Ruida Futures(SZ:002961) Rui Da Qi Huo·2025-10-27 09:35Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Report's Core View - On October 27, the manganese - silicon 2601 contract was reported at 5802, up 0.24%. The Fed is expected to cut interest rates again at the October 28 - 29 meeting. The inventory is rising rapidly, the production is slightly falling from a high level, and the inventory has increased for three consecutive weeks. The profit is negative in Inner Mongolia and Ningxia. The mainstream steel bid price is 5820 yuan/ton, down 180 yuan/ton month - on - month. Technically, the daily K - line is between the 20 and 60 moving averages, and it should be treated as a volatile operation [2]. - On October 27, the ferrosilicon 2601 contract was reported at 5564, up 0.36%. Trump arrived in Malaysia for the ASEAN Summit. Manufacturers' production is normal, delivering previous orders, with a neutral inventory level. Lanthanum coke is stable, providing short - term cost support. The profit is negative in Inner Mongolia and Ningxia. The September Hebei Steel 75B ferrosilicon tender price was 5800 yuan/ton, down 230 yuan/ton from the previous round. Technically, the daily K - line is above the 20 and 60 moving averages, and it should be treated as a volatile operation [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - Manganese Silicon (SM): The closing price of the SM main contract was 5802 yuan/ton, up 30 yuan; the position was 529,868 hands, down 13,590 hands; the net position of the top 20 was - 59,965 hands, down 7,212 hands; the 5 - 1 month contract spread was 40 yuan/ton, down 2 yuan; the warehouse receipt was 44,027 sheets, down 849 sheets; the basis of the SM main contract was - 222 yuan/ton, down 30 yuan [2]. - Ferrosilicon (SF): The closing price of the SF main contract was 5564 yuan/ton, up 22 yuan; the position was 345,316 hands, down 14,113 hands; the net position of the top 20 was - 26,906 hands, down 1,160 hands; the 5 - 1 month contract spread was 68 yuan/ton, down 2 yuan; the warehouse receipt was 10,715 sheets, down 448 sheets; the basis of the SF main contract was - 304 yuan/ton, down 22 yuan [2]. 3.2 Spot Market - Manganese Silicon: The prices of Inner Mongolia, Guizhou, and Yunnan manganese silicon FeMn68Si18 remained unchanged at 5580 yuan/ton, 5600 yuan/ton, and 5600 yuan/ton respectively. The weekly average of the manganese - silicon index was 5641 yuan/ton, up 1 yuan [2]. - Ferrosilicon: The prices of Inner Mongolia, Qinghai, and Ningxia ferrosilicon FeSi75 - B remained unchanged at 5300 yuan/ton, 5160 yuan/ton, and 5260 yuan/ton respectively [2]. 3.3 Upstream Situation - Manganese - related: The price of South African Mn38 block at Tianjin Port was 24 yuan/ton - degree, unchanged; the port inventory of manganese ore was 436.40 million tons, down 9.30 million tons; the price of Inner Mongolia Wuhai secondary metallurgical coke was 1150 yuan/ton, unchanged [2]. - Silicon - related: The price of silica (98% in the northwest) was 210 yuan/ton, unchanged; the price of semi - coke (medium material in Shenmu) was 810 yuan/ton, unchanged [2]. 3.4 Industry Situation - Manganese Silicon: The weekly start - up rate was 43.04%, down 0.24%; the weekly supply was 207,410 tons, down 1400 tons; the semi - monthly manufacturer's inventory was 293,000 tons, up 30,500 tons; the monthly national steel mill inventory was 15.93 days, up 0.95 days; the weekly demand of the five major steel types was 122,683 tons, up 1570 tons [2]. - Ferrosilicon: The weekly start - up rate was 35.56%, up 0.08%; the weekly supply was 114,100 tons, up 1300 tons; the semi - monthly manufacturer's inventory was 66,560 tons, down 2520 tons; the monthly national steel mill inventory was 15.52 days, up 0.85 days; the weekly demand of the five major steel types was 19,935.90 tons, up 363.38 tons [2]. 3.5 Downstream Situation - The weekly start - up rate of 247 steel mills' blast furnaces was 84.73%, up 0.48%; the weekly capacity utilization rate of 247 steel mills' blast furnaces was 89.92%, down 0.39%; the monthly crude steel output was 73.4901 million tons, down 3.8784 million tons [2]. 3.6 Industry News - The Ministry of Industry and Information Technology solicited public opinions on the "Implementation Measures for Capacity Replacement in the Iron and Steel Industry (Draft for Comment)", with strict restrictions on steel capacity addition and transfer in key areas, and a capacity replacement ratio of no less than 1.5:1 [2]. - The US CPI in September increased by 3% year - on - year, a new high since January 2025; it increased by 0.3% month - on - month. After the data release, traders increased their bets on two more interest rate cuts by the Fed this year [2]. - Hangzhou's housing authorities will launch a "home purchase + consumer voucher" limited - time subsidy activity in some areas, with a 100,000 - yuan consumer voucher for each eligible home purchase [2]. - On October 25, the Datong - Qinhuangdao Railway completed its autumn maintenance, laying a foundation for coal supply this winter and next spring [2].