铁合金周报：供需拖累政策托底，观望为主-20250912

Group 1: Report Title and Date - The report is titled "Guoxin Futures Ferroalloy Weekly Report: Supply and Demand Drag, Policy Support, Wait-and-See Approach" and dated September 12, 2025 [2] Group 2: Market Review - News Overview - Multiple banks in Shenzhen announced that starting from September 12, they will no longer distinguish between first - and second - home mortgages, and the specific mortgage rates will be determined based on multiple factors [5] - Eight departments in Henan Province jointly issued measures to support housing consumption, including increasing purchase subsidies and raising housing provident fund loan limits [5] - Three national departments issued a work plan for the power equipment industry from 2025 - 2026, aiming for an average annual revenue growth of about 6% for traditional power equipment and other goals [5] - From January to August, China's automobile production and sales exceeded 20 million for the first time, with year - on - year growth of 12.7% and 12.6% respectively [5] - Multiple regions in Jiangxi suspended subsidy activities for consumer goods replacement from September 12 at 24:00 [5] Group 3: Market Review - Manganese Silicon - Manganese silicon futures showed small fluctuations last week, spot prices remained flat, and the basis fluctuated slightly. The production of manganese silicon continued to rise while steel production decreased month - on - month. The supply - demand situation is expected to become looser, but with low current inventory, the price trend lacks a clear direction. The national capacity utilization rate of 187 independent silicon - manganese enterprises was 47.38%, an increase of 0.93% from the previous week, and the daily average output was 30,590 tons, an increase of 185 tons [49] - The report also presented data on manganese silicon's basis, price changes, and related production and demand indicators in different regions [9] Group 4: Market Review - Ferrosilicon - Ferrosilicon futures showed small fluctuations last week, spot prices rebounded slightly, and the basis changed little. Ferrosilicon production decreased month - on - month, and steel production also decreased. The national capacity utilization rate of 136 independent ferrosilicon enterprises was 34.84%, a decrease of 1.50% from the previous week, and the daily average output was 16,150 tons, a decrease of 280 tons [49] Group 5: Manganese Silicon Industry Chain Overview - The report covered aspects such as manganese ore prices, import volume, inventory, profit estimation, production, and demand in the manganese silicon industry chain [22][24][26] Group 6: Ferrosilicon Industry Chain Overview - The report analyzed ferrosilicon profit estimation, production, and demand in the ferrosilicon industry chain [38][41][46] Group 7: Outlook - For manganese silicon, due to high production levels, it is advisable to pay attention to energy prices and industrial policy changes and adopt a wait - and - see approach [49] - For ferrosilicon, its trend depends on energy price changes, and a wait - and - see approach is also recommended [49]