瑞达期货锰硅硅铁产业日报-20250903

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Views - On September 2, the SM2601 contract was reported at 5744, up 0.49%. The spot price of silicon - manganese in Inner Mongolia was 5630. The output has been on the rise since mid - May, and the inventory has declined for 5 consecutive weeks to a neutral level. The operation is expected to be weak with oscillations [2]. - On September 2, the SF2511 contract was reported at 5528, up 0.77%. The spot price of silicon - iron in Ningxia was 5330, up 30 yuan/ton. After the profit improved, the output has rebounded rapidly in recent weeks, and the inventory is at a neutral level. The operation is expected to be weak with oscillations [2]. 3. Summary by Directory 3.1 Futures Market - SM main contract closing price was 5744 yuan/ton, up 8 yuan; SF main contract closing price was 5528 yuan/ton, down 4 yuan [2]. - SM futures contract holding volume was 571,002 hands, up 10,495 hands; SF futures contract holding volume was 441,881 hands, up 12,787 hands [2]. - The net holding of the top 20 in SM was - 66,477 hands, down 2,416 hands; the net holding of the top 20 in SF was - 36,146 hands, down 3,960 hands [2]. - SM 5 - 1 month contract spread was 38 yuan/ton, down 6 yuan; SF 5 - 1 month contract spread was 134 yuan/ton, up 10 yuan [2]. - SM warehouse receipts were 64,682 sheets, down 1,078 sheets; SF warehouse receipts were 18,972 sheets, down 359 sheets [2]. 3.2 Spot Market - The price of FeMn68Si18 in Inner Mongolia was 5630 yuan/ton, unchanged; the price of FeSi75 - B in Inner Mongolia was 5480 yuan/ton, up 20 yuan [2]. - The price of FeMn68Si18 in Guizhou was 5650 yuan/ton, unchanged; the price of FeSi75 - B in Qinghai was 5260 yuan/ton, up 20 yuan [2]. - The price of FeMn68Si18 in Yunnan was 5680 yuan/ton, unchanged; the price of FeSi75 - B in Ningxia was 5330 yuan/ton, up 40 yuan [2]. - The SM index average was 5689 yuan/ton, down 17 yuan; the SF main contract basis was - 198 yuan/ton, up 44 yuan [2]. - The SM main contract basis was - 114 yuan/ton, down 8 yuan [2]. 3.3 Upstream Situation - The price of South African Mn38 lump ore at Tianjin Port was 24 yuan/ton - degree, unchanged; the price of silica (98%, Northwest) was 210 yuan/ton, unchanged [2]. - The price of secondary metallurgical coke in Wuhai, Inner Mongolia was 1200 yuan/ton, unchanged; the price of semi - coke (medium material, Shenmu) was 680 yuan/ton, unchanged [2]. - Manganese ore port inventory was 441.40 million tons, down 3.20 million tons [2]. 3.4 Industry Situation - The SM enterprise operating rate was 47%, up 0.63%; the SF enterprise operating rate was 36.54%, up 0.02% [2]. - SM supply was 213,395 tons, up 2,205 tons; SF supply was 113,100 tons, down 300 tons [2]. - SM manufacturer inventory was 149,000 tons, down 7,000 tons; SF manufacturer inventory was 62,910 tons, up 830 tons [2]. - The national steel mill inventory days of SM was 14.24 days, down 1.25 days; the national steel mill inventory days of SF was 14.25 days, down 1.13 days [2]. - The demand for SM in five major steel types was 126,656 tons, up 1,371 tons; the demand for SF in five major steel types was 20,573.60 tons, up 297.70 tons [2]. 3.5 Downstream Situation - The blast furnace operating rate of 247 steel mills was 83.18%, down 0.16%; the blast furnace capacity utilization rate of 247 steel mills was 90%, down 0.27% [2]. - Crude steel output was 79.6582 million tons, down 3.5258 million tons [2]. 3.6 Industry News - New Zealand will relax the ban on foreigners buying homes, allowing wealthy investment immigrants with "golden visas" to buy luxury homes worth at least NZ $5 million [2]. - The Central Rural Work Leading Group Office has deployed comprehensive rectification of high bride - price issues in rural areas [2]. - Relevant departments will formulate a series of supporting documents around the "Opinions on Deeply Implementing the 'Artificial Intelligence +' Action" [2]. - French business leaders warn that France faces a real "recession risk" [2].