瑞达期货锰硅硅铁产业日报-20250723

Report Overview - Report Date: July 23, 2025 [1] - Report Type: Manganese Silicon and Ferrosilicon Industry Daily Report - Researcher: Xu Yuhua [3] 1. Report Industry Investment Rating - Not provided in the given content 2. Report's Core View - On July 23, the ferrosilicon 2509 contract closed at 5,832, up 0.90%. The Ningxia ferrosilicon spot price was reported at 5,610, up 110 yuan/ton. With a strong macro - expectation of an upcoming steel industry growth plan, low - level operation of production, a decline in Ningxia semi - coke price, and weak overall steel demand, the ferroalloy production profit is negative. Technically, the 4 - hour cycle K - line is above the 20 and 60 moving averages, and it should be treated as an oscillating and slightly upward trend [2] - On July 23, the manganese silicon 2509 contract closed at 5,938, down 0.37%. The Inner Mongolia manganese silicon spot price was reported at 5,730, up 30 yuan/ton. Affected by the policy of optimizing supply and eliminating backward production capacity, coal prices have risen continuously. The manufacturer's operating rate has been rising for 8 consecutive weeks at a low level, with a moderately high inventory. Technically, the 4 - hour cycle K - line is above the 20 and 60 moving averages, and the 4 - hour K - line has a large - volume negative close and decline. It should be treated as an oscillating trend [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - Manganese Silicon (SM): The closing price of the SM main contract was 5,938 yuan/ton, down 74 yuan; the position was 578,273 lots, down 14,232 lots; the net position of the top 20 was - 74,609 lots, down 3,160 lots; the spread between the 1 - 9 month contracts was 50 yuan/ton, down 22 yuan; the number of warehouse receipts was 77,972, down 523 [2] - Ferrosilicon (SF): The closing price of the SF main contract was 5,832 yuan/ton, down 42 yuan; the position was 393,189 lots, down 848 lots; the net position of the top 20 was - 35,969 lots, up 8,342 lots; the spread between the 1 - 9 month contracts was 84 yuan/ton, up 6 yuan; the number of warehouse receipts was 22,150, unchanged [2] 3.2 Spot Market - Manganese Silicon: The Inner Mongolia FeMn68Si18 price was 5,730 yuan/ton, up 50 yuan; the Guizhou FeMn68Si18 price was 5,670 yuan/ton, unchanged; the Yunnan FeMn68Si18 price was 5,700 yuan/ton, up 50 yuan; the weekly average of the manganese silicon index was 5,610 yuan/ton, up 31 yuan; the basis of the SM main contract was - 208 yuan/ton, up 124 yuan [2] - Ferrosilicon: The Inner Mongolia FeSi75 - B price was 5,640 yuan/ton, up 100 yuan; the Qinghai FeSi75 - B price was 5,430 yuan/ton, up 150 yuan; the Ningxia FeSi75 - B price was 5,610 yuan/ton, up 110 yuan; the basis of the SF main contract was - 222 yuan/ton, up 152 yuan [2] 3.3 Upstream Situation - Manganese Silicon: The price of South African Mn38 lump ore at Tianjin Port was 35 yuan/ton - degree, unchanged; the price of Inner Mongolia Wuhai secondary metallurgical coke was 900 yuan/ton, unchanged; the manganese ore port inventory was 428.50 million tons, down 4.20 million tons [2] - Ferrosilicon: The price of silica (98%, Northwest) was 210 yuan/ton, unchanged; the price of semi - coke (medium material, Shenmu) was 640 yuan/ton, unchanged [2] 3.4 Industry Situation - Manganese Silicon: The operating rate of manganese silicon enterprises was 40.53%, down 0.02%; the weekly supply was 182,840 tons, up 560 tons; the manufacturer's inventory (half - month) was 216,300 tons, down 4,500 tons; the national steel mill inventory (month) was 14.24 days, down 1.25 days; the demand of the five major steel types (weekly) was 123,381 tons, down 1,547 tons [2] - Ferrosilicon: The operating rate of ferrosilicon enterprises was 32.45%, up 1.25%; the weekly supply was 100,000 tons, up 1,300 tons; the manufacturer's inventory (half - month) was 63,500 tons, down 6,700 tons; the national steel mill inventory (month) was 14.25 days, down 1.13 days; the demand of the five major steel types (weekly) was 20,013.70 tons, down 153.60 tons [2] 3.5 Downstream Situation - The blast furnace operating rate of 247 steel mills was 83.48%, up 0.35%; the blast furnace capacity utilization rate of 247 steel mills was 90.92%, up 1.05%; the monthly crude steel output was 8,318.40 million tons, down 336.10 million tons [2] 3.6 Industry News - The US reached trade agreements with the Philippines and Indonesia. The US will lower the tariff on Philippine goods from 20% to 19%, and Indonesia will supply key minerals to the US and cancel 99% of tariff barriers [2] - Germany announced an investment initiative worth over 630 billion euros to boost the economy, with 61 enterprises participating, and the investment will be used for factory construction, scientific research, and infrastructure in the next three years [2] - The US redeployed nuclear weapons to the UK after 17 years, which means a major change in NATO's nuclear strategy in the European theater [2] - The US and Japan reached a large - scale deal, with Japan paying a 15% reciprocal tariff to the US and investing 550 billion dollars in the US as required [2]