大越期货锰硅早报-20250428

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The raw material side shows that the manganese ore market has sluggish transactions, and manganese ore prices are under pressure to decline. The supply side indicates that silicon-manganese plants have a weak willingness to offer prices actively, mostly fulfilling long-term contracts, with sluggish spot transactions. Affected by cost inversion, silicon-manganese plants have a weak willingness to reduce or halt production. The demand side reveals that downstream purchasers have weak demand for silicon-manganese, and they still need to wait for the release of terminal black-series demand, presenting a neutral situation. The basis shows that the spot price is 5,580 yuan/ton, and the basis for the 09 contract is -216 yuan/ton, with the spot at a discount to the futures, which is bearish. The inventory shows that the inventory of 63 independent silicon-manganese enterprises in the country is 116,500 tons, and the average available days of inventory for 50 steel mills in the country is 16.27 days, which is bullish. The disk shows that the MA20 is downward, and the futures price of the 09 contract closes below the MA20, which is bearish. The main position shows that the main position is net short, and the short position is decreasing, which is bearish. It is expected that the silicon-manganese price will run weakly this week, and SM2509 will oscillate between 5,750 - 5,950 yuan/ton [3]. Summary by Directory Manganese Silicon Supply - Capacity: Data on the monthly capacity of Chinese silicon-manganese enterprises is presented [7]. - Annual Output: Data on the annual output of silicon-manganese in various regions of China, including Guangxi, Guizhou, Inner Mongolia, Ningxia, Yunnan, and other areas, is shown [9]. - Weekly, Monthly Output and Operating Rate: Data on the weekly and monthly output of Chinese silicon-manganese and the weekly operating rate of silicon-manganese enterprises are presented [12]. - Regional Output: Data on the monthly output of Inner Mongolia, Ningxia, and Guizhou, as well as the daily average output of Inner Mongolia, Ningxia, Guizhou, and Guangxi, are shown [13][14]. Manganese Silicon Demand - Steel Tender Procurement Price: Data on the monthly procurement prices of silicon-manganese 6517 by various steel companies, such as Baoshan Iron & Steel Co., Ltd., Baowu Egang, Chengde Jianlong, etc., are presented [17]. - Daily Average Hot Metal and Profit: Data on the weekly daily average hot metal output and profitability of 247 Chinese steel enterprises are shown [19]. Manganese Silicon Import and Export - Data on the monthly import and export volumes of Chinese ferromanganese silicon are presented [21]. Manganese Silicon Inventory - Data on the weekly inventory of 63 sample silicon-manganese enterprises in China, the monthly average available days of inventory in China, and the monthly average available days of inventory in the northern region and East China are shown [23]. Manganese Silicon Cost - Manganese Ore Import Volume: Data on the monthly import volume of manganese ore by trade method, the monthly import volume of manganese ore from Gabon to China, the monthly import volume of manganese ore from southern Africa to China, and the monthly import volume of manganese ore from Australia to China are presented [25]. - Manganese Ore Port Inventory and Available Days: Data on the weekly port inventory of manganese ore in China, the weekly port inventory of manganese ore in Qinzhou Port and Tianjin Port, and the weekly average available days of inventory in China are shown [27]. - High-Grade Manganese Ore Port Inventory: Data on the weekly port inventory of Australian, Gabonese, and Brazilian high-grade manganese ore in Qinzhou Port and Tianjin Port are presented [29]. - Tianjin Port Manganese Ore Price: Data on the daily aggregated prices of South African semi-carbonate manganese ore (Mn36.5%), Australian manganese ore (Mn45%), and Gabonese manganese ore (Mn44.5%) in Tianjin Port are presented [30]. - Regional Cost: Data on the daily cost of silicon-manganese in Inner Mongolia, the northern region, Ningxia, the southern region, and Guangxi are presented [33]. Manganese Silicon Profit - Regional profit data on the daily profit of silicon-manganese in the northern region, the southern region, Inner Mongolia, Ningxia, and Guangxi are presented [35].