瑞达期货锰硅硅铁产业日报-20250814

1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints - On August 14, the silicon - iron 2511 contract reported 5918, down 2.18%. The market should be treated as fluctuating, and investors are advised to control risks. The macro - economic situation shows that single - month loan readings are not sufficient to accurately reflect economic activity. Supply and demand have seen a rapid increase in production and inventory in recent weeks after profit improvement. The cost of Ningxia semi - coke has risen, and the overall demand for steel is still weak. The spot profit in Inner Mongolia is - 50 yuan/ton, and in Ningxia it is 150 yuan/ton. The August steel mill procurement tender price increased by 100 yuan/ton month - on - month [2]. - On August 14, the manganese - silicon 2601 contract reported 6144, down 1.06%. The market should be treated as fluctuating, and investors are advised to control risks. Since August 15, 2025, trading sentiment has been affected by position limits. Fundamentally, production has been on an upward trend since mid - May, and inventory has decreased for 5 consecutive weeks to a neutral level after the recent price increase. The port inventory of imported manganese ore has increased by 10.4 tons, and the downstream hot - metal production is at a high level. The spot profit in Inner Mongolia is - 100 yuan/ton, and in Ningxia it is - 40 yuan/ton. The August steel mill procurement tender price increased by 150 yuan/ton month - on - month [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - SM主力合约收盘价 was 6,050.00 yuan/ton, down 24.00 yuan; SF主力合约收盘价 was 5,744.00 yuan/ton, down 50.00 yuan [2]. - SM期货合约持仓量 was 605,369.00 hands, down 18,227.00 hands; SF期货合约持仓量 was 442,759.00 hands, down 13,384.00 hands [2]. - The net position of the top 20 in manganese - silicon was - 104,374.00 hands, down 1,083.00 hands; the net position of the top 20 in silicon - iron was - 34,653.00 hands, up 1,088.00 hands [2]. - The SM1 - 9 month contract spread was 94.00 yuan/ton, up 6.00 yuan; the SF1 - 9 month contract spread was 160.00 yuan/ton, down 10.00 yuan [2]. - The SM warehouse receipt was 75,359.00 sheets, down 87.00 sheets; the SF warehouse receipt was 20,976.00 sheets, up 373.00 sheets [2]. 3.2 Spot Market - The price of Inner Mongolia manganese - silicon FeMn68Si18 was 5,900.00 yuan/ton, unchanged; the price of Guizhou manganese - silicon FeMn68Si18 was 5,950.00 yuan/ton, unchanged; the price of Yunnan manganese - silicon FeMn68Si18 was 5,920.00 yuan/ton, up 20.00 yuan [2]. - The price of Inner Mongolia silicon - iron FeSi75 - B was 5,700.00 yuan/ton, up 50.00 yuan; the price of Qinghai silicon - iron FeSi75 - B was 5,540.00 yuan/ton, unchanged; the price of Ningxia silicon - iron FeSi75 - B was 5,630.00 yuan/ton, unchanged [2]. - The manganese - silicon index average was 5,833.00 yuan/ton, down 4.00 yuan; the SF main - contract basis was - 114.00 yuan/ton, up 50.00 yuan; the SM main - contract basis was - 150.00 yuan/ton, up 24.00 yuan [2]. 3.3 Upstream Situation - The price of South African manganese ore (Mn38 block, Tianjin Port) was 34.00 yuan/ton - degree, unchanged; the price of silica (98%, Northwest) was 210.00 yuan/ton, unchanged [2]. - The price of Inner Mongolia Wuhai secondary metallurgical coke was 1,100.00 yuan/ton, unchanged; the price of semi - coke (medium material, Shenmu) was 670.00 yuan/ton, unchanged [2]. - The manganese ore port inventory was 448.90 million tons, up 10.40 million tons [2]. 3.4 Industry Situation - The manganese - silicon enterprise operating rate was 43.43%, up 1.25%; the silicon - iron enterprise operating rate was 34.32%, up 0.56% [2]. - The manganese - silicon supply was 195,825.00 tons, up 5,005.00 tons; the silicon - iron supply was 109,100.00 tons, up 4,700.00 tons [2]. - The manganese - silicon manufacturer inventory was 161,500.00 tons, down 2,500.00 tons; the silicon - iron manufacturer inventory was 7.17 million tons, up 0.62 million tons [2]. - The national steel mill inventory of manganese - silicon was 14.24 days, down 1.25 days; the national steel mill inventory of silicon - iron was 14.25 days, down 1.13 days [2]. 3.5 Downstream Situation - The demand for manganese - silicon from five major steel types was 125,200.00 tons, up 1,485.00 tons; the demand for silicon - iron from five major steel types was 20,266.30 tons, up 344.30 tons [2]. - The blast - furnace operating rate of 247 steel mills was 83.77%, up 0.29%; the blast - furnace capacity utilization rate of 247 steel mills was 90.07%, down 0.15% [2]. - The crude - steel output was 8,318.40 million tons, down 336.10 million tons [2]. 3.6 Industry News - Bitcoin's dominance has fallen below 60% for the first time since February 1, and the cryptocurrency market has soared to over $4 trillion [2]. - The verified capacity utilization rate of 523 coking coal mines was 83.7%, down 0.2% week - on - week; the daily output of raw coal was 1.879 million tons, down 0.4 million tons; the raw - coal inventory was 4.702 million tons, down 0.064 million tons; the daily output of clean coal was 0.764 million tons, up 0.009 million tons; the clean - coal inventory was 2.577 million tons, up 0.12 million tons [2]. - On August 13, some steel mills in Hebei and Tianjin regions raised the coke procurement price for the sixth time [2]. - US Treasury Secretary Besent said that sanctions or secondary tariffs might increase if the meeting between Trump and Putin did not go well [2].