铁合金周报：钢招量下降，双硅弱势震荡-20250421

1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - For ferrosilicon, the weekly output continued to decline, consumption slightly rebounded, traders were cautious with low - inventory. Steel mills pressured prices during procurement, and the game continued. Although the approaching Politburo meeting improved the market atmosphere and provided some support at low prices, the medium - term bearish pattern remained unchanged, and prices were expected to fluctuate at a low level. Strategies could be bearish on rebounds [4]. - For silicomanganese, the mills' losses persisted, production continued to decline slightly on a weekly basis, weekly consumption decreased, and the pressure from high - level warehouse receipts remained. The price of manganese ore weakened, and port inventory was at a low level. The supply - demand fundamentals of silicomanganese remained loose, and prices were expected to oscillate weakly at a low level [28]. 3. Summary According to Related Catalogs 3.1 Ferrosilicon 3.1.1 Supply - The output of 136 independent ferrosilicon enterprises was 10030 tons last week, a week - on - week decrease of 2.72% and a year - on - year increase of 9.02%. In March 2025, the ferrosilicon output was 50270 tons, a month - on - month increase of 3.85% and a year - on - year increase of 18.02% [7]. 3.1.2 Demand - The consumption of ferrosilicon in five major steel products was 2050 tons, a week - on - week increase of 0.11% and a year - on - year increase of 3.45%. The weekly output of five major steel products was 872710 tons, a week - on - week increase of 0.19% and a year - on - year increase of 1.42% [9]. 3.1.3 Inventory - The enterprise inventory (bi - weekly data) was 9490 tons, a week - on - week increase of 19.15% and a year - on - year increase of 50.45%. The steel mill inventory days in March were 16.26 days, a month - on - month increase of 0.26 days and a year - on - year increase of 0.42 days. The number of ferrosilicon warehouse receipts was 13757, a week - on - week increase of 2552 and a year - on - year decrease of 1587 [12][20]. 3.1.4 Cost - The electricity price in Inner Mongolia decreased, and the price of oxidized iron scale dropped, leading to a slight decline in costs. Although the profit in Inner Mongolia improved, overall losses still existed [4][17]. 3.1.5 Basis - The basis of the main contract was 218 yuan/ton, a week - on - week increase of 146 yuan/ton [4]. 3.1.6 Position - The total position of ferrosilicon increased [21]. 3.2 Silicomanganese 3.2.1 Supply - The weekly output of 121 independent silicomanganese enterprises was 18860 tons, a week - on - week decrease of 1.62% and a year - on - year increase of 18.57%. In March 2025, the national silicomanganese output was 89910 tons, a month - on - month increase of 3.68% and a year - on - year increase of 6.52% [31]. 3.2.2 Demand - The weekly consumption of silicomanganese was 12630 tons, a week - on - week decrease of 0.23% and a year - on - year increase of 3.44%. The weekly output of five major steel products was 872710 tons, a week - on - week increase of 0.19% and a year - on - year increase of 1.42% [34]. 3.2.3 Inventory - The enterprise inventory (bi - weekly data) was 15760 tons, a week - on - week increase of 6.06% and a year - on - year decrease of 49.57%. The steel mill inventory days in March were 16.61 days, a month - on - month increase of 0.34 days and a year - on - year increase of 0.58 days. The number of silicomanganese warehouse receipts was 119504, a week - on - week increase of 2003 and a year - on - year increase of 67274 [37][38]. 3.2.4 Cost - The prices of manganese ore in Tianjin Port and Qinzhou Port continued to decline, and the cost of silicomanganese kept moving down. Although the electricity price in Inner Mongolia decreased and the profit improved, losses still persisted [28][44]. 3.2.5 Basis - The basis of the main contract was +154 yuan/ton, a week - on - week decrease of 40 yuan/ton [28]. 3.2.6 Position - The total position of silicomanganese increased on a weekly basis [45].