瑞达期货锰硅硅铁产业日报-20250918

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - On September 18, the manganese - silicon 2601 contract was reported at 5970, up 0.24%. The spot price of Inner Mongolia silicon - manganese was reported at 5750. The market should be treated as oscillating with a bullish bias. - On September 18, the ferrosilicon 2511 contract was reported at 5756, up 0.52%. The spot price of Ningxia ferrosilicon was reported at 5480, up 20 yuan/ton. The market should also be treated as oscillating with a bullish bias [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - Manganese Silicon (SM): The closing price of the SM main contract was 5970 yuan/ton, down 20 yuan; the position of the SM futures contract was 555,005 hands, up 8635 hands; the net position of the top 20 in SM was - 84,324 hands, down 88 hands; the SM 5 - 1 month contract spread was 44 yuan/ton, up 10 yuan; the SM warehouse receipt was 60,996, down 346 [2]. - Ferrosilicon (SF): The closing price of the SF main contract was 5756 yuan/ton, down 10 yuan; the position of the SF futures contract was 397,675 hands, up 6551 hands; the net position of the top 20 in SF was - 30,708 hands, up 4764 hands; the SF 5 - 1 month contract spread was 106 yuan/ton, up 2 yuan; the SF warehouse receipt was 17,757, down 100 [2]. 3.2 Spot Market - Manganese Silicon: The price of Inner Mongolia manganese - silicon FeMn68Si18 was 5750 yuan/ton, unchanged; the price of Guizhou manganese - silicon FeMn68Si18 was 5700 yuan/ton, unchanged; the price of Yunnan manganese - silicon FeMn68Si18 was 5760 yuan/ton, up 30 yuan; the SM index average was 5658 yuan/ton, up 38 yuan; the SM main contract basis was - 220 yuan/ton, up 20 yuan [2]. - Ferrosilicon: The price of Inner Mongolia ferrosilicon FeSi75 - B was 5530 yuan/ton, unchanged; the price of Qinghai ferrosilicon FeSi75 - B was 5350 yuan/ton, unchanged; the price of Ningxia ferrosilicon FeSi75 - B was 5480 yuan/ton, up 20 yuan; the SF main contract basis was - 276 yuan/ton, up 30 yuan [2]. 3.3 Upstream Situation - Manganese Silicon: The price of South African Mn38 lump ore at Tianjin Port was 24 yuan/ton - degree, unchanged; the price of Inner Mongolia Wuhai secondary metallurgical coke was 1100 yuan/ton, unchanged; the manganese ore port inventory was 452.50 tons, up 9.30 tons [2]. - Ferrosilicon: The price of silica (98% in the northwest) was 210 yuan/ton, unchanged; the price of semi - coke (medium material in Shenmu) was 690 yuan/ton, up 10 yuan [2]. 3.4 Industry Situation - Manganese Silicon: The manganese - silicon enterprise operating rate was 47.38%, up 0.93%; the manganese - silicon supply was 214,130 tons, up 1295 tons; the manganese - silicon manufacturer inventory was 166,800 tons, up 6300 tons; the national steel mill inventory of manganese - silicon was 14.98 days, up 0.74 days; the demand for manganese - silicon from five major steel types was 122,314 tons, down 1354 tons [2]. - Ferrosilicon: The ferrosilicon enterprise operating rate was 34.84%, down 1.50%; the ferrosilicon supply was 113,000 tons, down 2000 tons; the ferrosilicon manufacturer inventory was 69,940 tons, up 3380 tons; the national steel mill inventory of ferrosilicon was 14.67 days, up 0.42 days; the demand for ferrosilicon from five major steel types was 19,737.40 tons, down 338.70 tons [2]. 3.5 Downstream Situation - The blast furnace operating rate of 247 steel mills was 83.85%, up 3.47%; the blast furnace capacity utilization rate of 247 steel mills was 90.20%, up 4.43%; the crude steel output was 7736.86 tons, down 228.96 tons [2]. 3.6 Industry News - On September 16, the First Meeting of the Third - Session Standing Council of the Jiangsu Iron and Steel Industry Association was held in Tangshan, Hebei. Relevant proposals and initiatives were reviewed and passed. - In August, China's rebar output was 15.412 million tons, a year - on - year increase of 23.6%; from January to August, the cumulative output was 128.678 million tons, a year - on - year increase of 0.3%. - The Fed cut interest rates by 25 basis points as expected, emphasizing employment downside risks, believing that inflation has risen, and expecting two more interest rate cuts this year and one next year [2]. 3.7 Profit and Market Situation - Manganese Silicon: The Inner Mongolia spot profit was - 60 yuan/ton; the Ningxia spot profit was - 200 yuan/ton. Steel mills' price - squeezing sentiment was strong in September's steel procurement, but factories also had a strong sentiment to hold prices [2]. - Ferrosilicon: After the previous profit improvement, the output rebounded rapidly. The cost support was enhanced due to the increase in semi - coke and Ningxia electricity costs. The downstream steel was expected to have some demand release before the festival. The Inner Mongolia spot profit was - 200 yuan/ton; the Ningxia spot profit was - 250 yuan/ton. The tender price of HBIS for 75B ferrosilicon in September was 5800 yuan/ton, down 230 yuan/ton from the previous round [2].