锰硅周报：关注中美双边贸易磋商及两国元首会晤，注意短期黑色板块风险-20251025

1. Report Industry Investment Rating No information provided regarding the industry investment rating in the report. 2. Core Viewpoints of the Report - The report maintains a non - pessimistic view on the future of the black sector. Instead of short - selling, it suggests that finding a retracement point to go long may be more cost - effective. However, in the short term, attention should be paid to the potential "negative feedback" risk caused by high supply, low demand, and the decline in steel mill profitability [15][97]. - The outcomes of the Sino - US bilateral trade consultations and the meeting between the two heads of state at the APEC summit could impact the sentiment in the commodity market. Positive signals may improve market sentiment [15][97]. - Both manganese silicon and ferrosilicon are likely to follow the trends of the black sector, with their fundamentals lacking significant contradictions and drivers [15][97]. 3. Summaries Based on the Table of Contents Manganese Silicon Report 3.1.1. Weekly Assessment and Strategy Recommendation - The spot price of Tianjin 6517 manganese silicon was 5720 yuan/ton, up 40 yuan/ton week - on - week. The futures price of the main contract (SM601) was 5772 yuan/ton, up 54 yuan/ton week - on - week. The basis was 138 yuan/ton, down 14 yuan/ton week - on - week, with a basis ratio of 2.35%, at a relatively neutral historical level [14][20]. - Manganese silicon production profits remained low, with losses in Inner Mongolia, Ningxia, and Guangxi. The production cost increased slightly in Inner Mongolia and Ningxia, and remained stable in Guangxi [14][25][30]. - Manganese silicon weekly output decreased slightly, while the weekly output of rebar increased. The daily average hot metal output decreased slightly but remained at a relatively high level. The visible inventory of manganese silicon increased, and the average available days of steel mill inventory decreased slightly [14]. - The market is advised to focus on the Sino - US bilateral trade consultations and the meeting between the two heads of state at the APEC summit. There is a short - term "negative feedback" risk in the black sector due to high supply and low demand [15]. 3.1.2. Spot and Futures Market - As of October 24, 2025, the spot price of Tianjin 6517 manganese silicon was 5720 yuan/ton, up 40 yuan/ton week - on - week. The futures price of the main contract (SM601) was 5772 yuan/ton, up 54 yuan/ton week - on - week. The basis was 138 yuan/ton, down 14 yuan/ton week - on - week, with a basis ratio of 2.35%, at a relatively neutral historical level [20]. 3.1.3. Profit and Cost - Manganese silicon's estimated immediate profit (excluding depreciation) remained low. Inner Mongolia had a profit of - 317 yuan/ton, down 2 yuan/ton week - on - week; Ningxia had a profit of - 415 yuan/ton, down 22 yuan/ton week - on - week; and Guangxi had a profit of - 700 yuan/ton, remaining stable week - on - week [25]. - The estimated immediate cost of manganese silicon in Inner Mongolia was 5997 yuan/ton, up 2 yuan/ton week - on - week; in Ningxia, it was 5995 yuan/ton, up 2 yuan/ton week - on - week; and in Guangxi, it was 6350 yuan/ton, remaining stable week - on - week [30]. - In August, the manganese ore import volume was 308.49 tons, down 40.11 tons month - on - month and up 35.71 tons year - on - year. As of October 17, the manganese ore port inventory decreased to 436.4 tons, down 9.3 tons week - on - week [33][36]. 3.1.4. Supply and Demand - As of October 24, 2025, the weekly output of manganese silicon was 20.74 tons, down 0.14 tons week - on - week, with a cumulative year - on - year increase of about 0.32%. In September 2025, the monthly output was 89.84 tons, down 1.08 tons month - on - month [44]. - HeSteel Group's manganese silicon tender volume in October 2025 was 16,500 tons, down 500 tons month - on - month and up 4500 tons year - on - year. The tender price was 5820 yuan/ton, down 180 yuan/ton month - on - month [57]. - The weekly apparent consumption of manganese silicon was 12.27 tons, up 0.16 tons week - on - week. The weekly output of rebar was 207.07 tons, up 5.91 tons week - on - week. The daily average hot metal output was 239.9 tons, down 1.05 tons week - on - week, with a cumulative year - on - year increase of about 3.75% [60][63]. 3.1.5. Inventory - As of October 24, 2025, the visible inventory of manganese silicon was 54.31 tons, up 2.44 tons week - on - week, remaining at a high level compared to the same period. The average available days of steel mill inventory in October was 15.7 days, down 0.23 days month - on - month [71][77]. - The inventory of 63 sample enterprises was 29.3 tons, up 3.05 tons week - on - week [74]. 