成本宽松拖累，合金继续磨底

Report Information - Report Title: Ferroalloy Semi - annual Report - Report Date: June 27, 2025 - Report Institution: Galaxy Futures Core Viewpoint - The cost is loose, which drags down the ferroalloy market, and the alloy continues to bottom out [2] Summary by Directory 1. Fundamental Situation Price and Spread - The report presents the trends of ferroalloy main contracts, including silicon iron and silicon manganese main contracts, and their price ranges from 4500 to 8000 yuan/ton [7][8] - It shows the spot market prices of 72% FeSi silicon iron in different regions such as Inner Mongolia, Ningxia, Qinghai, and Shaanxi, with prices ranging from 4500 - 7000 yuan/ton [9][10] - The disk main contract sf - sm spread is also presented, with a range from - 2000 to 3000 yuan/ton [14] Market Demand - related Indicators - Real estate new construction area remains sluggish, and land transaction area is also monitored [25][26] - Local government special bond issuance progress is fast this year, but the proportion invested in infrastructure is too low [31][36] - Industrial enterprise profits lead manufacturing investment, and manufacturing investment is relatively synchronized with exports [33] - Steel direct exports remain at a high level, and indirect exports also show resilience. The indirect steel consumption of some commodities from January - April 2025 compared with 2024 shows different growth rates, with the total indirect steel consumption increasing by 9.03% [35][40] Production and Inventory - The production enterprise start - up rates of silicon iron and silicon manganese are presented, with the silicon iron start - up rate ranging from 20 - 80% and the silicon manganese start - up rate ranging from 10 - 70% [45][51] - The inventories of alloy plants (silicon iron and silicon manganese), the average available days of steel mill inventories (silicon iron and silicon manganese), and the warehouse receipt situations (silicon iron and silicon manganese) are also shown [49][53][54] Cost - related Factors - The growth rates and proportions of different energy - structure power generation are presented, including hydropower, nuclear power, wind power, solar power, and thermal power [61][66] - Electricity prices in different regions such as Gansu, Inner Mongolia, Ningxia, Qinghai, and Shaanxi are shown, ranging from 0.35 - 0.6 yuan/degree [63] - The prices of chemical coke in Yinchuan, lanthanum small materials in various places, global manganese ore shipments, manganese ore prices in Tianjin Port, and national manganese ore inventories are also included [68][70][74] - The production costs and profits of silicon iron and silicon manganese in different regions are presented [76][79] 2. Future Outlook and Strategy Recommendation - No specific future outlook and strategy recommendation content is presented in the provided text