方正中期期货铁合金日度策略-20250516

1. Report Industry Investment Rating - No relevant content provided 2. Core Views of the Report - The macro - environment has changed with tariff adjustments, trade situation improvement, and shipping fee discounts. The black market is in a weak state with only short - term rebounds, not reversals. For manganese silicon, it may rebound in the short - term but is expected to decline after reaching a peak. For silicon iron, it is still in a weak position, and a short - term long - position can be considered after a decline [5][7][8] 3. Summary by Directory 3.1 First Part: Trading Strategies and Futures - Spot Market Conditions - Trading Strategies: For manganese silicon, use range - bound operations with short - selling on rebounds, with support at 5400 - 5420 yuan/ton and resistance at 5900 - 5920 yuan/ton. For silicon iron, mainly use range - bound operations, try short - term long - positions after a decline and short - sell on rebounds, with support at 5400 - 5420 yuan/ton and resistance at 5700 - 5720 yuan/ton [6][8][14] - Futures - Spot Market Conditions: The opening, high, low, closing prices, trading volume, settlement price, open interest, and other data of manganese silicon and silicon iron futures contracts are provided [14] 3.2 Second Part: Ferroalloy Fundamentals 3.2.1 Weekly Production and Demand - Production: Relevant charts show the weekly production values of silicon manganese and silicon iron [18] - Demand: Charts display the weekly demand values of silicon manganese and silicon iron, and the daily average pig iron production also affects the demand for ferroalloys [22][23] 3.2.2 Ferroalloy Inventory - Charts show the national ending inventory and inventory days of silicon manganese and silicon iron [24][27][29] 3.2.3 Ferroalloy Production Cost - Relevant charts present the spot production cost and profit of silicon manganese and silicon iron, as well as the average price of semi - coke in Ningxia and the market price of chemical coke in Shanxi [31][35][39] 3.3 Third Part: Option Strategies 3.3.1 Manganese Silicon Options - The trading volume, change, open interest, change, turnover, change, and relevant ratios of call options, put options, and overall manganese silicon options on May 16, 2025 are provided [40] 3.3.2 Silicon Iron Options - The trading volume, change, open interest, change, turnover, change, and relevant ratios of call options, put options, and overall silicon iron options on May 16, 2025 are provided [42]