.27 tons of soybeans in the first week of August, with a 27% increase in daily average export volume compared to August last year [1]. - Malaysian palm oil exports from August 1 - 10 increased by 23.3% (ITS data) and 23.7% (AmSpec data) compared to the same period last month [1]. - Malaysian palm oil inventory at the end of July reached the highest in nearly two years, with a 4.02% month - on - month increase to 2.11 million tons due to strong production [1]. 3) Summary by Related Catalogs Overnight Market Information - U.S. soybean export inspection volume in the week ending August 7 was 518,066 tons, higher than the expected 200,000 - 500,000 tons, and the previous week's revised volume was 628,110 tons [1]. - As of August 10, the U.S. soybean good - excellent rate was 68%, the flowering rate was 91%, and the pod - setting rate was 71% [1]. - Brazil exported 2,774,453.27 tons of soybeans in the first week of August, with a daily average export volume of 462,408.88 tons, a 27% increase compared to August last year [1]. - Malaysian palm oil exports from August 1 - 10 increased by 23.3% (ITS data) and 23.7% (AmSpec data) compared to the same period last month [1]. - Malaysian palm oil inventory at the end of July reached 2.11 million tons, a 4.02% month - on - month increase, with production increasing by 7.09% to 1.81 million tons and exports increasing by 3.82% to 1.31 million tons [1]. Spot Prices - Spot prices of various products such as soybean meal in Jiangsu, rapeseed meal in Guangdong, soybean oil in Jiangsu, palm oil in Guangzhou, and rapeseed oil in Jiangsu from August 5 - 11 are provided [2]. Protein Meal Basis - The report mentions protein meal basis but does not provide specific content [3]. Fat Basis - The report mentions fat basis but does not provide specific content [6]. Fat and Oil Futures Spread - The report mentions fat and oil futures spread but does not provide specific content [8]

Report Overview - Report Date: August 12, 2025 [2] - Report Type: Global Asset Market Performance Report 1. Global Bond Market 1.1 10-year Treasury Yields - On August 11, 2025, the 10-year Treasury yields in the US, UK, and France were 4.287%, 4.564%, and 3.355% respectively [3]. - The latest changes in the US, UK, and France were 0.003, -0.036, and 0.007 respectively [3]. - The one - year changes in the US, UK, and France were 0.310, 0.683, and 0.363 respectively [3]. 1.2 2-year Treasury Yields - On August 11, 2025, the 2-year Treasury yields in the US, UK, and Germany were 3.720%, 3.859%, and 1.961% respectively [3]. - The latest changes in the US, UK, and Germany were 0.030, -0.037, and 0.009 respectively [3]. - The one - year changes in the US, UK, and Germany were -0.630, 0.156, and -0.486 respectively [3]. 1.3 Credit Bond Indexes - The latest changes in the US investment - grade credit bond index, Eurozone investment - grade credit bond index, etc. were 0.09%, -0.00%, etc. respectively [3][4]. - The one - year changes in the US investment - grade credit bond index, Eurozone investment - grade credit bond index, etc. were 4.87%, 4.56%, etc. respectively [4]. 2. Global Stock Market 2.1 Major Economy Stock Indexes - On August 11, 2025, the S&P 500, Dow Jones Industrial Average, and NASDAQ were 6373.450, 43975.090, and 21385.400 respectively [3]. - The latest changes in the S&P 500, Dow Jones Industrial Average, and NASDAQ were -0.25%, -0.45%, and -0.30% respectively [3]. - The one - year changes in the S&P 500, Dow Jones Industrial Average, and NASDAQ were 17.02%, 8.99%, and 24.38% respectively [3]. 2.2 Stock Index Futures Trading Data - The closing prices of A - shares, CSI 300, and SSE 50 were 3647.55, 4122.51, and 2789.90 respectively [5]. - The price - to - earnings ratios (PE(TTM)) of CSI 300, SSE 50, and CSI 500 were 13.30, 11.43, and 30.82 respectively [5]. - The latest values of capital flows in A - shares, the main board, and the small and medium - sized enterprise board were 524.49, 191.94, etc. respectively [5]. 3. Foreign Exchange Market 3.1 USD against Major Emerging Economy Currencies - On August 11, 2025, the exchange rates of USD against the Brazilian Real, South African Rand, and South Korean Won were 5.443, 17.757, and 1390.850 respectively [3]. - The latest changes in the exchange rates of USD against the Brazilian Real, South African Rand, and South Korean Won were 0.15%, 0.06%, and 0.21% respectively [3]. - The one - year changes in the exchange rates of USD against the Brazilian Real, South African Rand, and South Korean Won were -5.28%, -2.83%, and 1.55% respectively [3]. 