锰硅延续减产 供应过剩程度延续减弱

Group 1 - The current manganese silicon spot market price in Tianjin is stable at 5620 CNY/ton, with a premium of 32 CNY/ton over the futures market [1] - On May 21, the main contract for manganese silicon futures closed at 5792 CNY/ton, with a slight decline of 0.03%, and a trading volume of 193,151 contracts [2] - The latest pricing from Hebei Steel Group for silicon manganese is 5850 CNY/ton, with previous pricing at 5950 CNY/ton in April and a projected price of 8000 CNY/ton in May 2024 [3] Group 2 - Customs data indicates that manganese ore imports in April 2025 reached 2.9712 million tons, reflecting a month-on-month increase of 53.86% and a year-on-year increase of 38.57% [3] - Southwest Futures reports a decline in rebar weekly production and suggests that the short-term demand for ferroalloys has peaked, with ongoing reductions in manganese silicon production [4] - The report highlights that manganese ore supply disruptions may continue, and with current low manganese ore inventories, there may be opportunities to consider out-of-the-money call options for manganese silicon [4]