硅铁、锰硅产业链周度报告：硅铁、锰硅产业链周度报告-20250914

Report Industry Investment Rating No relevant content provided. Core Viewpoints - This week, the alloy prices fluctuated. The increase in the cost side pushed the price center slightly higher, but Hegang's entry for inquiries may set the tone for the latest steel mill tenders, causing a slight market slowdown. Attention should be paid to Hegang's final quoted price [5]. - The resumption of production in steel mills after the military parade led to a recovery in hot metal production, supporting the demand for raw materials. The upward shift in the cost center provided short - term support for alloy prices [5]. Summary by Directory 1. Overall Market Situation - This week, the prices of ferrosilicon and silicomanganese fluctuated. The ferrosilicon 2511 contract closed at 5608 yuan/ton, up 10 yuan/ton week - on - week, with 724,757 contracts traded and 217,964 contracts held (a decrease of 22,817 contracts week - on - week). The silicomanganese 2601 contract closed at 5832 yuan/ton, down 12 yuan/ton week - on - week, with 729,357 contracts traded and 325,570 contracts held (an increase of 701 contracts week - on - week) [8]. - The spot prices of ferrosilicon in major regions across the country stopped falling. The aggregated quotation for 75B ferrosilicon in the main production areas was 5200 - 5330 yuan/ton, a week - on - week change of 30 - 50 yuan/ton. The aggregated quotation range for silicomanganese in major regions was 5550 - 5800 yuan/ton, with price fluctuations of - 30 - 100 yuan/ton [9]. 2. Silicomanganese Fundamental Data - Supply: This week's silicomanganese production was 21.41 tons, a week - on - week decrease of 0.06 tons (- 0.3%). The weekly operating rate was 46.45%, a decrease of 0.55 percentage points from last week. Inner Mongolia had some factory furnace shutdowns for maintenance, while supply in Ningxia, Guangxi, and Guizhou continued to expand [16][20]. - Demand: From the performance of downstream steel mills, production gradually recovered after the military parade restrictions, and the actual output of downstream hot metal increased week - on - week. Taking 247 steel enterprises as an example, the blast furnace operating rate this week was 90.18%, an increase of 4.39 percentage points from last week; the average daily hot metal output was 240.55 tons, an increase of 11.71 tons week - on - week. However, the overall demand for silicomanganese weakened as the production of rebar decreased by 6.75 tons this week [22]. - Inventory: As of September 12, the number of silicomanganese warehouse receipts was 61,440, a decrease of 1,420 week - on - week, equivalent to a stock of 307,200 tons, with a warehouse receipt destocking of 7,100 tons. The average available days of silicomanganese inventory in steel mills in August was 14.98 days (+ 0.74 days). The inventory of 63 silicomanganese sample enterprises across the country was 166,800 tons, an increase of 6,300 tons week - on - week [29][30][33]. - Cost and Price: Overseas manganese ore enterprises' quotations were stable, and the port inquiry atmosphere was active. Affected by the firm port quotations of manganese ore and the increase in settlement electricity fees, the cost center shifted upward [36][51]. 3. Ferrosilicon Fundamental Data - Supply: This week's ferrosilicon production was 11.31 tons, a week - on - week decrease of 0.2 tons (- 1.8%). The weekly operating rate was 34.84%, a decrease of 1.5 percentage points from last week. Production in Qinghai and Shaanxi decreased [55][60]. - Demand: From the performance of downstream steel mills, production gradually recovered after the military parade restrictions, and the actual output of downstream hot metal increased week - on - week. Non - steel demand also showed an upward trend. Ferrosilicon exports in July were 3.59 tons, a month - on - month increase of 3.52% [71]. - Inventory: As of September 12, the number of ferrosilicon warehouse receipts was 16,465, a decrease of 1,844 week - on - week, equivalent to a stock of 82,325 tons, with a warehouse receipt destocking of 9,220 tons. The average available days of ferrosilicon inventory in steel mills in August was 14.67 days (+ 0.42 days). The inventory of 60 ferrosilicon sample enterprises across the country was 69,940 tons, an increase of 3,380 tons week - on - week [73][74][78]. - Cost and Price: The increase in the settlement electricity price led to an increase in ferrosilicon production costs [82].