3.2 RMB Exchange Rates - On August 11, 2025, the on - shore RMB, off - shore RMB, and RMB central parity rate were 7.189, 7.197, and 7.141 respectively [3]. - The latest changes in the on - shore RMB, off - shore RMB, and RMB central parity rate were 0.12%, 0.10%, and 0.03% respectively [3]. - The one - year changes in the on - shore RMB, off - shore RMB, and RMB central parity rate were -0.78%, -0.76%, and 0.11% respectively [3]. 4. Futures Market 4.1 Stock Index Futures - The closing prices of A - shares, CSI 300, and SSE 50 were 3647.55, 4122.51, and 2789.90 respectively [5]. - The price - to - earnings ratios (PE(TTM)) of CSI 300, SSE 50, and CSI 500 were 13.30, 11.43, and 30.82 respectively [5]. - The latest values of capital flows in A - shares, the main board, and the small and medium - sized enterprise board were 524.49, 191.94, etc. respectively [5]. 4.2 Treasury Bond Futures - The closing prices of T00, TF00, T01, and TF01 were 108.495, 105.735, 108.390, and 105.780 respectively [6]. - The price changes of T00, TF00, T01, and TF01 were 0.00%, 0.00%, 0.00%, and 0.00% respectively [6].

Group 1: Report Information - Report title: Coke Daily Report [1] - Report date: August 12, 2025 [1] - Research team: Black Team of the Research Center [1] Group 2: Industry Investment Rating - Not provided Group 3: Core Viewpoints - Not provided Group 4: Price Information - Prices of different types of coke (such as Shanxi quasi - first wet quenching, Hebei quasi - first wet quenching) have week - on - week and month - on - month increases, but year - on - year decreases. For example, Shanxi quasi - first wet quenching is currently 1426.72, with a week - on - week increase of 54.61 and a year - on - year decrease of 22.64% [2] - Futures prices of different contracts (such as 05, 09, 01) also show certain changes, with both week - on - week and month - on - month increases but year - on - year decreases. For example, the 05 contract price is 1818.5, with a day - on - day increase of 6.50 and a year - on - year decrease of 13.98% [2] Group 5: Production and Inventory Information - The blast furnace operating rate is 90.09, with a week - on - week decrease of 0.15 and a year - on - year increase of 1.37% [2] - The average daily hot metal output is 240.32, with a week - on - week decrease of 0.39 and a year - on - year increase of 3.72% [2] - Coke production shows a week - on - week and month - on - month decrease. The daily coke output is 51.78, with a week - on - week decrease of 0.39 and a month - on - month decrease of 1.81, and a year - on - year decrease of 3.47% [2] - Coking plant inventory is 44.63, with a week - on - week decrease of 1.89 and a month - on - month decrease of 14.95, but a year - on - year increase of 1.39% [2] - Port inventory is 218.15, with a week - on - week increase of 3.05 and a month - on - month increase of 18.07, and a year - on - year increase of 15.29% [2] - Steel mill inventory is 619.28, with a week - on - week decrease of 7.41 and a month - on - month decrease of 18.52, but a year - on - year increase of 15.49% [2] - Steel mill inventory days are 10.91, with a week - on - week decrease of 0.26 and a month - on - month decrease of 0.73, but a year - on - year increase of 2.92% [2] - Coking capacity utilization rate is 73.48, with a week - on - week decrease of 0.13 and a month - on - month increase of 0.28, and a year - on - year increase of 0.34% [2] Group 6: Basis and Spread Information - The 05 basis is - 101.60, with a day - on - day decrease of 6.50 and a week - on - week decrease of 59.00 [2] - The 09 basis is 56.40, with a day - on - day decrease of 12.00 and a week - on - week decrease of 47.50 [2] - The 01 basis is - 17.10, with a day - on - day decrease of 4.50 and a week - on - week decrease of 53.50 [2] - The 5 - 9 spread is - 84.50, with a day - on - day decrease of 2.00 and a week - on - week decrease of 5.50 [2] - The 9 - 1 spread is 158.00, with a day - on - day decrease of 5.50 and a week - on - week increase of 11.50 [2] - The 1 - 5 spread is - 73.50, with a day - on - day increase of 7.50 and a week - on - week decrease of 6.00 [2]

