Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-04-29 09:41Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - On April 29, the manganese - silicon 2509 contract closed at 5758, down 0.69%, and the Inner Mongolia silicon - manganese spot price remained stable at 5700. With negative production profits, low production enthusiasm, and increasing manganese ore port inventory, downstream iron - water production may peak and decline. Steel mills' procurement is cautious, and the market should be treated as oscillating [2]. - On April 29, the ferrosilicon 2506 contract closed at 5608, down 0.28%, and the Ningxia ferrosilicon spot price remained stable at 5630. In the context of demand decline and market downturn, steel production cuts are a consensus. Ferrosilicon production profits are negative, and the market should be treated as oscillating [2]. 3. Summary by Directory 3.1 Futures Market - Manganese Silicon (SM): The closing price of the SM main contract was 5758 yuan/ton, down 46 yuan; the position was 613,102 hands, down 3876 hands; the net position of the top 20 was - 25,211 hands, up 4131 hands; the 9 - 5 contract spread was 78 yuan/ton, down 4 yuan; the number of warehouse receipts was 124,216, up 1087 [2]. - Ferrosilicon (SF): The closing price of the SF main contract was 5608 yuan/ton, down 40 yuan; the position was 388,619 hands, down 7733 hands; the net position of the top 20 was - 11,179 hands, up 2746 hands; the 9 - 5 contract spread was 76 yuan/ton, down 6 yuan; the number of warehouse receipts was 17,104, up 2198 [2]. 3.2 Spot Market - Manganese Silicon: The prices of FeMn68Si18 in Inner Mongolia, Guizhou, and Yunnan were 5700 yuan/ton, with Guizhou and Yunnan down 50 yuan/ton. The SM index average was 5697 yuan/ton, down 4 yuan/ton. The SM main - contract basis was - 58 yuan/ton, up 46 yuan [2]. - Ferrosilicon: The prices of FeSi75 - B in Inner Mongolia, Qinghai, and Ningxia were 5710, 5600, and 5630 yuan/ton respectively, remaining unchanged. The SF main - contract basis was 22 yuan/ton, up 40 yuan [2]. 3.3 Upstream Situation - Manganese Silicon: The price of South African Mn38 lump ore at Tianjin Port was 32 yuan/ton - degree, unchanged; the price of Inner Mongolia Wuhai secondary metallurgical coke was 1070 yuan/ton, unchanged; the manganese ore port inventory was 405.50 million tons, up 32.80 million tons [2]. - Ferrosilicon: The price of 98% silica in the northwest was 210 yuan/ton, unchanged; the price of semi - coke (medium - sized, Shenmu) was 670 yuan/ton, unchanged [2]. 3.4 Industry Situation - Manganese Silicon: The enterprise operating rate was 41.59%, down 2.63%; the supply was 186,060 tons, down 2555 tons; the manufacturer's inventory was 181,800 tons, up 24,200 tons; the national steel - mill inventory was 15.44 days, down 1.17 days; the demand of the five major steel types was 126,749 tons, up 431 tons [2]. - Ferrosilicon: The enterprise operating rate was 30.91%, down 1.49%; the supply was 98,900 tons, down 1400 tons; the manufacturer's inventory was 8.36 million tons, down 1.12 million tons; the national steel - mill inventory was 15.44 days, down 0.82 days; the demand of the five major steel types was 20,560.40 tons, up 15.70 tons [2]. 3.5 Downstream Situation - The blast - furnace operating rate of 247 steel mills was 84.35%, up 0.77%; the blast - furnace capacity utilization rate was 91.62%, up 1.49%; the monthly crude - steel output was 92.8414 million tons, up 16.8722 million tons [2]. 3.6 Industry News - In 2024, global military spending reached $2.72 trillion, a year - on - year increase of 9.4%. US military spending was $997 billion, an increase of 5.7%, accounting for over 30% of the world's military spending [2]. - The Ministry of Commerce established support tools such as special credit for large - scale complete equipment exports [2]. - Thirteen mandatory national standards for energy - consumption limits in the refining and chemical industry will be implemented on May 1, expected to save 24.52 million tons of standard coal annually [2]. 3.7 Profit Situation - Manganese Silicon: The Inner Mongolia spot profit was - 60 yuan/ton; the Ningxia spot profit was - 330 yuan/ton [2]. - Ferrosilicon: The Inner Mongolia spot profit was - 50 yuan/ton; the Ningxia spot profit was - 40 yuan/ton [2]. 3.8 Market Situation - Manganese Silicon: Steel - mill procurement was cautious, and the tender quantity decreased month - on - month [2]. - Ferrosilicon: In April, HBIS's 75B ferrosilicon tender quantity was 1700 tons, 183 tons less than the previous round [2]. 3.9 Technical Situation - For both manganese silicon and ferrosilicon, the 4 - hour cycle K - line was below the 20 - and 60 - day moving averages, and the market should be treated as oscillating [2].