银河期货铁合金日报-20250903

Group 1: Report Overview - Report Title: Black Metal R & D Report - Ferrous Alloys Daily [2] - Date: September 3, 2025 [2] - Researcher: Zhou Tao [3] Group 2: Market Information Futures - SF Main Contract: Closing price 5520, daily change -8, weekly change -114, trading volume 111,272, daily change -44,885, open interest 237,691, daily change 758 [4] - SM Main Contract: Closing price 5732, daily change -12, weekly change -100, trading volume 102,788, daily change -48,551, open interest 336,722, daily change 3008 [4] Spot - Silicon Iron: Prices in Inner Mongolia, Ningxia, Qinghai, Jiangsu, and Tianjin remained stable on the day, with weekly decreases ranging from 50 to 150 yuan [4] - Manganese Silicon: Prices in Inner Mongolia, Ningxia, Guangxi, Jiangsu, and Tianjin were flat on the day, with weekly drops from 70 to 150 yuan [4] Basis/Spread - Silicon Iron: Inner Mongolia - Main Contract basis was -170, with a daily increase of 8 and a weekly increase of 44; SF - SM spread was -212, with a daily increase of 4 and a weekly decrease of 14 [4] - Manganese Silicon: Inner Mongolia - Main Contract basis was -52, with a daily increase of 12 and a weekly increase of 30 [4] Raw Materials - Manganese Ore (Tianjin): South African semi - carbonate was 34 yuan/ton degree, unchanged on the day and week; Australian block was 40 yuan/ton degree, daily unchanged and weekly down 0.5 [4] - Lanthanum Coke Small Material: Prices in Shaanxi, Ningxia, and Inner Mongolia were stable on the day and week [4] Group 3: Market Judgement Trading Strategy - Unilateral: Bottom - side oscillation [7] - Arbitrage: Gradually stop profit on spot - futures positive arbitrage [7] - Options: Sell straddle option combinations on rallies [7] Key Analysis - Silicon Iron: On September 3, spot prices were stable. Supply growth slowed but remained high; demand may face risks from poor steel destocking in September. Short - term supply - demand is stable, with bottom - side oscillation expected [6] - Manganese Silicon: On September 3, manganese ore and manganese silicon spot prices were stable. Supply growth narrowed but production was high; demand may have marginal improvement in September but faces risks from poor steel destocking. Cost is relatively firm, and short - term bottom - side oscillation is expected [6] Group 4: Important Information - On September 3, Tianjin Port's South African semi - carbonate Mn36.6% was quoted at 34 yuan/ton degree, South32 Australian block Mn41% at 39.8 yuan/ton degree, and Gabon block Mn50% at 40 yuan/ton degree [8] - The preliminary statistics from the Passenger Car Association showed that the retail sales of new - energy passenger vehicles in China in August were 1.079 million, a year - on - year increase of 5% [9] Group 5: Related Attachments - The report includes multiple charts such as the trend of ferrous alloy main contracts, the spread between SF and SM main contracts, the basis of silicon iron and manganese silicon, and the cost and profit of silicon iron and manganese silicon [15][17][21]