焦煤日报 研究中心黑色团队 2025/8/12 | | 最新 | 日变化 | 周变化 | 月变化 | 年变化 | 最新 | 日变化 | 周变化 | 月变化 | 年变化 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 柳林主焦 | 1404.00 | 0.00 | 92.00 | 254.00 | -14.91% Peak Downs | 198.00 | 0.00 | 0.00 | 6.50 | -21.00 | | 原煤口岸库提价 | 986.00 | 13.00 | 49.00 | 206.00 | -19.18% Goonyella | 201.00 | 0.00 | 0.00 | 7.00 | -18.00 | | 沙河驿蒙5# | 1380.00 | 0.00 | 160.00 | 300.00 | -22.47% 盘面05 | 1263.50 | 8.50 | 63.50 | 299.50 | -14.86% | | 安泽主焦 | 1470.00 | 0.00 | -30.00 | 250.00 | - ...

Group 1: Report Industry Investment Ratings - Not provided in the given content Group 2: Report Core Views - The overall view on copper prices is bullish, and attention can be paid to the opportunity of reverse arbitrage positions between domestic and overseas markets in the remaining time of the third quarter [1] - For aluminum, in the short - term, it is advisable to hold at low prices under the low - inventory pattern and pay attention to the far - month inter - month and domestic - overseas reverse arbitrage; in the long - term, the domestic supply elasticity decreases, and the overseas supply is the main variable, so pay attention to the actual demand situation [2] - Regarding zinc, in the short - term, it is recommended to wait and see and focus on the sustainability of commodity sentiment due to the strong overseas and weak domestic situation; the domestic - overseas positive arbitrage can continue to be held, and attention can be paid to the inter - month positive arbitrage opportunity [5] - For nickel, the short - term real - world fundamentals are average, and the macro - level is mainly about the game of anti - involution policies. The opportunity to shrink the nickel - stainless steel price ratio can continue to be concerned [8] - For stainless steel, the fundamentals are generally weak. In the short - term, the macro - level follows the anti - involution expectation, and attention should be paid to the later policy direction [11] - For lead, it is expected that battery factories will replenish stocks next week, and the center of lead prices will rise [12] - For tin, in the short - term, it is recommended to sell short lightly at high prices due to the co - existence of domestic raw material supply disturbances and consumption decline expectations [13] - For industrial silicon, in the short - term, the supply and demand in August have turned to a balanced state, and if either the southwest or Hesheng reaches full production, the monthly balance will quickly turn to surplus; in the long - term, it is expected to fluctuate at the cycle bottom [16] - For lithium carbonate, in the short - term, the price has a large upward elasticity; in the medium - to - long - term, if the resource - end disturbance risk is resolved, the price will still fluctuate at a low level, and the downward space needs a significant weakening of demand [18] Group 3: Summary by Metal Copper - In the first half of the week, copper prices found support around 78,000 yuan, and downstream point - pricing and inventory - stocking improved. In the second half of the week, with the decline of the US dollar index and the increase of overseas interest - rate cut expectations, copper prices were strong. The downstream start - up and purchasing power provided support, and the refined - scrap substitution effect worked, so the copper inventory accumulation trend was not strong [1] Aluminum - Supply increased slightly from January to May due to aluminum ingot imports. In August, demand is expected to be in the seasonal off - season, with weak aluminum product exports, a decline in the photovoltaic sector, and some downstream production cuts. Overseas demand has declined significantly. Inventory is expected to continue to accumulate slightly in August. The short - term fundamentals are okay, and in the long - term, the domestic supply elasticity decreases [2] Zinc - This week, zinc prices fluctuated widely. On the supply side, the domestic TC has difficulty rising, while the imported TC rises slowly. In August, the smelting increment is further realized. On the demand side, domestic demand weakens seasonally, and overseas, some refineries face production resistance. Domestic social inventory rises, and overseas LME inventory decreases rapidly [5] Nickel - On the supply side, the pure nickel production remains at a high level. On the demand side, it is generally weak, and the premium has been stable recently. The domestic and overseas nickel plate inventories remain stable [8] Stainless Steel - On the supply side, some steel mills have reduced production passively. On the demand side, it is mainly for rigid needs, and some inventory replenishment