银河期货铁合金日报-20250819

Report Overview - The report is a black metal R & D report focusing on ferroalloys, including market information, market analysis, and relevant charts, dated August 19, 2025 [2] 1. Market Information Futures - SF main contract closed at 5678, down 202 for the day and 142 for the week, with a trading volume of 372,552 (up 155,765) and an open interest of 214,474 (up 18,596) [4] - SM main contract closed at 5914, down 206 for the day and 196 for the week, with a trading volume of 193,093 (up 80,701) and an open interest of 114,885 (down 27,813) [4] Spot - For ferrosilicon, 72%FeSi in Inner Mongolia, Ningxia, and Qinghai decreased by 50 - 100 yuan/ton, while in Jiangsu and Tianjin it remained stable or increased slightly [4] - For silicomanganese, 6517 silicomanganese in most regions decreased by 20 - 100 yuan/ton [4] Basis/Spread - Ferrosilicon basis in Inner Mongolia, Ningxia, and Qinghai improved, while the SF - SM spread was -236, up 4 for the day and 54 for the week [4] Raw Materials - Manganese ore prices in Tianjin decreased slightly, and the price of semi - coke small materials in some regions increased [4] 2. Market Analysis Trading Strategy - On August 19, ferroalloy futures prices dropped significantly. The SF main contract fell 3.44%, and the SM main contract fell 3.37% [7] - For ferrosilicon, spot prices were weak on the 19th. Supply increased rapidly, while steel output growth was limited. After the sharp drop, the futures price is close to the cost in some regions, and short - selling profit - loss ratio is not high, so short positions can be partially reduced [7] - For silicomanganese, manganese ore and spot prices decreased. Supply also increased rapidly, and there are risks on the demand side. Similar to ferrosilicon, short - selling profit - loss ratio is not high, and short positions can be partially reduced [7] - Unilateral: Short positions can be partially reduced; Arbitrage: Consider cash - and - carry arbitrage when the basis is low; Options: Sell straddle option combinations on rallies [8] Important Information - Starting from August 19, 2025, Shagang reduced the scrap steel price by 30 yuan/ton [9] - On the 19th, the quotes of manganese ore in Tianjin Port were announced [9] 3. Relevant Attachments - The report includes multiple charts showing ferroalloy main contract trends, spreads, basis, spot prices, electricity prices, production costs, and production profits [11][15][19][24]