大越期货锰硅早报-20250729

Report Industry Investment Rating - Not provided in the report Core Viewpoints - The cost - end support for manganese - silicon has strengthened due to the recent increase in coking coal and manganese ore prices. Under the dual - factor support, northern factory quotes are firm, and profits are gradually recovering. Southern factories are still observing the situation where the futures market drives the spot market, and the cost - inversion situation has decreased. The implementation of the "anti - involution" policy has initially led to a relatively positive short - term macro sentiment, which is beneficial for the rise of spot prices. It is expected that the spot price of silicon - manganese will rise slightly this week; the outlook is neutral. - The spot price is 5950 yuan/ton, and the basis of the 09 contract is - 78 yuan/ton, indicating that the spot is at a discount to the futures; this is a bearish signal. - 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; the outlook is neutral. - The MA20 is upward, and the futures price of the 09 contract closes above the MA20; this is a bullish signal. - The net position of the main players is short, and the short positions are decreasing; this is a bearish signal. - It is expected that the price of manganese - silicon will fluctuate this week, with the SM2509 contract oscillating between 5800 - 6100 yuan [3]. Summary by Directory Manganese - Silicon Supply - Capacity: The report presents the monthly capacity of Chinese silicon - manganese enterprises over a long - term period [7]. - Annual Production: It shows the annual production of silicon - manganese in different regions of China, including Guangxi, Guizhou, Inner Mongolia, Ningxia, Yunnan, and other areas [8]. - Weekly, Monthly Production and Operating Rate: It provides data on the weekly and monthly production of Chinese silicon - manganese and the weekly operating rate of silicon - manganese enterprises [11]. - Regional Production: It shows the monthly production of Inner Mongolia, Ningxia, and Guizhou, as well as the daily average production of Inner Mongolia, Ningxia, Guizhou, and Guangxi [13]. Manganese - Silicon Demand - Steel Tender Purchase Volume: It shows the monthly purchase volume of silicon - manganese 6517 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 [14]. - Steel Tender Purchase Price: It presents the monthly purchase prices of silicon - manganese 6517 by Baoshan Iron and Steel Co., Ltd., Baowu E'gang, Chengde Jianlong, Heilongjiang Jianlong, Yangchun Iron and Steel, Jilin Jianlong, and Nanjing Iron and Steel Co., Ltd. [16]. - Daily Average Hot Metal and Profitability: It shows the weekly daily average hot metal production and profitability of 247 steel enterprises in China [18]. Manganese - Silicon Import and Export - It shows the monthly import and export volume of ferromanganese - silicon in China [20]. Manganese - Silicon Inventory - It presents the weekly inventory of 63 sample silicon - manganese enterprises in China, as well as the monthly average available days of inventory in China, the northern region, and the eastern region [22]. Manganese - Silicon Cost - Manganese Ore Import Volume: It shows the monthly import volume of manganese ore from different sources and trade methods to China [24]. - Manganese Ore Port Inventory and Available Days: It provides data on the weekly port inventory of manganese ore in China, Qinzhou Port, and Tianjin Port, as well as the weekly average available days of inventory in China [26]. - High - Grade Manganese Ore Port Inventory: It shows the weekly port inventory of high - grade manganese ore from different origins in Qinzhou Port and Tianjin Port [28]. - Tianjin Port Manganese Ore Price: It presents the daily price of different types of manganese ore in Tianjin Port [29]. - Regional Cost: It shows the daily cost of silicon - manganese in different regions, including Inner Mongolia, the northern region, Ningxia, the southern region, and Guangxi [30]. Manganese - Silicon Profit - It shows the daily profit of silicon - manganese in different regions, including the northern region, the southern region, Inner Mongolia, Ningxia, and Guangxi [32].