融达期货铁合金日报-宏观预期支撑，合金重心上移

Cost Analysis - The price of silicon stone at the factory in Qinghai and Ningxia is between 170-230 RMB/ton, while the price of Shenfu Lan coal is stable at 570-640 RMB/ton[2] - The current cash-inclusive ex-factory price for 72 silicon iron is 5100-5200 RMB/ton, and for 75 silicon iron, it is 5700-5850 RMB/ton[2] - The operating rate of 126 sample silicon iron plants is 47.97%, a decrease of 0.39% week-on-week[2] Inventory and Market Sentiment - Silicon iron warehouse receipts decreased by 114 to 15462, with total receipts and forecasts down by 570 tons to 77710 tons[2] - Manganese silicon warehouse receipts decreased by 247 to 100765, while forecasts increased by 1400 to 1800, leading to a total increase of 5765 tons[8] Technical Analysis - The Wenhua Commodity Index closed at 155.97, down 0.07%, with a net capital inflow of 3.922 billion RMB[3] - The main manganese silicon contract closed at 5552, up 0.04%, with a capital outflow of 47.67 million RMB[9] Market Outlook - The market is experiencing a low-level wide fluctuation with a slight upward shift in focus on price procurement opportunities[4] - Key factors include downward cost potential, supply-demand mismatch, and macroeconomic pressures from US-China trade negotiations[5]