铁合金期货周报：成本难言企稳 需求边际转弱风险加剧

Group 1: Manganese Silicon - Manganese silicon production has slightly increased this week, but supply pressure remains due to the off-season demand [1] - Manganese silicon manufacturers' inventory has rebounded month-on-month, while warehouse receipts continue to decrease [1] - Steelmaking demand has weakened, with pig iron production slightly declining compared to last week and steel mills' profitability also decreasing [1] - Global manganese ore shipments have increased month-on-month, with significant growth in domestic arrivals, particularly from South Africa, Australia, and Ghana [1] - Manganese ore prices are hovering at low levels, which may lead to a marginal decline in future arrivals [1] - Cost pressures persist, with Ningxia entering a trial month for electricity spot settlement and coking coal prices not stabilizing [1] - The outlook for manganese silicon indicates ongoing supply pressure, with short-term price fluctuations expected to remain at the bottom [1] Group 2: Silicon Iron - Silicon iron production has slightly decreased this week due to ongoing weak demand, leading to continued declines in spot prices and increasing manufacturer losses [2] - Manufacturers' inventory has risen again due to previous restarts in Ningxia and Shaanxi [2] - Steelmaking demand has also shown a slight decline, with steel mills' profitability weakening [2] - Non-steel demand for magnesium metal remains weak, with both domestic and overseas demand being subdued [2] - Domestic price declines are providing some space for export profits, although marginal growth potential remains limited [2] - Coal costs are expected to remain weak and stable, with expectations of further reductions in electricity prices in Ningxia [2] - The outlook for silicon iron indicates a rising supply-demand imbalance, with short-term price fluctuations expected to remain at the bottom [2]