瑞达期货锰硅硅铁产业日报-20250819

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - On August 19, the manganese - silicon 2601 contract was reported at 5914, down 3.21%. For the spot market, Inner Mongolia silicon - manganese spot was reported at 5850, down 50 yuan/ton. The market sentiment was affected by position limits. The production has been on an upward trend since mid - May, and after the recent price recovery, the inventory has decreased for 5 consecutive weeks to a neutral level. The operation should be treated as a volatile one [2]. - On August 19, the ferrosilicon 2511 contract was reported at 5678, down 3.53%. For the spot market, Ningxia ferrosilicon spot was reported at 5560, down 50 yuan/ton. After the profit improvement, the production has rebounded rapidly in recent weeks, and the inventory has also increased. The operation should be treated as a volatile one [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - SM main contract closing price was 5,842.00 yuan/ton, down 184.00 yuan; SF main contract closing price was 5,678.00 yuan/ton, down 202.00 yuan [2]. - SM futures contract holding volume was 601,464.00 lots, up 10,775.00 lots; SF futures contract holding volume was 467,055.00 lots, up 21,035.00 lots [2]. - Manganese - silicon top 20 net holding was - 83,020.00 lots, down 1,901.00 lots; Ferrosilicon top 20 net holding was - 36,662.00 lots, down 12,602.00 lots [2]. - SM 1 - 9 month contract spread was 72.00 yuan/ton, down 22.00 yuan; SF 1 - 9 month contract spread was 152.00 yuan/ton, down 4.00 yuan [2]. - SM warehouse receipts were 73,191.00 pieces, down 469.00 pieces; SF warehouse receipts were 20,766.00 pieces, up 50.00 pieces [2]. 3.2 Spot Market - Inner Mongolia manganese - silicon FeMn68Si18 was 5,850.00 yuan/ton, down 50.00 yuan; Inner Mongolia ferrosilicon FeSi75 - B was 5,640.00 yuan/ton, down 60.00 yuan [2]. - Guizhou manganese - silicon FeMn68Si18 was 5,900.00 yuan/ton, down 50.00 yuan; Qinghai ferrosilicon FeSi75 - B was 5,520.00 yuan/ton, unchanged [2]. - Yunnan manganese - silicon FeMn68Si18 was 5,900.00 yuan/ton, down 20.00 yuan; Ningxia ferrosilicon FeSi75 - B was 5,560.00 yuan/ton, down 50.00 yuan [2]. - Manganese - silicon index average was 5,870.00 yuan/ton, up 37.00 yuan; SF main contract basis was - 118.00 yuan/ton, up 152.00 yuan [2]. - SM main contract basis was 8.00 yuan/ton, up 134.00 yuan [2]. 3.3 Upstream Situation - South African ore: Mn38 block at Tianjin Port was 34.00 yuan/ton - degree, unchanged; Silica (98%) in the northwest was 210.00 yuan/ton, unchanged [2]. - Inner Mongolia Wuhai secondary metallurgical coke was 1,150.00 yuan/ton, unchanged; Semi - coke (medium material) in Shenmu was 680.00 yuan/ton, up 10.00 yuan [2]. - Manganese ore port inventory was 446.60 million tons, down 2.30 million tons [2]. 3.4 Industry Situation - Manganese - silicon enterprise operating rate was 45.75%, up 2.32%; Ferrosilicon enterprise operating rate was 36.18%, up 1.86% [2]. - Manganese - silicon supply was 207,060.00 tons, up 11,235.00 tons; Ferrosilicon supply was 112,900.00 tons, up 3,800.00 tons [2]. - Manganese - silicon manufacturer inventory was 158,800.00 tons, down 2,700.00 tons; Ferrosilicon manufacturer inventory was 65,180.00 tons, down 6,590.00 tons [2]. - Manganese - silicon national steel mill inventory was 14.24 days, down 1.25 days; Ferrosilicon national steel mill inventory was 14.25 days, down 1.13 days [2]. - Five major steel types' manganese - silicon demand was 125,382.00 tons, up 182.00 tons; Five major steel types' ferrosilicon demand was 20,313.96 tons, up 47.66 tons [2]. 3.5 Downstream Situation - 247 steel mills' blast furnace operating rate was 83.57%, down 0.20%; 247 steel mills' blast furnace capacity utilization rate was 90.24%, up 0.17% [2]. - Crude steel production was 7,965.82 million tons, down 352.58 million tons [2]. 3.6 Industry News - The current flood season is still ongoing, and there may be extreme emergencies. There may be typhoon formation by the end of August [2]. - On August 18, mainstream coking enterprises raised the coke price for the seventh time, with the tamping wet - quenched coke up 50 yuan/ton and the tamping dry - quenched coke up 55 yuan/ton, effective from 0:00 on August 19 [2]. - Premier Li Qiang emphasized further enhancing the effectiveness of macro - policies, stabilizing market expectations, expanding effective investment, and promoting private investment [2]. - The vice - president of the China Iron and Steel Association believes that the steel industry achieved good results in the first half of the year, with the fundamental reason being the significant reduction in crude steel production [2].