Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-08-29 10:04Report Summary 1. Report Industry Investment Rating Not provided in the content. 2. Core View of the Report The market sentiment has declined, leading to a correction in the silicon ferroalloy sector, with prices showing a weak trend. The macro - environment has both positive and negative factors, and the supply - demand situation has its own characteristics. The short - term market is mainly priced by the industry, and considering the approaching military parade on September 3rd, funds are cautious. The silicon ferroalloy main contract is expected to move in a volatile manner [6]. 3. Summary by Directory 3.1. Week - to - Week Summary - Macro Aspect: In August, China's monthly electricity consumption exceeded 1 trillion kWh for the first time. After the peak summer period, power supply is stable. Multiple small and medium - sized banks in China have cut deposit rates by 10 - 20 basis points. 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% [6]. - Overseas Aspect: On August 22, Fed Chairman Powell indicated an open attitude towards interest rate cuts, causing a sharp rebound in the night - session of the black futures market. Trump announced the dismissal of a Fed governor, and Fed Governor Waller supported a 25 - basis - point rate cut in the September meeting, expecting further cuts in the next 3 - 6 months [6]. - Supply - Demand Aspect: After profit improvement, production has rebounded rapidly in recent weeks. Most manufacturers have hedged in the early stage, and inventory is at a neutral level. The price of Ningxia semi - coke has increased, and the overall demand for steel is still weak. The spot profit in Inner Mongolia is - 185 yuan/ton, and in Ningxia is - 40 yuan/ton. The steel mill procurement tender price in August increased by 100 yuan/ton month - on - month [6]. - Technical Aspect: The weekly K - line of the silicon ferroalloy main contract is below the 60 - day moving average, indicating a bearish weekly trend [6]. - Strategy Suggestion: The short - term market is mainly priced by the industry. With the approaching military parade on September 3rd, funds are cautious. The alloy is expected to weaken with the sector. The silicon ferroalloy main contract should be treated as a volatile operation [6]. 3.2. Futures and Spot Market - Futures Market: As of August 29, the position volume of silicon ferroalloy futures contracts was 412,000 lots, a decrease of 30,686 lots compared to the previous period. The spread between the 1 - 9 contracts was 164, a decrease of 6 points compared to the previous period. As of August 28, the number of silicon ferroalloy warehouse receipts was 19,201, a decrease of 1,001 compared to the previous period. As of August 29, the spot price of silicon ferroalloy in Ningxia was 5,370 yuan/ton, a decrease of 90 yuan/ton compared to the previous period [12][15]. - Spot Market: As of August 29, the basis of silicon ferroalloy was - 276 yuan/ton, a decrease of 14 points compared to the previous period [21]. 3.3. Industrial Chain Situation - Production and Demand: As of August 28, the national average capacity utilization rate of 136 independent silicon ferroalloy enterprises was 36.54%, a week - on - week increase of 0.02%. The daily average output was 16,155 tons, a week - on - week decrease of 0.31% (50 tons). The weekly demand for silicon ferroalloy in five major steel products was 20,573.6 tons, a week - on - week increase of 1.47%. The national weekly supply of silicon ferroalloy was 113,100 tons [27]. - Inventory: As of August 28, the national inventory of 60 independent silicon ferroalloy enterprises was 62,910 tons, a week - on - week increase of 1.34% (830 tons). The inventory in Inner Mongolia increased by 1,400 tons, while that in Ningxia decreased by 200 tons [30]. - Upstream: As of August 25, the electricity price for silicon manganese and silicon ferroalloy in Ningxia and Inner Mongolia remained unchanged compared to the previous period. As of August 28, the average price of semi - coke in Ningxia remained unchanged compared to the previous period. As of August 29, the spot production cost of silicon ferroalloy in Ningxia and Inner Mongolia remained unchanged compared to the previous period. The spot production profit in Ningxia was - 40 yuan/ton, an increase of 20 yuan/ton compared to the previous period, and that in Inner Mongolia was - 185 yuan/ton, an increase of 50 yuan/ton compared to the previous period [35][41]. - Downstream: The daily average molten iron output of 247 steel mills was 2.4013 million tons, a week - on - week decrease of 0.62 million tons and a year - on - year increase of 1.924 million tons. From January to July 2025, the total export volume of silicon ferroalloy was 236,000 tons, a year - on - year decrease of 4.91%. The silicon ferroalloy tender price in August was 5,700 yuan/ton, an increase of 100 yuan/ton compared to July [43][47].