锰硅硅铁产业日报-20251030

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints - On October 30, the manganese - silicon 2601 contract was reported at 5842, up 0.24%. The Inner Mongolia silicon - manganese spot was reported at 5620, up 20 yuan/ton. With the Fed cutting interest rates by 25 basis points, inventory rising rapidly, output slightly falling from a high level, and inventory rising for 4 consecutive weeks. The market's 10 - month mainstream steel tender price was 5820 yuan/ton, down 180 yuan/ton month - on - month. It should be treated as an oscillating operation [2]. - On October 30, the ferrosilicon 2601 contract was reported at 5550, down 0.47%. The Ningxia ferrosilicon spot was reported at 5280, up 20 yuan/ton. With the 14th Five - Year Plan aiming to break obstacles in the national unified market, manufacturers' production was normal, inventory was at a neutral level, and short - term costs were supported. It should also be treated as an oscillating operation [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - SM (manganese - silicon) main contract closing price was 5842 yuan/ton, down 10 yuan; SF (ferrosilicon) main contract closing price was 5550 yuan/ton, down 44 yuan [2]. - SM futures contract open interest was 513,200 hands, down 6382 hands; SF futures contract open interest was 332,067 hands, up 361 hands [2]. - SM's top 20 net open interest was - 65,778 hands, up 1556 hands; SF's top 20 net open interest was - 41,551 hands, down 8823 hands [2]. - SM's 5 - 1 month contract spread was 48 yuan/ton, up 10 yuan; SF's 5 - 1 month contract spread was 98 yuan/ton, up 10 yuan [2]. - SM's warehouse receipts were 8100, up 8100; SF's warehouse receipts were 2624, up 2624 [2]. 3.2 Spot Market - Inner Mongolia manganese - silicon FeMn68Si18 was 5620 yuan/ton, up 20 yuan; Guizhou manganese - silicon FeMn68Si18 was 5620 yuan/ton, up 20 yuan; Yunnan manganese - silicon FeMn68Si18 was 5600 yuan/ton, unchanged [2]. - Inner Mongolia ferrosilicon FeSi75 - B was 5300 yuan/ton, unchanged; Qinghai ferrosilicon FeSi75 - B was 5170 yuan/ton, up 10 yuan; Ningxia ferrosilicon FeSi75 - B was 5280 yuan/ton, up 20 yuan [2]. - Manganese - silicon index average was 5641 yuan/ton, up 1 yuan; SF main contract basis was - 270 yuan/ton, up 64 yuan; SM main contract basis was - 222 yuan/ton, up 30 yuan [2]. 3.3 Upstream Situation - South African ore: Mn38 lump at Tianjin Port was 24 yuan/ton - degree, unchanged; silica (98% in Northwest China) was 210 yuan/ton, unchanged [2]. - Inner Mongolia Wuhai secondary metallurgical coke was 1200 yuan/ton, unchanged; semi - coke (medium material in Shenmu) was 810 yuan/ton, unchanged [2]. - Manganese ore port inventory was 436.40 million tons, down 9.30 million tons [2]. 3.4 Industry Situation - Manganese - silicon enterprise operating rate was 43.04%, down 0.24%; ferrosilicon enterprise operating rate was 35.56%, up 0.08% [2]. - Manganese - silicon supply was 207,410 tons, down 1400 tons; ferrosilicon supply was 114,100 tons, up 1300 tons [2]. - Manganese - silicon manufacturers' inventory was 293,000 tons, up 30,500 tons; ferrosilicon manufacturers' inventory was 66,560 tons, down 2520 tons [2]. - Manganese - silicon national steel mill inventory was 15.93 days, up 0.95 days; ferrosilicon national steel mill inventory was 15.52 days, up 0.85 days [2]. - Five major steel types' manganese - silicon demand was 122,683 tons, up 1570 tons; five major steel types' ferrosilicon demand was 19,935.90 tons, up 363.38 tons [2]. 3.5 Downstream Situation - The blast furnace operating rate of 247 steel mills was 84.73%, up 0.48%; the blast furnace capacity utilization rate of 247 steel mills was 89.92%, down 0.39% [2]. - Crude steel production was 73.4901 million tons, down 3.8784 million tons [2]. 3.6 Industry News - The Fed cut interest rates by 25 basis points, lowering the federal funds rate to 3.75% - 4.00% and ending the balance - sheet reduction from December 1 [2]. - The Bank of Canada cut the benchmark interest rate by 25 basis points to 2.25% [2]. - Some coking enterprises in Hebei and Shandong proposed to raise the price of coke for the 3rd round on October 29, with a tamping range of 50 - 55 yuan/ton and a top - charging range of 70 - 75 yuan/ton, effective from 0:00 on October 31 [2].