3.1.6. Graphical Trends - Last week, the manganese silicon futures price fluctuated slightly upward, with a weekly increase of 56 yuan/ton or 0.98%. On the daily chart, it was still within the trading range of 5600 - 6000 yuan/ton and approached the downward trend line since July. Attention should be paid to the support near 5600 yuan/ton and the direction at the trend line [80]. Ferrosilicon Report 3.2.1. Weekly Assessment and Strategy Recommendation - The daily average hot metal output was 239.9 tons, down 1.05 tons week - on - week, remaining at a relatively high level, with a cumulative year - on - year increase of about 3.75%. From January to September 2025, the cumulative output of metallic magnesium was 62.09 tons, down 3.13 tons year - on - year, a decrease of 4.80% [95]. - From January to September 2025, China's cumulative ferrosilicon exports were 31.1 tons, down 1.66 tons year - on - year, a decrease of 5.07% [95]. - The estimated visible inventory of ferrosilicon was 13.04 tons, down 0.16 tons week - on - week, remaining at a relatively high level compared to the same period. The average available days of steel mill inventory in October was 15.67 days, up 0.15 days month - on - month [95]. - The basis of Tianjin 72 ferrosilicon was 108 yuan/ton, down 62 yuan/ton week - on - week, with a basis ratio of 1.91%, at a neutral historical level [96]. - Ferrosilicon production profits remained in the red. The estimated production cost in the main producing areas was relatively stable [96]. - HeSteel Group's 75B ferrosilicon alloy tender volume in October 2025 was 2956 tons, down 195 tons month - on - month and up 920 tons year - on - year. The tender price was 5660 yuan/ton, down 140 yuan/ton month - on - month [97]. - The ferrosilicon market is likely to follow the black sector, with low trading cost - effectiveness [97]. 3.2.2. Spot and Futures Market - As of October 24, 2025, the spot price of Tianjin 72 ferrosilicon was 5650 yuan/ton, up 50 yuan/ton week - on - week. The futures price of the main contract (SF601) was 5542 yuan/ton, up 112 yuan/ton week - on - week. The basis was 108 yuan/ton, down 62 yuan/ton week - on - week, with a basis ratio of 1.91%, at a neutral historical level [102]. 3.2.3. Profit and Cost - As of October 24, 2025, the estimated immediate profit of ferrosilicon in Inner Mongolia was - 586 yuan/ton, up 18 yuan/ton week - on - week; in Ningxia, it was - 413 yuan/ton, up 18 yuan/ton week - on - week; and in Qinghai, it was - 400 yuan/ton, down 2 yuan/ton week - on - week [107]. - The price of silica in the northwest region remained stable, while the price of semi - coke small pieces increased by 50 yuan/ton. The estimated production cost in the main producing areas was relatively stable [110][113]. 3.2.4. Supply and Demand - As of October 24, 2025, the weekly output of ferrosilicon was 11.4 tons, up 0.13 tons week - on - week, with a cumulative year - on - year increase of about 1.47%. In September 2025, the monthly output was 48.82 tons, down 0.51 tons month - on - month [118]. - HeSteel Group's 75B ferrosilicon alloy tender volume in October 2025 was 2956 tons, down 195 tons month - on - month and up 920 tons year - on - year. The tender price was 5660 yuan/ton, down 140 yuan/ton month - on - month [124]. - The daily average hot metal output was 239.9 tons, down 1.05 tons week - on - week, remaining at a relatively high level, with a cumulative year - on - year increase of about 3.75%. In September 2025, China's crude steel output was 7350 tons, down 390 tons month - on - month and 360 tons year - on - year [127]. - From January to September 2025, the cumulative output of metallic magnesium was 62.09 tons, down 3.13 tons year - on - year, a decrease of 4.80%. China's cumulative ferrosilicon exports were 31.1 tons, down 1.66 tons year - on - year, a decrease of 5.07% [95]. 3.2.5. Inventory - As of October 24, 2025, the visible inventory of ferrosilicon was 13.04 tons, down 0.16 tons week - on - week, remaining at a relatively high level compared to the same period. The average available days of steel mill inventory in October was 15.67 days, up 0.15 days month - on - month [142][145]. 3.2.6. Graphical Trends - Last week, the ferrosilicon futures price continued to rise slightly, with a weekly increase of 112 yuan/ton or 2.06%. On the daily chart, it was still within the trading range of 5400 - 5800 yuan/ton and faced short - term pressure after touching the downward trend line since July. Attention should be paid to the support near 5400 yuan/ton and the direction at the trend line [150].