Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - On August 21, the SM2601 contract was reported at 5838, down 0.10%. The spot price of Inner Mongolia silicon - manganese was reported at 5750, down 20 yuan/ton. The market should be treated as oscillating, and investors should pay attention to risk control [2]. - On August 21, the SF2511 contract was reported at 5638, up 0.21%. The spot price of Ningxia ferrosilicon was reported at 5510. The market should be treated as oscillating, and investors should pay attention to risk control [2]. 3. Summary by Related Catalogs 3.1 Futures Market - SM主力合约收盘价 was 5,838.00 yuan/ton, up 2.00 yuan; SF主力合约收盘价 was 5,638.00 yuan/ton, up 16.00 yuan [2]. - SM期货合约持仓量 was 589,774.00 hands, down 7005.00 hands; SF期货合约持仓量 was 453,095.00 hands, up 716.00 hands [2]. - The net position of the top 20 in SM was - 80,936.00 hands, up 676.00 hands; the net position of the top 20 in SF was - 35,845.00 hands, up 746.00 hands [2]. - The SM1 - 9 month contract spread was 92.00 yuan/ton, up 12.00 yuan; the SF1 - 9 month contract spread was 160.00 yuan/ton, up 6.00 yuan [2]. - SM仓单 was 71,820.00 sheets, down 1228.00 sheets; SF仓单 was 20,202.00 sheets, down 395.00 sheets [2]. 3.2 Spot Market - The price of Inner Mongolia manganese - silicon FeMn68Si18 was 5,750.00 yuan/ton, down 20.00 yuan; the price of Inner Mongolia ferrosilicon FeSi75 - B was 5,590.00 yuan/ton, unchanged [2]. - The price of Guizhou manganese - silicon FeMn68Si18 was 5850.00 yuan/ton, unchanged; the price of Qinghai ferrosilicon FeSi75 - B was 5,420.00 yuan/ton, unchanged [2]. - The price of Yunnan manganese - silicon FeMn68Si18 was 5,850.00 yuan/ton, unchanged; the price of Ningxia ferrosilicon FeSi75 - B was 5,510.00 yuan/ton, unchanged [2]. - The SM index average was 5870.00 yuan/ton, up 37.00 yuan; the SF主力合约基差 was - 128.00 yuan/ton, down 16.00 yuan [2]. - The SM主力合约基差 was - 88.00 yuan/ton, down 22.00 yuan [2]. 3.3 Upstream Situation - The price of South African 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 1150.00 yuan/ton, unchanged; the price of semi - coke (medium material, Shenmu) was 680.00 yuan/ton, unchanged [2]. - The manganese ore port inventory was 446.60 million tons, down 2.30 million tons [2]. 3.4 Industry Situation - The SM enterprise operating rate was 45.75%, up 2.32%; the SF enterprise operating rate was 36.18%, up 1.86% [2]. - The SM supply was 207,060.00 tons, up 11235.00 tons; the SF supply was 112,900.00 tons, up 3800.00 tons [2]. - The SM manufacturer inventory was 158,800.00 tons, down 2700.00 tons; the SF manufacturer inventory was 65,180.00 tons, down 6590.00 tons [2]. - The SM national steel mill inventory was 14.24 days, down 1.25 days; the SF national steel mill inventory was 14.25 days, down 1.13 days [2]. - The demand for SM in five major steel types was 125382.00 tons, up 182.00 tons; the demand for SF in five major steel types was 20313.96 tons, up 47.66 tons [2]. 3.5 Downstream Situation - The blast furnace operating rate of 247 steel mills was 83.57%, down 0.20%; the blast furnace capacity utilization rate of 247 steel mills was 90.24%, up 0.17% [2]. - The crude steel output was 7965.82 million tons, down 352.58 million tons [2]. 3.6 Industry News - On August 21, the 1 - year LPR was 3.0%, and the 5 - year LPR was 3.5% [2]. - The US Treasury Secretary said the US and China had a "very good dialogue" on economic and trade issues and expected another meeting before November [2]. - The July Fed meeting minutes showed that almost all policymakers supported not cutting interest rates, with only two opposing. Most thought the risk of rising inflation was higher than the risk of falling employment [2]. - This week, the capacity utilization rate of 314 independent coal washing plants was 36.1%, down 0.46% month - on - month; the daily output of clean coal was 25.7 million tons, down 0.7 million tons; the clean coal inventory was 294.8 million tons, down 2.2 million tons [2]. 3.7 Profit Situation - For SM, the Inner Mongolia spot profit was - 80 yuan/ton, and the Ningxia spot profit was - 340 yuan/ton [2]. - For SF, the Inner Mongolia spot profit was - 185 yuan/ton, and the Ningxia spot profit was - 60 yuan/ton [2]. 3.8 Market Situation - In August, the steel mill procurement tender price for SM increased by 150 yuan/ton month - on - month; for SF, it increased by 100 yuan/ton month - on - month [2].
瑞达期货锰硅硅铁产业日报-20250821
Rui Da Qi Huo·2025-08-21 08:59