瑞达期货锰硅硅铁产业日报-20250925

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - On September 25, the silicon iron 2511 contract was reported at 5786, up 0.94%. The market is expected to move in a range, and investors should pay attention to risk control [2]. - On September 25, the manganese - silicon 2601 contract was reported at 5938, up 0.47%. The market is expected to move in a range, and investors should pay attention to risk control [2]. Group 3: Summary by Relevant Catalogs 1. Futures Market - SM main - contract closing price: 5938 yuan/ton, up 22 yuan; SF main - contract closing price: 5786 yuan/ton, up 44 yuan [2]. - SM futures contract positions: 529,129 hands, down 9301 hands; SF futures contract positions: 369,202 hands, down 1439 hands [2]. - Manganese - silicon top 20 net positions: - 70,716 hands, down 823 hands; Silicon - iron top 20 net positions: - 33,704 hands, down 999 hands [2]. - SM 5 - 1 month contract spread: 42 yuan/ton, up 2 yuan; SF 5 - 1 month contract spread: 102 yuan/ton, down 8 yuan [2]. - SM warehouse receipts: 59,475 sheets, down 539 sheets; SF warehouse receipts: 17,710 sheets, down 69 sheets [2]. 2. Spot Market - Inner Mongolia manganese - silicon FeMn68Si18: 5740 yuan/ton, up 20 yuan; Inner Mongolia silicon - iron FeSi75 - B: 5560 yuan/ton, unchanged [2]. - Guizhou manganese - silicon FeMn68Si18: 5750 yuan/ton, up 70 yuan; Qinghai silicon - iron FeSi75 - B: 5370 yuan/ton, unchanged [2]. - Yunnan manganese - silicon FeMn68Si18: 5680 yuan/ton, down 80 yuan; Ningxia silicon - iron FeSi75 - B: 5480 yuan/ton, unchanged [2]. - Manganese - silicon index average: 5717 yuan/ton, up 59 yuan; SF main - contract basis: - 306 yuan/ton, down 44 yuan [2]. - SM main - contract basis: - 198 yuan/ton, down 2 yuan [2]. 3. Upstream Situation - South African ore (Mn38 block, Tianjin Port): 24 yuan/ton - degree, unchanged; Silica (98%, Northwest): 210 yuan/ton, unchanged [2]. - Inner Mongolia Wuhai secondary metallurgical coke: 1100 yuan/ton, unchanged; Semi - coke (medium material, Shenmu): 760 yuan/ton, up 70 yuan [2]. - Manganese ore port inventory: 452.5 tons, unchanged [2]. 4. Industry Situation - Manganese - silicon enterprise operating rate: 45.68%, down 1.7%; Silicon - iron enterprise operating rate: 34.84%, unchanged [2]. - Manganese - silicon supply: 208,775 tons, down 5355 tons; Silicon - iron supply: 113,100 tons, up 100 tons [2]. - Manganese - silicon manufacturer inventory: 198,900 tons, up 32,100 tons; Silicon - iron manufacturer inventory: 63,390 tons, down 6550 tons [2]. - Manganese - silicon national steel mill inventory (in days): 14.98, up 0.74; Silicon - iron national steel mill inventory (in days): 14.67, up 0.42 [2]. 5. Downstream Situation - Five major steel types' manganese - silicon demand: 121,426 tons, down 888 tons; Five major steel types' silicon - iron demand: 19,588.6 tons, down 148.8 tons [2]. - 247 steel mills' blast furnace operating rate: 84%, up 0.15%; 247 steel mills' blast furnace capacity utilization rate: 90.38%, up 0.18% [2]. - Crude steel output: 7736.86 tons, down 228.96 tons [2]. 6. Industry News - On September 24, the US announced to lower the tariff on EU - imported cars to 15%, effective August 1 [2]. - On September 23, 190 mining companies in Indonesia were punished and ordered to suspend operations for up to 60 days [2]. - Multiple departments including the Ministry of Industry and Information Technology issued a notice on the steady - growth work plan for the building materials industry from 2025 - 2026, proposing strict control of cement and glass production capacity [2]. - World Steel Association data showed that global crude steel output in August was 145.3 million tons, a year - on - year increase of 0.3%, and from January to August, it decreased by 1.7% year - on - year [2].