大越期货锰硅早报-20250603

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The manganese ore supply surplus situation persists, with sluggish market transactions. Before the holiday, the silicon-manganese futures market showed a continuous weak oscillation, dragging down the spot price. Silicon-manganese manufacturers maintain firm quotes, but downstream steel mills are cautious in purchasing silicon-manganese. Attention should be paid to the actual transaction situation in the silicon-manganese market after the holiday, with a neutral outlook. - The spot price is 5400 yuan/ton, and the basis of the 09 contract is -78 yuan/ton, indicating that the spot is at a discount to the futures, which is bearish. - The inventory of 63 independent silicon-manganese enterprises in the country is 186,100 tons, and the average available days of inventory for 50 steel mills in the country is 15.15 days, which is bullish. - The MA20 is downward, and the futures price of the 09 contract closes below the MA20, which is bearish. - The net long position of the main contract has changed from short to long, which is bullish. - It is expected that the price of manganese-silicon will oscillate this week, with the SM2509 contract oscillating between 5400 - 5580 yuan/ton [3]. Summary by Relevant Catalogs Manganese-Silicon Supply - Capacity: There are charts showing the monthly production capacity of silicon-manganese enterprises in China [7]. - Annual Production: There are charts presenting the annual production of silicon-manganese in various regions of China, including Guangxi, Guizhou, Inner Mongolia, Ningxia, Yunnan, and other areas [9]. - Weekly, Monthly Production, and Operating Rate: There are charts depicting the weekly and monthly production of silicon-manganese in China and the weekly operating rate of silicon-manganese enterprises [12]. - Regional Production: There are charts showing the monthly production of silicon-manganese in Inner Mongolia, Ningxia, and Guizhou, as well as the daily average production in Inner Mongolia, Ningxia, Guizhou, and Guangxi [13][14]. Manganese-Silicon Demand - Steel Tender Purchase Volume: There are charts displaying the monthly purchase volume of silicon-manganese by Hebei Iron and Steel Group, Shagang Co., Ltd., and Nanjing Iron and Steel Co., Ltd., as well as the weekly demand for silicon-manganese in China [15]. - Steel Tender Purchase Price: There are charts showing the monthly purchase prices of silicon-manganese by Baoshan Iron and Steel Co., Ltd., Baowu Egang, Chengde Jianlong, Heilongjiang Jianlong, Yangchun Iron and Steel, Jilin Jianlong, and Nanjing Iron and Steel Co., Ltd. [17]. - Daily Average Hot Metal and Profit: There are charts presenting the weekly daily average hot metal production and the weekly profitability of 247 steel enterprises in China [19]. Manganese-Silicon Import and Export - There are charts showing the monthly import and export volumes of ferromanganese in China [21]. Manganese-Silicon Inventory - There are charts depicting 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 [23]. Manganese-Silicon Cost - Manganese Ore Import Volume: There are charts showing the monthly import volume of manganese ore through different trade methods, the monthly import volume of manganese ore from Gabon to China, the monthly total import volume of manganese ore from southern Africa to China, and the monthly import volume of manganese ore from Australia to China [25]. - Manganese Ore Port Inventory and Available Days: There are charts presenting 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 manganese ore inventory in China [27]. - High-Grade Manganese Ore Port Inventory: There are charts showing the weekly port inventory of Australian, Gabonese, and Brazilian manganese ore in Qinzhou Port and Tianjin Port [29]. - Tianjin Port Manganese Ore Price: There are charts displaying 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 [30]. - Regional Cost: There are charts showing the daily cost of silicon-manganese in Inner Mongolia, the northern region, Ningxia, the southern region, and Guangxi [33]. Manganese-Silicon Profit - There are charts showing the daily profit of silicon-manganese in the northern region, the southern region, Inner Mongolia, Ningxia, and Guangxi [35].