银河期货铁合金日报-20250918

Group 1: Report Overview - Report title: Black Metal Daily Report (Ferroalloy Daily) [2] - Report date: September 18, 2025 [2] - Researcher: Zhou Tao [3] Group 2: Market Information Futures - SF main contract: closing price 5756, daily change -10, weekly change 130, trading volume 319809, daily change 154140, open interest 207907, daily change 5613 [4] - SM main contract: closing price 5970, daily change -20, weekly change 132, trading volume 246049, daily change 76765, open interest 335397, daily change 8548 [4] Spot - Silicon ferro - different regions' prices and their daily/weekly changes are presented, e.g., 72%FeSi Inner Mongolia 5450 (0 daily, 40 weekly) [4] - Manganese silicon - different regions' prices and their daily/weekly changes are presented, e.g., silicon manganese 6517 Inner Mongolia 5730 (0 daily, 50 weekly) [4] Basis/Spread - Silicon ferro basis and spreads: Inner Mongolia - main contract -306 (10 daily, -90 weekly), SF - SM spread -214 (10 daily, -2 weekly) [4] - Manganese silicon basis and spreads: Inner Mongolia - main contract -240 (20 daily, -82 weekly) [4] Raw Materials - Manganese ore (Tianjin): Australian lump 40.2 (0.2 daily, 0.4 weekly), South African semi - carbonate 34.3 (0 daily, 0.3 weekly), Gabon lump 40 (0 daily, 0 weekly) [4] - Blue charcoal small materials: different regions' prices and their daily/weekly changes are presented, e.g., Shaanxi 660 (0 daily, 10 weekly) [4] Group 3: Market Judgment Trading Strategy - Unilateral: Bottom - oscillating; Arbitrage: Wait - and - see; Options: Sell straddle option combinations [7] Silicon Ferro - On September 18, the spot price was stable. Supply rumors were false, and the supply remained high. Demand had rigid support from steel production. Market sentiment was affected by the Fed's interest - rate cut and domestic asset price adjustments, with a recent bottom - oscillating trend [6] Manganese Silicon - On September 18, manganese ore spot was stable with a slight upward trend, and the manganese silicon spot price was stable. Supply was high, demand was affected by reduced rebar production, and the cost was supported by high - priced manganese ore. It was in a short - term bottom - oscillating state [6] Group 4: Important Information - On September 18, Tianjin Port's semi - carbonate Mn36.02% was quoted at 34.5 yuan/ton degree, Gabon lump Mn47% at 40.5 yuan/ton degree, and Australian lump Mn41.7% at 40.5 yuan/ton degree [8] - Jupiter announced the October 2025 manganese ore shipment price to China: Mn36.5% South African semi - carbonate block at 4.05 US dollars/ton degree (unchanged) [9] Group 5: Related Attachments Figures - Figures show ferroalloy main contract trends, basis, spreads, production costs, and profits in different regions and time periods, such as silicon ferro and manganese silicon monthly spreads, cost - profit analysis in various regions [10][14][16][21][26] Cost - Profit Tables - Silicon ferro cost - profit table shows production costs and profits in regions like Inner Mongolia, Ningxia, Shaanxi, Qinghai, and Gansu [21] - Manganese silicon cost - profit table shows production costs and profits in regions like Inner Mongolia, Ningxia, Guangxi, and Guizhou [26]