has increased due to the macro - environment. The prices of nickel iron and chrome iron remain stable. The inventory in Xijiao and Foshan has decreased slightly, and the exchange warehouse receipts remain stable [11] Lead - This week, lead prices declined. On the supply side, the scrap volume is weak year - on - year, and the recycled lead maintains low - level operation. On the demand side, the battery finished - product inventory is high, and the market's peak - season expectation has fallen back to reality. The LME registered warehouse receipts have decreased [12] Tin - This week, tin prices fluctuated widely. On the supply side, the domestic smelting output may decline slightly from July to August, and overseas, the resumption of production signals are released but with recruitment difficulties. On the demand side, the solder elasticity is limited, and the terminal electronics and photovoltaic growth rates are expected to decline. The domestic inventory rises, and the overseas LME inventory is at a low level with a risk of short - squeeze [13] Industrial Silicon - In the short - term, the supply and demand in August have turned to a balanced state, and if either the southwest or Hesheng reaches full production, the monthly balance will quickly turn to surplus. In the long - term, the production capacity is still in significant surplus, and the price is expected to fluctuate at the cycle bottom [16] Lithium Carbonate - In the short - term, due to the resource - end compliance disturbances and the approaching downstream peak season, the price has a large upward elasticity. In the medium - to - long - term, if the resource - end disturbance risk is resolved, the price will still fluctuate at a low level [18]

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints - No relevant information provided 3. Summary by Related Catalogs Price - For silicon ferroalloy on August 12, 2025, the latest prices of Ningxia 72 and Inner Mongolia 72 were 5500 and 5450 respectively, with daily changes of 100 and 0, and weekly changes of 100 and 50. The main contract price was 5830, with a daily change of 58 and a weekly change of 156 [2]. - For silicon manganese, the latest prices of Inner Mongolia 6517, Ningxia 6517, and Guangxi 6517 were 5800, 5850, and 5870 respectively. The main contract price was 6100, with a daily change of 54 and a weekly change of 128 [2]. Supply - The monthly production of 136 silicon ferroalloy enterprises in China from 2021 - 2025 is presented, showing fluctuations over the years [5]. - The weekly production of 136 silicon ferroalloy enterprises in China (with a capacity - share of 95%) from 2021 - 2025 is also shown, with different production levels in different periods [5]. - The monthly production of silicon manganese in China from 2021 - 2025 is provided, and the production volume varies year - by - year [7]. Demand - The estimated monthly production of crude steel in China from 2021 - 2025 is given, which reflects the demand for ferroalloys in the steel - making industry [5][8]. - The monthly demand for silicon manganese in China (according to the Steel Union's caliber) from 2021 - 2025 shows an upward - trending demand in general [5][8]. Inventory - The weekly inventory of 60 sample silicon ferroalloy enterprises in China from 2021 - 2025 is presented, with inventory levels changing over time [6]. - The daily total number of silicon ferroalloy warehouse receipts and effective forecasts on CZCE from 2021 - 2025 are shown, which can reflect the inventory situation in the market [6]. - The daily total number of silicon manganese warehouse receipts, effective forecasts, and the sum of warehouse receipts and effective inventory on CZCE from 2021 - 2025 are provided, indicating the inventory status of silicon manganese [8]. Cost and Profit - The electricity prices for ferroalloys in Qinghai, Ningxia, Shaanxi, and Inner Mongolia from 2021 - 2025 are presented, which are important cost factors for ferroalloy production [6]. - The production costs and profits of silicon ferroalloy in Ningxia and Inner Mongolia from 2021 - 2025 are shown, including costs per ton and profit from converting to the main contract [6]. - The profits of silicon manganese in Inner Mongolia, Guangxi, the northern region, and the southern region from 2021 - 2025 (according to the Steel Union's caliber) are provided, as well as the profit from converting Guangxi silicon manganese to the main contract [8].