Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Views - On August 27, the manganese - silicon 2601 contract was reported at 5832, down 0.92%. The Inner Mongolia silicon - manganese spot was reported at 5750, down 50 yuan/ton. The output 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 port inventory of imported manganese ore at the raw material end decreased by 20,000 tons, and the downstream hot metal output is at a high level. The Inner Mongolia spot profit is - 50 yuan/ton, and the Ningxia spot profit is - 310 yuan/ton. The steel mill procurement tender price in August increased by 150 yuan/ton month - on - month. Technically, the daily K is between the 20 and 60 moving averages, and it should be treated as a volatile operation [2]. - On August 27, the ferrosilicon 2511 contract was reported at 5634, down 1.02%. The Ningxia ferrosilicon spot was reported at 5460. From January to July, the total profit of the ferrous metal smelting and rolling processing industry was 64.36 billion yuan, a year - on - year increase of 5175.4%. After the profit improvement, the output has rebounded rapidly in recent weeks. The manufacturers hedged more in the early stage, and the inventory is at a neutral level. The Ningxia semi - coke price at the cost end has risen, and the overall steel demand expectation is still weak. The Inner Mongolia spot profit is - 185 yuan/ton, and the Ningxia spot profit is - 40 yuan/ton. The steel mill procurement tender price in August increased by 100 yuan/ton month - on - month. Technically, the daily K is between the 20 and 60 moving averages, and it should be treated as a volatile operation [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - SM (Manganese - Silicon) main contract closing price was 5832 yuan/ton, down 30 yuan; SF (Ferrosilicon) main contract closing price was 5634 yuan/ton, down 22 yuan [2]. - SM futures contract open interest was 553,069 lots, down 645 lots; SF futures contract open interest was 421,840 lots, down 8950 lots [2]. - The net position of the top 20 in manganese - silicon was - 72,997 lots, up 1792 lots; the net position of the top 20 in ferrosilicon was - 35,091 lots, down 363 lots [2]. - The SM 1 - 9 month contract spread was 102 yuan/ton, up 6 yuan; the SF 1 - 9 month contract spread was 170 yuan/ton, up 4 yuan [2]. - SM warehouse receipts were 67,498 pieces, down 610 pieces; SF warehouse receipts were 19,326 pieces, down 296 pieces [2]. 3.2 Spot Market - Inner Mongolia manganese - silicon FeMn68Si18 was 5750 yuan/ton, down 50 yuan; Guizhou manganese - silicon FeMn68Si18 was 5830 yuan/ton, down 20 yuan; Yunnan manganese - silicon FeMn68Si18 was 5780 yuan/ton, down 20 yuan [2]. - Inner Mongolia ferrosilicon FeSi75 - B was 5590 yuan/ton, unchanged; Qinghai ferrosilicon FeSi75 - B was 5380 yuan/ton, unchanged; Ningxia ferrosilicon FeSi75 - B was 5460 yuan/ton, unchanged [2]. - The manganese - silicon index average was 5706 yuan/ton, down 164 yuan; the SF main contract basis was - 174 yuan/ton, up 22 yuan; the SM main contract basis was - 82 yuan/ton, down 20 yuan [2]. 3.3 Upstream Situation - South African ore: Mn38 lump at Tianjin Port was 24 yuan/ton - degree, unchanged; silica (98% in the northwest) was 210 yuan/ton, unchanged [2]. - Inner Mongolia Wuhai secondary metallurgical coke was 1200 yuan/ton, unchanged; semi - coke (medium material in Shenmu) was 680 yuan/ton, unchanged [2]. - The manganese ore port inventory was 4.446 million tons, down 20,000 tons [2]. 3.4 Industry Situation - The manganese - silicon enterprise operating rate was 46.37%, up 0.62 percentage points; the ferrosilicon enterprise operating rate was 36.52%, up 0.34 percentage points [2]. - The manganese - silicon supply was 211,190 tons, up 4130 tons; the ferrosilicon supply was 113,400 tons, up 500 tons [2]. - The manganese - silicon manufacturer inventory was 156,000 tons, down 2800 tons; the ferrosilicon manufacturer inventory was 62,080 tons, down 3100 tons [2]. - The national steel mill inventory of manganese - silicon was 14.24 days, down 1.25 days; the national steel mill inventory of ferrosilicon was 14.25 days, down 1.13 days [2]. 3.5 Downstream Situation - The demand for manganese - silicon from the five major steel types was 125,285 tons, down 97 tons; the demand for ferrosilicon from the five major steel types was 20,275.9 tons, down 38.06 tons [2]. - The blast furnace operating rate of 247 steel mills was 83.34%, down 0.23 percentage points; the blast furnace capacity utilization rate of 247 steel mills was 90.27%, up 0.03 percentage points [2]. - The crude steel output was 79.6582 million tons, down 3.5258 million tons [2]. 3.6 Industry News - Trump announced to "fire" the current Federal Reserve governor, saying that interest rate cuts will become the majority opinion of the Fed. The governor Cook will sue the dismissal decision. The Fed stated that the president can only remove a governor for "good cause", and the Fed will abide by any court decision [2]. - The US plans to impose a 50% tariff on India starting Wednesday. German media reported that Trump called Indian Prime Minister Modi at least four times recently but was rejected each time [2]. - By the end of 2024, China had established more than 50,000 enterprises overseas, spread across 190 countries and regions. The stock of outward investment exceeded 3 trillion US dollars, ranking among the top three globally for 8 consecutive years, accounting for 7.2% of global outward investment [2]. - In July, China's single - month electricity consumption exceeded 1 trillion kilowatt - hours for the first time, equivalent to Japan's annual electricity consumption. Now the peak - summer power consumption period is basically over, and China's power supply is stable and orderly [2].
瑞达期货锰硅硅铁产业日报-20250827
Rui Da Qi Huo·2025-08-27 08:57