大越期货锰硅周报-20250901

Report Summary 1) Report Industry Investment Rating No investment rating information is provided in the report. 2) Core Viewpoints - The cost - end of the silicon - manganese market has strong support as the quotes of United Mining (CML) and Comilog to China in October 2025 are flat compared to last month, and the current prices of manganese ore and coke are still relatively high [2]. - The supply is increasing as alloy plants in the north and south markets have a good start - up sentiment. However, due to the weakening of the macro - positive sentiment, the silicon - manganese futures market is weak, and the spot price has decreased slightly [2]. - The demand side shows that steel mills in the East China region are pressing down on the purchase price of silicon - manganese, with most around 5950 yuan/ton for acceptance and tax - included delivery to the factory [2]. - Overall, the short - term silicon - manganese market is expected to run in a weak and volatile manner, and attention should be paid to the actual driving effect of the traditional "Golden September" peak season on silicon - manganese alloys [2]. 3) Summary by Directory Manganese Silicon Supply - Capacity: There are data on the monthly capacity of Chinese silicon - manganese enterprises and the annual production of silicon - manganese in various regions of China, including Guangxi, Guizhou, Inner Mongolia, Ningxia, Yunnan, and other areas [6][7]. - Production - Annual: Annual production data of silicon - manganese in different regions are presented [7]. - Production - Weekly, Monthly, and Start - up Rate: Weekly and monthly production data of Chinese silicon - manganese and the weekly start - up rate of Chinese silicon - manganese enterprises are provided [10]. - Production - Regional Production: Monthly production data of Inner Mongolia, Ningxia, and Guizhou, and daily average production data of Inner Mongolia, Ningxia, Guizhou, and Guangxi are shown [11][12]. Manganese Silicon Demand - Steel Tender Purchase Price: Monthly purchase prices of silicon - manganese 6517 by multiple steel companies, such as Baosteel Co., Ltd., Baowu E'gang, Chengde Jianlong, etc., are presented [15]. - Daily Average Hot Metal and Profit: Weekly data on the daily average hot metal production and the profitability rate of 247 Chinese steel enterprises are provided [17]. Manganese Silicon Import and Export - Import and export volume data of Chinese silicon - manganese iron are presented on a monthly basis [19]. Manganese Silicon Inventory - Weekly inventory data of 63 sample silicon - manganese enterprises in China, and monthly average available days of silicon - manganese inventory in China, the northern region, and the East China region are provided [21]. Manganese Silicon Cost - Manganese Ore - Import Volume: Monthly import volume data of manganese ore from different sources, including trade - mode imports, imports from Gabon, South Africa, and Australia, are presented [23]. - Manganese Ore - Port Inventory and Available Days: Weekly port inventory data of manganese ore in China, Qinzhou Port, and Tianjin Port, and weekly average available days of manganese ore inventory in China are provided [25]. - Manganese Ore - High - Grade Ore Port Inventory: Weekly port inventory data of high - grade manganese ore from different origins, such as Australia, Gabon, and Brazil, in Qinzhou Port and Tianjin Port are presented [27]. - Manganese Ore - Tianjin Port Manganese Ore Price: Daily price data of different types of manganese ore in Tianjin Port are provided [28]. - Regional Cost: Daily cost data of silicon - manganese in different regions, including Inner Mongolia, the northern region, Ningxia, the southern region, and Guangxi, are presented [29]. Manganese Silicon Profit - Daily profit data of silicon - manganese in different regions, including the northern region, the southern region, Inner Mongolia, Ningxia, and Guangxi, are presented [31].