铁合金周报20250623：商品氛围转暖，合金重心抬升-20250623

Report Title - The report is titled "Commodity Atmosphere Warms Up, Alloy Center of Gravity Lifts - Ferroalloy Weekly Report 20250623" [1] Report Industry Investment Rating - No industry investment rating is provided in the report Core Views Silicon Ferrosilicon - Last week, both supply and demand of silicon ferrosilicon increased, and the futures price center of gravity slightly lifted. With overseas situation disturbances, the overall commodity trend repaired, and the black series including alloys showed short - term stabilization signs. The previous large discount of the silicon ferrosilicon futures has ended, and it followed the overall commodity to lift its low - level center of gravity. The price has initially entered the rebound target range. Industrial hedging can wait for the futures to reach par to premium opportunities [4] Manganese Ferrosilicon - Last week, the manganese ferrosilicon futures price repeatedly rose and then fell. Fundamentally, both supply and demand increased, and enterprises continued to accumulate inventory. Manganese ore quotes rose following the futures. Although the short - term driving force is not obvious, the overall manganese ore inventory is low. With the high operating rate of silicon - manganese plants, the ore price has been firm recently, and the cost - side support has strengthened [23] Summary by Section Silicon Ferrosilicon Supply - The weekly output of 136 independent silicon ferrosilicon enterprises was 9.79 tons (a 2.9% increase from the previous week and a 14.4% decrease year - on - year). The output in May 2025 was 41.48 tons (a 5.76% decrease from the previous month and a 7.45% decrease year - on - year) [6] Demand - The consumption of silicon ferrosilicon in five major steel products was 1.99 tons (a 1.8% increase from the previous week and a 5.2% decrease year - on - year). The weekly output of five major steel products was 868.51 tons (a 1.12% increase from the previous week and a 2.58% decrease year - on - year) [9] Inventory - Enterprise inventory (bi - weekly data) was 6.8 tons (a 2.7% decrease from the previous period and a 31.6% increase year - on - year). The steel mill inventory days in June were 15.38 days (an increase of 0.18 days from the previous month and an increase of 0.83 days year - on - year) [11] Cost - The prices of main and auxiliary materials remained stable during the week. For example, the electricity price in Qinghai, Ningxia, and Inner Mongolia remained unchanged, and the price of semi - coke small materials in Shenmu also remained stable. The cost of silicon ferrosilicon in Qinghai, Ningxia, and Inner Mongolia decreased slightly, while the profit increased [15] Basis - The futures price rebounded, and the basis narrowed. The number of silicon ferrosilicon warehouse receipts was 12,535 (a decrease of 2,693 from the previous week and a decrease of 83 year - on - year). The basis of the 09 contract was 150 yuan/ton, a decrease of 8 yuan/ton from the previous week [18] Contract Position and Precipitated Funds - No specific data summary is provided in the text, but relevant charts show the trends of contract positions and precipitated funds over time [20] Manganese Ferrosilicon Supply - The weekly output of 121 independent silicon - manganese enterprises was 17.6 tons (a 1.8% increase from the previous week and an 18.1% decrease year - on - year). The national silicon - manganese output in May was 74.3 tons (a 7.8% decrease from the previous month and a 7.8% decrease year - on - year) [25] Demand - The weekly consumption of silicon - manganese was 12.3 tons (a 1.2% increase from the previous week and a 4.3% decrease year - on - year). The weekly output of five major steel products was 868.51 tons (a 1.12% increase from the previous week and a 2.58% decrease year - on - year) [28] Inventory - Enterprise sample inventory (bi - weekly data) was 20.59 tons (a 5.1% increase from the previous period and a 208% increase year - on - year). The steel mill inventory days in June were 15.49 days (an increase of 0.34 days from the previous month and an increase of 0.42 days year - on - year). The manganese ore inventory decreased slightly last week [31] Cost - The futures price stop - falling drove an increase in manganese ore inquiries, but downstream still mostly waited and watched. The prices of some raw materials such as electricity and semi - coke remained stable, while the prices of some manganese ores changed slightly. The cost of silicon - manganese in different regions decreased slightly, and the profit increased [38] Basis - The futures price was still at a discount. The number of manganese - silicon warehouse receipts was 94,951 (a decrease of 3,000 from the previous week and a decrease of 17,547 year - on - year). The 09 basis was 234 yuan/ton, a decrease of 60 from the previous week [33] Contract Position and Precipitated Funds - No specific data summary is provided in the text, but relevant charts show the trends of contract positions and precipitated funds over time [40]