黑色建材周报：成交情绪欠佳，厂库有所累积-20251019

Report Industry Investment Rating - The investment rating for the silicon manganese and silicon iron industries is "oscillating" [3] Core Viewpoints - The silicon manganese market oscillated weakly this week, with the main contract closing at 5,718 yuan/ton, a decrease of 42 yuan/ton or 0.73% from the pre - holiday closing price. The silicon iron futures oscillated strongly, with the main contract closing at 5,430 yuan/ton, a weekly increase of 34 yuan/ton or 0.63%. Both silicon manganese and silicon iron prices are expected to follow the sector's fluctuations, and factors such as cost support, coal and electricity price changes, and regional policies should be monitored [1][2][5] - Silicon manganese enterprises are facing intensified losses, high production, and weakening downstream molten iron demand. Silicon iron enterprises have a slight decline in production, continuous losses, and weakening downstream demand, along with an increase in sample enterprise inventory [1][2] Summaries by Related Catalogs Price and Spread - Silicon manganese: The main contract closed at 5,718 yuan/ton, down 42 yuan/ton or 0.73% from the pre - holiday closing price. The second - round inquiry price for mainstream steel procurement this week was 5,800 yuan/ton. The 6517 price in the northern market was 5,630 - 5,680 yuan/ton, and in the southern market was 5,650 - 5,700 yuan/ton [1][5] - Silicon iron: The main contract closed at 5,430 yuan/ton, up 34 yuan/ton or 0.63% weekly. The spot market sentiment was average, waiting for HBIS's standard. The ex - factory price of 72 - grade silicon iron in the main production areas was 5,100 - 5,200 yuan/ton, and that of 75 - grade was 5,750 - 5,800 yuan/ton [1][5] Supply - Silicon manganese: The operating rate of 187 independent silicon manganese enterprises was 43.28%, a month - on - month increase of 0.09%. The daily average output was 29,800 tons, an increase of 655 tons [1][8] - Silicon iron: The operating rate of silicon iron enterprises was 35.48%, a week - on - week decrease of 0.46%. The daily average output was 16,100 tons, a week - on - week decrease of 2.62% or 434 tons [2][8] Demand - Silicon manganese: The demand for silicon manganese in five major steel products this week was 121,100 tons, a week - on - week decrease of 0.79% [1][15] - Silicon iron: The weekly demand for silicon iron in five major steel products was 19,500 tons, a week - on - week decrease of 0.92% [2][15] Inventory - This week, the inventory of silicon manganese manufacturers reached a five - year high, and the silicon iron inventory also accumulated to a high level [20] Strategy - Silicon manganese: Oscillating [3] - Silicon iron: Oscillating [3] - Cross - variety: None [3] - Cross - period: None [3]