银河期货铁合金日报-20250915

Group 1: Report General Information - Report Title: Black Metal R & D Report, Ferrosilicon and Manganese Silicon Daily Report for September 15, 2025 [1][2] - Researcher: Zhou Tao [3] Group 2: Market Information Futures - SF Main Contract: Closed at 5700, up 92 (1.64%) daily, up 76 weekly, with a trading volume of 200,143 (up 33,027 daily) and an open interest of 217,964 (down 4,705 daily) [4] - SM Main Contract: Closed at 5906, up 74 (1.27%) daily, up 66 weekly, with a trading volume of 184,056 (up 39,263 daily) and an open interest of 327,726 (up 2,156 daily) [4] Spot - Ferrosilicon: Spot prices were stable with a slight increase, with prices in some regions rising by 20 - 30 yuan/ton [4][5] - Manganese Silicon: Spot prices were stable with a slight increase, with prices in some regions rising by 20 - 30 yuan/ton [4][5] Basis/Spread - Ferrosilicon: The basis between Inner Mongolia and the main contract was -300, down 72 daily and 56 weekly [4] - Manganese Silicon: The basis between Inner Mongolia and the main contract was -226, down 44 daily and 66 weekly [4] Raw Materials - Manganese Ore (Tianjin): The price of Australian lump ore was 39.8 yuan/ton degree, unchanged daily and up 0.3 weekly; South African semi - carbonate ore was 34.2 yuan/ton degree, up 0.2 daily and weekly; Gabon lump ore was 39.8 yuan/ton degree, down 0.2 daily and up 0.3 weekly [4] - Lanthanum Coke Small Pieces: The price in Shaanxi was 660 yuan/ton, up 10 daily and weekly; in Ningxia it was 685 yuan/ton, unchanged; in Inner Mongolia it was 630 yuan/ton, unchanged [4] Group 3: Market Judgment Trading Strategy - Unilateral: Anti - involution trading has heated up again. In the short term, it will follow the upward trend, but the pressure of high supply in reality still exists, and the target should not be set too high [5][6] - Arbitrage: Wait and see [6] - Options: Sell a straddle option combination [6] Key Information - In August 2025, China's crude steel output was 77.37 million tons, a year - on - year decrease of 0.7%; pig iron output was 69.79 million tons, a year - on - year increase of 1.0%; steel output was 122.77 million tons, a year - on - year increase of 9.7% [7] - On September 16, the 18th issue of Qiushi Journal will publish an important article by Xi Jinping, aiming to rectify the chaotic situation of low - price and disorderly competition among enterprises [7] Group 4: Cost and Profit Ferrosilicon - Inner Mongolia: Production cost was 5,538 yuan/ton, with a profit of - 228 yuan/ton [18] - Ningxia: Production cost was 5,591 yuan/ton, with a profit of - 341 yuan/ton [18] - Shaanxi: Production cost was 5,603 yuan/ton, with a profit of - 353 yuan/ton [18] - Qinghai: Production cost was 5,562 yuan/ton, with a profit of - 312 yuan/ton [18] - Gansu: Production cost was 5,612 yuan/ton, with a profit of - 312 yuan/ton [18] Manganese Silicon - Inner Mongolia: Production cost was 5,802 yuan/ton, with a profit of - 122 yuan/ton [21] - Ningxia: Production cost was 5,913 yuan/ton, with a profit of - 363 yuan/ton [21] - Guangxi: Production cost was 6,371 yuan/ton, with a profit of - 691 yuan/ton [21] - Guizhou: Production cost was 6,111 yuan/ton, with a profit of - 461 yuan/ton [21]