瑞达期货锰硅硅铁产业日报-20250626

1. Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints - On June 26, the silicon iron 2509 contract closed at 5384, up 0.98%. The spot price of silicon iron in Ningxia was reported at 5240. The production profit of ferroalloys is negative, the cost support is weakened by the reduction of the settlement electricity price in Ningxia, the overall expectation of steel demand is still weak, and the market should pay attention to the market sentiment disturbance under the change of tariff policies. The 4 - hour cycle K - line is between the 20 and 60 moving averages, and the market should be treated as oscillating [2]. - On June 26, the manganese - silicon 2509 contract closed at 5676, up 0.96%. The spot price of manganese - silicon in Inner Mongolia was reported at 5500. Although the manufacturers' production cuts have led the operating rate to a low level in the same period, the overall inventory is still high. The downstream hot - metal production has peaked and declined, and the raw - material coal has stopped falling and stabilized. The steel mills' procurement is cautious, and the tender price continues to decline. The 4 - hour cycle K - line is between the 20 and 60 moving averages, and the market should be treated as oscillating [2]. 3. Summary According to Relevant Catalogs 3.1 Futures Market - Manganese - Silicon (SM): The closing price of the SM main contract was 5676 yuan/ton, up 22 yuan; the contract position was 588,389 hands, down 3429 hands; the net position of the top 20 was - 35,666 hands, down 1939 hands; the spread between the 1 - 9 month contracts was 34 yuan/ton, up 4 yuan; the number of warehouse receipts was 93,468, down 301 [2]. - Silicon - Iron (SF): The closing price of the SF main contract was 5384 yuan/ton, up 10 yuan; the contract position was 421,144 hands, down 12,473 hands; the net position of the top 20 was - 56,135 hands, down 6086 hands; the spread between the 1 - 9 month contracts was - 30 yuan/ton, up 14 yuan; the number of warehouse receipts was 6415, up 6415 [2]. 3.2 Spot Market - Manganese - Silicon: The prices of manganese - silicon in Inner Mongolia, Guizhou, and Yunnan were 5500, 5500, and 5450 yuan/ton respectively, with no change. The weekly average of the manganese - silicon index was 5465 yuan/ton, up 42 yuan. The basis of the SM main contract was - 176 yuan/ton, down 22 yuan [2]. - Silicon - Iron: The prices of silicon - iron in Inner Mongolia, Qinghai, and Ningxia were 5300, 5140, and 5240 yuan/ton respectively, with no change. The basis of the SF main contract was - 144 yuan/ton, down 10 yuan [2]. 3.3 Upstream Situation - Manganese - Silicon: The price of South African Mn38 lumps at Tianjin Port was 35 yuan/ton - degree, up 4 yuan. The port inventory of manganese ore was 421.50 tons, down 18.60 tons. The price of secondary metallurgical coke in Wuhai, Inner Mongolia was 850 yuan/ton, with no change [2]. - Silicon - Iron: The price of silica (98%, Northwest) was 210 yuan/ton, with no change. The price of semi - coke (medium - sized, Shenmu) was 640 yuan/ton, with no change [2]. 3.4 Industry Situation - Manganese - Silicon: The operating rate of manganese - silicon enterprises was 36.39%, up 1.09%. The supply was 176,610 tons, up 3220 tons. The manufacturers' inventory was 195,900 tons, up 9300 tons. The national steel - mill inventory was 15.15 days, down 0.29 days. The demand of the five major steel types was 123,717 tons, up 1564 tons [2]. - Silicon - Iron: The operating rate of silicon - iron enterprises was 32.69%, up 1.34%. The supply was 97,900 tons, up 2800 tons. The manufacturers' inventory was 69,900 tons, up 2200 tons. The national steel - mill inventory was 15.20 days, down 0.24 days. The demand of the five major steel types was 19,964.40 tons, up 356.60 tons [2]. 3.5 Downstream Situation - The blast - furnace operating rate of 247 steel mills was 83.84%, up 0.45%. The blast - furnace capacity utilization rate was 90.81%, up 0.25%. The monthly crude - steel output was 86.545 million tons, up 526,000 tons [2]. 3.6 Industry News - In May, despite the significant increase in the sales of pure - electric vehicles in Europe, Tesla's new - car sales in the region decreased by nearly 28% year - on - year [2]. - This week, the operating rate of 110 coal - washing plants in the country was 59.10%, down 2.23% from the previous period; the daily average output was 501,500 tons, down 84,000 tons; the raw - coal inventory was 3.2128 million tons, down 50,800 tons; the clean - coal inventory was 2.3187 million tons, down 55,200 tons [2]. - The chairman of the Atomic Energy Organization of Iran said that the Iranian government has taken necessary measures to ensure the continuation of the nuclear project after being attacked by Israel and the United States [2]. - Vice - Premier He Lifeng pointed out during a research trip in Hebei that efforts should be made to expand domestic demand, boost consumption, and accelerate the construction of a new model for real - estate development [2]. - In May, the crude - steel output of 70 countries/regions included in the World Steel Association's statistics was 159 million tons, a year - on - year decrease of 3.8% [2]. 3.7 Profit Situation - Manganese - Silicon: The spot profit in Inner Mongolia was - 140 yuan/ton; the spot profit in Ningxia was - 280 yuan/ton [2]. - Silicon - Iron: The spot profit in Inner Mongolia was - 360 yuan/ton; the spot profit in Ningxia was - 320 yuan/ton [2].