Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-06-11 08:46Group 1: Report Investment Rating - No information provided Group 2: Core Views - On June 11, the SiFe2509 contract closed at 5184, up 0.35%. On the spot side, the spot price of SiFe in Ningxia was reported at 5120, down 50 yuan/ton. The current production profit of ferroalloys is negative, the cost support is weakened by the reduction of settlement electricity prices in Ningxia, and the overall demand expectation for steel is still weak. Attention should be paid to the market sentiment disturbance under the change of tariff policies. The spot profit in Inner Mongolia and Ningxia is -330 yuan/ton. Technically, the 4-hour cycle K-line is below the 20 and 60 moving averages, and the operation should be treated as a volatile market [2]. - On June 11, the MnSi2509 contract closed at 5486, down 1.22%. On the spot side, the spot price of MnSi in Inner Mongolia was reported at 5430, down 20 yuan/ton. The mills' procurement is cautious, and the tender price continues to decline. The current production profit of ferroalloys is negative, and the cost support is weakened. The overall demand expectation for steel is still weak. The spot profit in Inner Mongolia is -170 yuan/ton, and in Ningxia is -360 yuan/ton. Technically, the 4-hour cycle K-line is below the 20 and 60 moving averages, and the operation should be treated as a volatile market [2]. Group 3: Summary by Relevant Catalogs Futures Market - The closing price of the SM main contract was 5486 yuan/ton, down 56 yuan; the closing price of the SF main contract was 5184 yuan/ton, up 10 yuan. The SM futures contract open interest was 664,316 lots, up 15,557 lots; the SF futures contract open interest was 446,401 lots, down 10,358 lots. The net position of the top 20 in MnSi was -30,055 lots, up 722 lots; the net position of the top 20 in SiFe was -21,474 lots, down 5,526 lots. The SM 1 - 9 month contract spread was 30 yuan/ton, up 2 yuan; the SF 1 - 9 month contract spread was -22 yuan/ton, down 10 yuan. The SM warehouse receipts were 100,336, up 288; the SF warehouse receipts were 15,395, down 20 [2]. Spot Market - The price of MnSi FeMn68Si18 in Inner Mongolia was 5430 yuan/ton, down 20 yuan; in Guizhou was 5500 yuan/ton, unchanged; in Yunnan was 5400 yuan/ton, down 50 yuan. The price of SiFe FeSi75 - B in Inner Mongolia was 5190 yuan/ton, down 70 yuan; in Qinghai was 5060 yuan/ton, down 50 yuan; in Ningxia was 5120 yuan/ton, down 50 yuan. The MnSi index average was 5411 yuan/ton, down 104 yuan; the SF main contract basis was -64 yuan/ton, down 60 yuan; the SM main contract basis was -56 yuan/ton, up 36 yuan [2]. Upstream Situation - The price of South African ore: Mn38 lumps at Tianjin Port was 31 yuan/ton - degree, unchanged; the price of silica (98% in the northwest) was 210 yuan/ton, unchanged. The price of secondary metallurgical coke in Wuhai, Inner Mongolia was 900 yuan/ton, unchanged; the price of semi - coke (medium material in Shenmu) was 640 yuan/ton, unchanged. The manganese ore port inventory was 420.30 million tons, up 13.30 million tons [2]. Industry Situation - The MnSi enterprise operating rate was 35.03%, up 0.26%; the SiFe enterprise operating rate was 32.78%, up 2.34%. The MnSi supply was 171,885 tons, up 1960 tons; the SiFe supply was 97,300 tons, up 12,400 tons. The MnSi manufacturer inventory was 186,600 tons, down 14,500 tons; the SiFe manufacturer inventory was 6.77 million tons, down 0.74 million tons. The national steel mill inventory of MnSi in months was 15.15 days, down 0.29 days; the national steel mill inventory of SiFe in months was 15.20 days, down 0.24 days [2]. Downstream Situation - The demand for MnSi from the five major steel types was 125,793 tons, down 1093 tons; the demand for SiFe from the five major steel types was 20,324.70 tons, down 249.80 tons. The blast furnace operating rate of 247 steel mills was 83.54%, down 0.35%; the blast furnace capacity utilization rate of 247 steel mills was 90.63%, down 0.04%. The crude steel output was 86.019 million tons, down 6.8224 million tons [2]. Industry News - Amid the depreciation of the yen, the Japanese government is considering canceling the shopping tax - free system and increasing the tourist tax due to soaring domestic prices and abuse of the tax - free system by tourists [2]. - In May, the housing rental industry continued the off - season atmosphere. The average rent of residential properties in key cities continued to decline slightly. The average rent of 50 - city residential properties was 35.0 yuan/square meter/month, down 0.34% month - on - month and 3.44% year - on - year [2]. - This year, "Double First - Class" universities in China will expand undergraduate enrollment, which is beneficial to high - school graduates. It will promote the improvement and expansion of higher education, support universities to improve their school - running conditions, and tilt new higher education resources towards the central and western provinces with large populations [2]. - On June 10, four major automobile enterprises including FAW, Dongfeng, GAC, and SERES Group announced that they would compress the payment period to suppliers within 60 days [2].