瑞达期货锰硅硅铁产业日报-20250603

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - On June 3, the closing price of the silicon - iron 2509 contract was 5196, down 1.74%. On the spot side, the spot price of silicon - iron in Ningxia was reported at 5250, down 50 yuan/ton. The new round of trade negotiations between the EU and the US will be held during the OECD Ministerial Meeting in Paris from June 3 - 4. The current production profit of ferroalloys is negative, the cost support is weakened due to the reduction of the settlement electricity price in Ningxia in April, and the overall expectation of steel demand is still weak. The market sentiment disturbance under the change of tariff policies should be concerned. The spot profit in Inner Mongolia is - 180 yuan/ton, and - 230 yuan/ton in Ningxia. Technically, the 4 - hour cycle K - line is below the 20 and 60 moving averages, and the market should be treated as a volatile one [2] - On June 3, the closing price of the manganese - silicon 2509 contract was 5422, down 1.09%. On the spot side, the spot price of manganese - silicon in Inner Mongolia was reported at 5450, down 50 yuan/ton. In May, China's Manufacturing Purchasing Managers' Index was 49.5%, up 0.5 percentage points from the previous month. Fundamentally, manufacturers have cut production and the operating rate has reached a low level in the same period, but the overall inventory is still high. The port inventory of imported manganese ore has decreased by 135,000 tons, and the downstream hot - metal output has peaked and declined. Attention should be paid to the price fluctuations after the demand decline. The spot profit in Inner Mongolia is - 210 yuan/ton, and - 430 yuan/ton in Ningxia. Steel mills' procurement is cautious, and the tender price continues to decline. Technically, the 4 - hour cycle K - line is below the 20 and 60 moving averages, and the market should be treated as a volatile one [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - SM主力合约收盘价 was 5422 yuan/ton, down 56 yuan; SF主力合约收盘价 was 5196 yuan/ton, down 102 yuan [2] - SM期货合约持仓量 was 647,052 hands, up 21,510 hands; SF期货合约持仓量 was 441,536 hands, up 15,592 hands [2] - The net position of the top 20 in manganese - silicon was - 18,730 hands, up 5850 hands; the net position of the top 20 in silicon - iron was - 19,059 hands, up 377 hands [2] - The SM1 - 9 month contract spread was 32 yuan/ton, down 8 yuan; the SF1 - 9 month contract spread was 16 yuan/ton, down 14 yuan [2] - SM仓单 was 106,973 sheets, down 4181 sheets; SF仓单 was 16,753 sheets, down 200 sheets [2] 3.2 Spot Market - The price of Inner Mongolia manganese - silicon FeMn68Si18 was 5450 yuan/ton, down 50 yuan; the price of Inner Mongolia silicon - iron FeSi75 - B was 5300 yuan/ton, down 50 yuan [2] - The price of Guizhou manganese - silicon FeMn68Si18 was 5500 yuan/ton, unchanged; the price of Qinghai silicon - iron FeSi75 - B was 5230 yuan/ton, down 50 yuan [2] - The price of Yunnan manganese - silicon FeMn68Si18 was 5500 yuan/ton, unchanged; the price of Ningxia silicon - iron FeSi75 - B was 5250 yuan/ton, down 50 yuan [2] - The manganese - silicon index average was 5515 yuan/ton, down 101.68 yuan; the SF主力合约基差 was 54 yuan/ton, up 52 yuan [2] - The SM主力合约基差 was 28 yuan/ton, up 6 yuan [2] 3.3 Upstream Situation - The price of South African ore: Mn38 block in Tianjin Port was 31 yuan/ton - degree, unchanged; the price of silica (98%, Northwest) was 210 yuan/ton, unchanged [2] - The price of Inner Mongolia Wuhai secondary metallurgical coke was 970 yuan/ton, unchanged; the price of semi - coke (medium material, Shenmu) was 640 yuan/ton, unchanged [2] - The manganese ore port inventory was 4.07 million tons, down 135,000 tons [2] 3.4 Industry Situation - The manganese - silicon enterprise operating rate was 34.77%, up 0.59 percentage points; the silicon - iron enterprise operating rate was 30.44%, up 0.02 percentage points [2] - The manganese - silicon supply was 169,925 tons, up 4725 tons; the silicon - iron supply was 84,900 tons, down 4000 tons [2] - The manganese - silicon manufacturers' inventory was 201,100 tons, down 6000 tons; the silicon - iron manufacturers' inventory was 75,100 tons, up 1400 tons [2] - The national steel mill inventory of manganese - silicon was 15.15 days, down 0.29 days; the national steel mill inventory of silicon - iron was 15.20 days, down 0.24 days [2] 3.5 Downstream Situation - The demand for manganese - silicon from the five major steel types was 126,886 tons, up 296 tons; the demand for silicon - iron from the five major steel types was 20,574.5 tons, down 125.5 tons [2] - The blast furnace operating rate of 247 steel mills was 83.89%, up 0.22 percentage points; the blast furnace capacity utilization rate of 247 steel mills was 90.67%, down 0.63 percentage points [2] - The crude steel output was 86.019 million tons, down 6.8224 million tons [2] 3.6 Industry News - The US Trade Representative's Office announced the extension of the exemption period for the 301 investigation into China's behavior, policies and practices in technology transfer, intellectual property and innovation, from May 31, 2025 to August 31, 2025 [2] - Since this month, the Yilkesitan Port in Xinjiang has piloted full - time freight clearance, which will further smooth the trade and logistics channel between China and Central Asia [2] - Elon Musk said that the government efficiency department he was previously in charge of became a "scapegoat", and he was in a dilemma as he didn't want to be responsible for what the Trump administration had done and didn't want to directly criticize the government [2] - Data released by the China Index Academy on June 1 showed that in May, major Chinese cities still continued the trend of structural increase in new - home prices and decline in second - hand home prices [2] - The new round of trade negotiations between the EU and the US will be held during the OECD Ministerial Meeting in Paris from June 3 - 4 [2]