Market Review - The main contract for ferrosilicon closed flat at 5768 CNY/ton, while the spot price in Tianjin was 5670 CNY/ton, down by 30 CNY/ton [1] Fundamental Summary - The operating rate of 187 independent silicomanganese enterprises nationwide was 43.19%, a decrease of 0.99% from the previous week; the average daily output was 29,175 tons, down by 315 tons, marking an 8-week low [2] - On October 9, a group tendered silicomanganese alloy pricing: Hubei at 5790 CNY/ton for 400 tons; Jiangsu at 5760 CNY/ton for 500 tons; Guangdong Heyuan at 5860 CNY/ton for 800 tons, all cash inclusive of tax to the factory [2] Institutional Perspectives - Zhonghui Futures noted a slight decrease in supply from production areas, but absolute values remain high; inventory continues to increase, and the new round of steel tenders has not fully commenced, leading to a cautious industry outlook. Overall, while cost support for prices is strong, upward drivers remain limited, suggesting a potential for price fluctuations after a rapid release of short-term bearish sentiment, recommending short positions to exit [4] - Southwest Futures indicated that recent ferroalloy production remains high, with weak demand recovery, likely continuing the oversupply situation. Current low costs limit downward space, with support in low ranges gradually strengthening; low manganese ore inventory may lead to supply reduction expectations causing disturbances, and under low cost conditions, opportunities for long positions may arise if the spot market falls into a loss zone [4]
产量维持高位 锰硅期货上行驱动仍有限
Jin Tou Wang·2025-10-10 06:04