铁合金周报：煤炭走强提振，合金重心抬升-20250811

Report Title - "Coal Strength Boosts, Alloy Center of Gravity Lifted - Ferroalloy Weekly Report 20250811" [1] 1. Report Industry Investment Rating - Not provided in the given content 2. Report's Core View - For ferrosilicon, last week affected by coal over - production verification news, coal and coke strengthened again, driving the black series to stop falling. Ferrosilicon first rose then fell during the week, with its center of gravity continuing to rise. Production increased significantly, demand remained weak in the off - season, and recent macro and coal industry policies dominated the market. It's recommended to take an interval - oscillation approach in the short term, with the lower support around 5500 - 5600 [4]. - For silicomanganese, last week it also showed a firm trend due to coal news. Production continued to rise, demand was weak in the off - season, and recent macro and coal industry policies led the market. It should be treated with an interval - oscillation mindset in the short term, with the lower support around 5750 - 6000 [25]. 3. Summary by Relevant Catalogs 3.1 Ferrosilicon 3.1.1 Supply - 136 independent ferrosilicon enterprises had a weekly output of 10.91 tons (up 4.5% MoM, up 7.3% YoY). In July 2025, the ferrosilicon output was 44.67 tons (up 7.88% MoM, down 11.92% YoY), with an expanding increase and a positive YoY growth [7]. 3.1.2 Demand - The ferrosilicon consumption of five major steel products was 2.02 tons (up 1.7% MoM, up 15.4% YoY), and the weekly output of five major steel products was 869.21 tons (up 0.21% MoM, up 10.94% YoY), showing a weak - stable state [10]. 3.1.3 Inventory - The enterprise inventory was 7.17 tons (up 9.42% MoM, up 26.3% YoY), and the steel mill inventory in July was 14.25 days (down 1.13 days MoM, down 0.98 days YoY), indicating that manufacturers were accumulating inventory [13]. 3.1.4 Cost - The prices of most raw materials remained stable during the week. The cost of ferrosilicon in Qinghai, Ningxia, and Inner Mongolia slightly increased by about 0.4%, while the profit decreased, with the profit in Qinghai down 31.85%, in Ningxia down 91.97%, and in Inner Mongolia down 37.70% [17]. 3.1.5 Futures - Spot Relationship - The ferrosilicon warehouse - receipt quantity was 19646 (down 2396 MoM, up 4999 YoY), and the basis of the 09 contract in Ningxia was - 22 yuan/ton, down 240 yuan/ton MoM, showing a slight premium of the futures price [20]. 3.1.6 Contract Position and Precipitated Funds - Relevant data on contract position and precipitated funds are presented in graphical form, but specific numerical summaries are not provided in the text [22] 3.2 Silicomanganese 3.2.1 Supply - 121 independent silicomanganese enterprises had a weekly output of 19.58 tons (up 2.6% MoM, down 7.2% YoY). In July, the national silicomanganese output was 81.96 tons (up 8.9% MoM, down 17% YoY), with profit driving the increase in production [28]. 3.2.2 Demand - The weekly consumption of silicomanganese was 12.52 tons (up 1.2% MoM, up 5.2% YoY), and the weekly output of five major steel products was 869.21 tons (up 0.21% MoM, up 10.94% YoY), showing a stable - increasing state [31]. 3.2.3 Inventory - The enterprise sample inventory was 16.4 tons (down 20% MoM, down 11.6% YoY), and the steel mill inventory in July was 14.24 days (down 1.25 days MoM, down 1.19 days YoY), with the decline rate of manufacturers' inventory slowing down [34]. 3.2.4 Futures - Spot Relationship - The silicomanganese warehouse - receipt quantity was 76045 (down 1809 MoM, down 61502 YoY), and the 09 basis in Inner Mongolia was 104 yuan/ton, down 4 yuan/ton MoM, with the warehouse - receipt quantity steadily decreasing [38]. 3.2.5 Cost - The prices of most raw materials were stable, while the price of manganese ore slightly decreased. The cost of silicomanganese in Ningxia, Inner Mongolia, Guangxi, and Guizhou decreased by about 0.4%, and the profit increased, with the profit in Ningxia up 56.47%, in Inner Mongolia up 29.00%, in Guangxi up 14.31%, and in Guizhou up 22.62% [41]. 3.2.6 Contract Position and Precipitated Funds - Relevant data on contract position and precipitated funds are presented in graphical form, but specific numerical summaries are not provided in the text [43]