瑞达期货锰硅硅铁产业日报-20250917
Rui Da Qi Huo·2025-09-17 09:22
- Report Industry Investment Rating - No information provided 2. Core Viewpoints - On September 17, the manganese - silicon 2601 contract was reported at 5990, up 0.47%. For the spot market, Inner Mongolia silicon - manganese was reported at 5750. The market should be treated as oscillating with a bullish bias. [2] - On September 17, the ferrosilicon 2511 contract was reported at 5766, up 0.24%. The Ningxia ferrosilicon spot was reported at 5460. The market should also be treated as oscillating with a bullish bias. [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - SM main contract closing price was 5,990 yuan/ton, up 46 yuan; SF main contract closing price was 5,766 yuan/ton, up 66 yuan [2] - SM futures contract open interest was 546,370 lots, down 6,931 lots; SF futures contract open interest was 391,124 lots, down 7,322 lots [2] - Manganese - silicon top 20 net open interest was - 84,236 lots, down 1,479 lots; Ferrosilicon top 20 net open interest was - 35,472 lots, up 2,789 lots [2] - SM 5 - 1 month contract spread was 34 yuan/ton, down 2 yuan; SF 5 - 1 month contract spread was 104 yuan/ton, unchanged [2] - SM warehouse receipts were 61,342, up 1,350; SF warehouse receipts were 17,857, up 820 [2] 3.2 Spot Market - Inner Mongolia manganese - silicon FeMn68Si18 was 5,750 yuan/ton, unchanged; Inner Mongolia ferrosilicon FeSi75 - B was 5,530 yuan/ton, unchanged [2] - Guizhou manganese - silicon FeMn68Si18 was 5,700 yuan/ton, down 70 yuan; Qinghai ferrosilicon FeSi75 - B was 5,350 yuan/ton, unchanged [2] - Yunnan manganese - silicon FeMn68Si18 was 5,730 yuan/ton, up 80 yuan; Ningxia ferrosilicon FeSi75 - B was 5,460 yuan/ton, unchanged [2] - Manganese - silicon index average was 5,658 yuan/ton, up 38 yuan; SF main contract basis was - 306 yuan/ton, down 66 yuan [2] - SM main contract basis was - 240 yuan/ton, down 46 yuan [2] 3.3 Upstream Situation - South African ore: Mn38 block at Tianjin Port was 24 yuan/ton - degree, unchanged; Silica (98% in Northwest) was 210 yuan/ton, unchanged [2] - Inner Mongolia Wuhai secondary metallurgical coke was 1,100 yuan/ton, unchanged; Semi - coke (medium grade in Shenmu) was 690 yuan/ton, up 10 yuan [2] - Manganese ore port inventory was 452.50 million tons, up 9.30 million tons [2] 3.4 Industry Situation - Manganese - silicon enterprise operating rate was 47.38%, up 0.93%; Ferrosilicon enterprise operating rate was 34.84%, down 1.50% [2] - Manganese - silicon supply was 214,130 tons, up 1,295 tons; Ferrosilicon supply was 113,000 tons, down 2,000 tons [2] - Manganese - silicon manufacturer inventory was 166,800 tons, up 6,300 tons; Ferrosilicon manufacturer inventory was 69,940 tons, up 3,380 tons [2] - Manganese - silicon national steel mill inventory was 14.98 days, up 0.74 days; Ferrosilicon national steel mill inventory was 14.67 days, up 0.42 days [2] - Five major steel types' manganese - silicon demand was 122,314 tons, down 1,354 tons; Five major steel types' ferrosilicon demand was 19,737.40 tons, down 338.70 tons [2] 3.5 Downstream Situation - 247 steel mills' blast furnace operating rate was 83.85%, up 3.47%; 247 steel mills' blast furnace capacity utilization rate was 90.20%, up 4.43% [2] - Crude steel output was 7,736.86 million tons, down 228.96 million tons [2] 3.6 Industry News - Inner Mongolia Energy Bureau ordered 15 coal mines to suspend production due to exceeding the approved capacity, with an over - capacity of over 10% in H1 2025 [2] - US Treasury Secretary said the Fed has been lagging, and the market is pricing in a 75 - basis - point rate cut from now to the end of the year [2] - US media reported that the US asked allies to impose high tariffs on China and India for importing Russian oil, and Japan refused [2] - Trump hinted at trade concessions to the UK, and US tech companies like Microsoft and OpenAI promised to invest over $40 billion in the UK, while the UK shelved the US steel zero - tariff plan [2] - Russian oil pipeline operator warned producers to cut output due to Ukrainian drone attacks on key export ports and refineries [2]