铁合金周报-宏观强预期和弱现实频繁切换，合金在商品共振中渐行渐远

Group 1: Silicon Iron Market Analysis - The cost of silicon iron has increased, with prices for 72 silicon iron reported at 6000-6100 CNY/ton and 75 silicon iron at 6500-6600 CNY/ton, reflecting a decrease in transaction volume[3] - The average operating rate of silicon iron enterprises is 38.84%, with a daily production of 15,481 tons, indicating a slight increase in supply[16] - The overall industry is experiencing significant losses, with the loss area expanding to 90% and the average cost of production rising to 6002 CNY/ton in Qinghai[11] Group 2: Manganese Silicon Market Analysis - Manganese silicon prices are reported at 5800-5900 CNY/ton, with a decrease in procurement volume by 900 tons in September compared to August[4] - The average operating rate for manganese silicon enterprises is 43.54%, with a daily production of 25,190 tons, showing a slight decrease in supply[18] - The industry is facing losses, with production costs decreasing by 50-100 CNY/ton, but the overall market sentiment remains weak[20] Group 3: Inventory and Supply Dynamics - Silicon iron warehouse receipts decreased by 7,035 tons to 65,135 tons, indicating a tightening supply situation[24] - Manganese silicon warehouse receipts decreased by 44,115 tons to 691,115 tons, suggesting a similar trend in inventory reduction[24] - Steel mills are experiencing a reduction in inventory days, with an average of 14.6 days, indicating a potential for replenishment ahead of the National Day holiday[23]