大越期货锰硅早报-20250707

Report Industry Investment Rating No information provided in the report. Core Viewpoints - The spot price of manganese ore is on the rise, strengthening cost support, and silicon-manganese alloy plants are less willing to sell at low prices. Steel tenders are gradually coming in, and silicon-manganese plants are adopting a wait-and-see attitude, mostly suspending quotes. The spot price of silicon-manganese is currently stable. Future attention should be paid to the guidance of steel tender progress on silicon-manganese prices [3]. - The spot price is 5,600 yuan/ton, and the basis of the 09 contract is -48 yuan/ton, indicating that the spot is at a discount to the futures [3]. - The inventory of 63 independent silicon-manganese enterprises in the country is 221,800 tons, and the average available days of inventory for 50 steel mills in the country is 15.49 days [3]. - The MA20 is upward, and the futures price of the 09 contract is above the MA20 [3]. - The main positions are net short, with an increase in short positions [3]. - It is expected that the price of silicon-manganese will fluctuate this week, with the SM2509 contract fluctuating between 5,600 and 5,800 yuan [3]. Summary by Directory Manganese Silicon Supply - Capacity: The chart shows the monthly production capacity of Chinese silicon-manganese enterprises from June 2016 to June 2025 [7]. - Annual Output: The chart presents the annual production of silicon-manganese in various regions of China from 2008 to 2025, including Guangxi, Guizhou, Inner Mongolia, Ningxia, Yunnan, and other areas [8]. - Weekly, Monthly Output, and Operating Rate: The chart depicts the weekly and monthly production of Chinese silicon-manganese and the weekly operating rate of silicon-manganese enterprises from January 2020 to January 2025 [11]. - Regional Output: The chart shows the monthly production of Inner Mongolia, Ningxia, and Guizhou, as well as the daily average production of Inner Mongolia, Ningxia, Guizhou, and Guangxi from January 2020 to May 2025 [13]. Manganese Silicon Demand - Steel Tender Procurement Volume: The chart shows the monthly procurement volume of silicon-manganese by Hebei Iron and Steel Group, Shagang Co., Ltd., and Nanjing Iron and Steel Co., Ltd., as well as the weekly demand for silicon-manganese in China from January 2020 to January 2025 [14]. - Steel Tender Procurement Price: The chart presents the monthly procurement prices of silicon-manganese by Baoshan Iron and Steel Co., Ltd., Baowu Egang, Chengde Jianlong, Heilongjiang Jianlong, Yangchun Iron and Steel, Jilin Jianlong, and Nanjing Iron and Steel Co., Ltd. from January 2020 to June 2025 [16]. - Daily Average Hot Metal and Profitability: The chart shows the weekly daily average hot metal production and profitability of 247 steel enterprises in China from January 2020 to January 2025 [18]. Manganese Silicon Import and Export - The chart shows the monthly import and export volumes of ferromanganese in China from January 2020 to January 2025 [20]. Manganese Silicon Inventory - The chart shows the weekly inventory of 63 sample silicon-manganese enterprises in China, the monthly average available days of inventory in China, the monthly average available days of inventory in the northern region, and the monthly average available days of inventory in the eastern region from September 2019 to March 2025 [22]. Manganese Silicon Cost - Manganese Ore Import Volume: The chart shows the monthly import volume of manganese ore in China, including the import volume from Gabon, southern Africa, and Australia, from January 2020 to April 2025 [24]. - Manganese Ore Port Inventory and Available Days: The chart shows the weekly port inventory of manganese ore in China, including the port inventory in Qinzhou Port and Tianjin Port, as well as the weekly average available days of inventory in China from January 2020 to January 2025 [26]. - High-Grade Manganese Ore Port Inventory: The chart shows the weekly port inventory of high-grade manganese ore in China, including the port inventory of Australian, Gabonese, and Brazilian manganese ore in Qinzhou Port and Tianjin Port, from January 2020 to January 2025 [28]. - Tianjin Port Manganese Ore Price: The chart shows the daily price of manganese ore in Tianjin Port, including the price of South African semi-carbonate manganese ore, Australian manganese ore, and Gabonese manganese ore, from January 2020 to July 2025 [29]. - Regional Cost: The chart shows the daily cost of silicon-manganese in Inner Mongolia, the northern region, Ningxia, the southern region, and Guangxi from January 2015 to January 2025 [30]. Manganese Silicon Profit - The chart shows the daily profit of silicon-manganese in the northern region, the southern region, Inner Mongolia, Ningxia, and Guangxi from January 2020 to April 2025 [32].