铁合金日报-20251027

Group 1: Report Overview - The report is the "Black Metal Daily" dated October 27, 2025, by researcher Zhou Tao [1] Group 2: Market Information Futures - SF main contract closed at 5564, up 22 for the day and 128 for the week, with a trading volume of 132,349 (down 7,389) and an open interest of 174,287 (down 7,891) [2] - SM main contract closed at 5802, up 30 for the day and 64 for the week, with a trading volume of 130,341 (down 87,247) and an open interest of 345,980 (down 4,913) [2] Spot - For 72% FeSi, prices in Inner Mongolia, Ningxia, Qinghai, Jiangsu, and Tianjin were 5320, 5270, 5300, 5650, and 5650 respectively, with daily and weekly changes varying [2] - For Si - Mn 6517, prices in Inner Mongolia, Ningxia, Guangxi, Jiangsu, and Tianjin were 5680, 5580, 5650, 5750, and 5720 respectively, with daily and weekly changes varying [2] Basis/Spread - For silicon - iron, Inner Mongolia - main contract basis was - 244, Ningxia - main contract basis was - 294, etc., with daily and weekly changes [2] - For manganese - silicon, Inner Mongolia - main contract basis was - 122, Ningxia - main contract basis was - 222, etc., with daily and weekly changes [2] - SF - SM spread was - 238, down 8 for the day and up 64 for the week [2] Raw Materials - For manganese ore in Tianjin, Australian lump was 38.8 (down 0.2 for the day and 0.4 for the week), South African semi - carbonate was 34 (unchanged), and Gabon lump was 39.7 (down 0.1 for the week) [2] - For blue charcoal small materials, prices in Shaanxi, Ningxia, and Inner Mongolia were 750, 810, and 800 respectively, with weekly increases [2] Group 3: Market Judgment Trading Strategy - On October 27, ferroalloy futures prices rose overall. The silicon - iron main contract rose 0.4% and the manganese - silicon main contract rose 0.52% [5] - For silicon - iron, spot prices were stable to weak on the 27th. Supply increased slightly, demand was affected by steel inventory and production restrictions. It rebounded with the market but still faced supply - demand pressure and could be a short - side configuration after valuation repair [5] - For manganese - silicon, manganese ore spot was stable to weak, and manganese - silicon spot was stable. Supply decreased slightly but remained high, demand was affected by steel inventory and iron - water production. It could also be a short - side configuration after valuation repair [5] Specific Strategies - Unilateral: Follow the short - term rebound, but still short - side configuration after low - valuation repair [6] - Arbitrage: Wait and see [6] - Options: Sell out - of - the - money straddle option combinations [6] Group 4: Important Information - NMT announced the November 2025 manganese ore shipment price to China: Mn36% (min) South African semi - carbonate lump was $4.1/ton - degree (up $0.05) [7] - A large steel mill in Hebei raised the coke purchase price, with wet - quenched coke up 50 yuan/ton and dry - quenched coke up 55 yuan/ton, effective from 0:00 on October 27, 2025 [7] Group 5: Related Attachments - There are multiple charts including ferroalloy main contract trends, basis, spreads, spot prices, electricity prices, production costs, and production profits, which provide visual data references for the market situation [11][12][13][14]