瑞达期货锰硅硅铁产业日报-20250922

Report Summary 1. Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - On September 22, the silicon - iron 2511 contract was reported at 5648, down 2.01%. The spot price of silicon - iron in Ningxia was reported at 5480. The EU will propose to ban the import of Russian LNG in 2027, one year earlier than the original plan. After the previous profit improvement, the output has rebounded rapidly, with most manufacturers hedging in the early stage and the inventory at a neutral level. The short - term cost is supported. The spot profit in Inner Mongolia is - 220 yuan/ton, and in Ningxia is - 280 yuan/ton. The September tender price of HeSteel for 75B silicon - iron is 5800 yuan/ton, down 230 yuan/ton from the previous round. Technically, the daily K is between the 20 - day and 60 - day moving averages, and the market is expected to fluctuate. [2] - On September 22, the manganese - silicon 2601 contract was reported at 5870, down 1.84%. The spot price of manganese - silicon in Inner Mongolia was reported at 5700, down 50 yuan/ton. The photovoltaic industry chain price has shown a stable and rising trend. Since mid - May, the output has been on the rise, and the inventory has increased significantly this period. The port inventory of imported manganese ore has decreased by 25.3 tons, and the iron - water demand has returned to the previous level. The spot profit in Inner Mongolia is - 60 yuan/ton, and in Ningxia is - 155 yuan/ton. The final tender price of HeSteel Group for manganese - silicon in September is 6000 yuan/ton, down 200 yuan/ton month - on - month. Technically, the daily K is between the 20 - day and 60 - day moving averages, and the market is expected to fluctuate. [2] 3. Summary by Directory 3.1 Futures Market - Manganese - Silicon (SM): The closing price of the SM main contract was 5870 yuan/ton, down 94 yuan; the position was 548,674 lots, down 2718 lots; the net position of the top 20 was - 65,894 lots, up 16402 lots; the 5 - 1 month contract spread was 48 yuan/ton, up 10 yuan; the number of warehouse receipts was 60,126, down 550. [2] - Silicon - Iron (SF): The closing price of the SF main contract was 5648 yuan/ton, down 88 yuan; the position was 389,776 lots, down 6230 lots; the net position of the top 20 was - 32,760 lots, up 2818 lots; the 5 - 1 month contract spread was 120 yuan/ton, up 12 yuan; the number of warehouse receipts was 17,475, down 153. [2] 3.2 Spot Market - Manganese - Silicon: The price of FeMn68Si18 in Inner Mongolia was 5700 yuan/ton, down 50 yuan; in Guizhou was 5790 yuan/ton, up 90 yuan; in Yunnan was 5700 yuan/ton, up 20 yuan. The average weekly price of the manganese - silicon index was 5717 yuan/ton, up 59 yuan. The basis of the SM main contract was - 170 yuan/ton, up 44 yuan. [2] - Silicon - Iron: The price of FeSi75 - B in Inner Mongolia was 5560 yuan/ton, unchanged; in Qinghai was 5290 yuan/ton, down 60 yuan; in Ningxia was 5480 yuan/ton, unchanged. The basis of the SF main contract was - 168 yuan/ton, up 88 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 secondary metallurgical coke in Wuhai, Inner Mongolia was 1100 yuan/ton, unchanged; the port inventory of manganese ore was 452.5 tons, unchanged. [2] - Silicon - Iron: The price of silica (98%, Northwest) was 210 yuan/ton, unchanged; the price of semi - coke (medium - sized, Shenmu) was 760 yuan/ton, up 70 yuan. [2] 3.4 Industry Situation - Manganese - Silicon: The weekly operating rate was 45.68%, down 1.7%; the weekly supply was 208,775 tons, down 5355 tons; the semi - monthly manufacturer inventory was 198,900 tons, up 32100 tons; the monthly inventory days of national steel mills was 14.98 days, up 0.74 days. [2] - Silicon - Iron: The weekly operating rate was 34.84%, unchanged; the weekly supply was 113,100 tons, up 100 tons; the semi - monthly manufacturer inventory was 63,390 tons, down 6550 tons; the monthly inventory days of national steel mills was 14.67 days, up 0.42 days. [2] 3.5 Downstream Situation - The weekly blast furnace operating rate of 247 steel mills was 84%, up 0.15%; the weekly blast furnace capacity utilization rate was 90.38%, up 0.18%; the monthly crude steel output was 7736.86 tons, down 228.96 tons. The weekly demand for manganese - silicon from five major steel types was 121426 tons, down 888 tons; the weekly demand for silicon - iron from five major steel types was 19588.6 tons, down 148.8 tons. [2] 3.6 Industry News - The leaders of China and the US had a phone call, and they will meet during the APEC meeting and plan a visit to China early next year. - The State Council Information Office will hold a press conference on the "High - quality Completion of the 14th Five - Year Plan" series. - Six ministries including the Ministry of Industry and Information Technology issued a notice on the special rectification of network chaos in the automotive industry. - The US Department of Agriculture will cancel a 30 - year - old household food security report. - The EU will propose to ban the import of Russian LNG in 2027, one year earlier than the original plan. [2]