瑞达期货锰硅硅铁产业日报-20250828

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - On August 28, the manganese - silicon 2601 contract was reported at 5842, down 0.24%. The Inner Mongolia silicon - manganese spot was reported at 5720, down 30 yuan/ton. From a fundamental perspective, production has been on an upward trend since mid - May. After the recent price recovery, inventories have decreased for 5 consecutive weeks to a neutral level. The market should be treated as oscillating, and investors are advised to control risks [2]. - On August 28, the ferrosilicon 2511 contract was reported at 5624, down 0.60%. The Ningxia ferrosilicon spot was reported at 5420, down 40 yuan/ton. 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 profit improvement, production has rebounded rapidly in recent weeks. The market should be treated as oscillating, and investors are advised to control risks [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - Manganese - silicon (SM): The closing price of the main contract was 5842 yuan/ton, up 10 yuan; the futures contract holding volume was 550,243 hands, down 2826 hands; the net holding of the top 20 was - 73,477 hands, down 480 hands; the 1 - 9 month contract spread was 108 yuan/ton, up 6 yuan; the number of warehouse receipts was 66,783, down 715 [2]. - Ferrosilicon (SF): The closing price of the main contract was 5624 yuan/ton, down 10 yuan; the futures contract holding volume was 416,169 hands, down 5671 hands; the net holding of the top 20 was - 36,564 hands, down 1473 hands; the 1 - 9 month contract spread was 178 yuan/ton, up 8 yuan; the number of warehouse receipts was 19,201, down 125 [2]. 3.2 Spot Market - Manganese - silicon: Inner Mongolia's FeMn68Si18 was 5720 yuan/ton, down 30 yuan; Guizhou's FeMn68Si18 was 5800 yuan/ton, down 30 yuan; Yunnan's FeMn68Si18 was 5750 yuan/ton, down 30 yuan; the weekly average of the manganese - silicon index was 5706 yuan/ton, down 164 yuan; the basis of the main contract was - 122 yuan/ton, down 40 yuan [2]. - Ferrosilicon: Inner Mongolia's FeSi75 - B was 5560 yuan/ton, down 40 yuan; Qinghai's FeSi75 - B was 5340 yuan/ton, down 40 yuan; Ningxia's FeSi75 - B was 5420 yuan/ton, down 40 yuan; the basis of the SF main contract was - 204 yuan/ton, down 30 yuan [2]. 3.3 Upstream Situation - Manganese - silicon: The price of South African Mn38 lump ore at Tianjin Port was 24 yuan/ton - degree, unchanged; the price of Inner Mongolia Wuhai secondary metallurgical coke was 1200 yuan/ton, unchanged; the manganese ore port inventory was 4.446 million tons, down 20,000 tons [2]. - Ferrosilicon: The price of silica (98% in the northwest) was 210 yuan/ton, unchanged; the price of semi - coke (medium - sized in Shenmu) was 680 yuan/ton, unchanged [2]. 3.4 Industry Situation - Manganese - silicon: The enterprise start - up rate was 46.37%, up 0.62%; the supply was 211,190 tons, up 4130 tons; the manufacturer's inventory was 156,000 tons, down 2800 tons; the national steel mill inventory was 14.24 days, down 1.25 days; the demand of the five major steel types was 125,285 tons, down 97 tons [2]. - Ferrosilicon: The enterprise start - up rate was 36.52%, up 0.34%; the supply was 113,400 tons, up 500 tons; the manufacturer's inventory was 62,080 tons, down 3100 tons; the national steel mill inventory was 14.25 days, down 1.13 days; the demand of the five major steel types was 20,275.9 tons, down 38.06 tons [2]. 3.5 Downstream Situation - The blast furnace start - up rate of 247 steel mills was 83.34%, down 0.23%; the blast furnace capacity utilization rate of 247 steel mills was 90.27%, up 0.03%; the monthly crude steel output was 79.6582 million tons, down 3.5258 million tons [2]. 3.6 Industry News - Personal bankruptcy local regulations have been implemented in Xiamen. Natural persons who meet certain conditions can undergo reorganization, reconciliation, or bankruptcy liquidation [2]. - Chinese chip manufacturers are seeking to triple the production of artificial intelligence chips in 2026 to reduce dependence on Nvidia [2]. - China National Petroleum's financial director said the company is closely following the development and regulatory policies of stablecoins and exploring their application in cross - border settlement payments [2]. - China's Commerce Ministry official led a delegation to visit Canada and the United States for economic and trade talks [2].