黑色建材周报：节前补库结束，合金冲高回落-20250928

Report Industry Investment Rating - Silicon manganese: Volatile [3] - Silicon iron: Volatile [3] - Cross-variety: None [3] - Cross-period: None [3] Core Viewpoints - The silicon manganese market consolidated this week. After the downstream pre-holiday restocking ended, the market showed weakness. The silicon iron futures first rose and then declined. Both are expected to fluctuate with the sector, and attention should be paid to regional policies and electricity price changes [1][2] - The supply of silicon manganese decreased this week, while the demand increased slightly. The supply of silicon iron increased, and the demand also increased. The overall supply of both is still relatively loose [1][2] Summary by Related Catalogs Price and Spread - Silicon manganese futures closed at 5,848 yuan/ton on Friday, down 116 yuan/ton from last Sunday. The spot price in the northern market was 5,650 - 5,700 yuan/ton, and in the southern market was 5,700 - 5,750 yuan/ton [1][5] - Silicon iron futures closed at 5,660 yuan/ton on the last trading day of the week, down 76 yuan/ton from last week. The cash含税 ex-factory price of 72 silicon iron natural lumps in the main production areas was 5,300 - 5,400 yuan/ton, and the price of 75 silicon iron was 5,900 - 6,200 yuan/ton [1][5] Supply - The operating rate of 187 independent silicon manganese enterprises was 44.18%, a decrease of 1.50% from the previous week. The daily output was 29,500 tons, a decrease of 335 tons [1][8] - The silicon iron output this week was 114,500 tons, an increase of 1.2% from the previous week. The national operating rate was 35.33%, an increase of 1.4% from the previous week [2][8] Demand - The demand for silicon manganese in the five major steel products this week was 122,500 tons, an increase of 0.8% from the previous week [1][15] - The weekly demand for silicon iron in the five major steel products was 19,900 tons, an increase of 1.4% from the previous week [2][15] Inventory - The inventory of silicon manganese alloy enterprises increased, while the factory inventory of silicon iron decreased [1][2][19]