铁合金日报-20251104

Report Summary 1. Report Industry Investment Rating No information provided in the content. 2. Core View of the Report On November 4, the ferroalloy futures prices declined overall. For ferrosilicon, the supply remained high while the demand faced downward pressure, and the inventory had been rising recently. For silicomanganese, the supply also maintained a high level, the demand was weakening, and the inventory was accelerating to climb. The strategy was to continue to short on rallies. For single - side trading, due to the increasing steel mill overhauls and high demand pressure, short on rallies; for arbitrage, stay on the sidelines; for options, sell out - of - the - money straddle option combinations [5][6]. 3. Summary by Relevant Catalogs Market Information - Futures Data: The closing price of the SF main contract was 5510, down 16 from the previous day and 54 from the previous week, with a trading volume of 148,202 (up 29,682 from the previous day) and an open interest of 158,005 (up 2,702 from the previous day). The closing price of the SM main contract was 5754, down 40 from the previous day and 36 from the previous week, with a trading volume of 170,208 (up 8,798 from the previous day) and an open interest of 359,195 (up 8,981 from the previous day) [3]. - Spot Data: For ferrosilicon, the spot prices in different regions showed a stable - to - weak trend, with some areas seeing a 20 - yuan/ton decline. For silicomanganese, the spot prices dropped by 20 - 30 yuan/ton, and the manganese ore spot in Tianjin was also stable - to - weak, with the Australian lump in Tianjin dropping 0.2 yuan/ton - degree [3]. - Basis/Spread Data: The basis and spread data of ferrosilicon and silicomanganese showed different changes compared with the previous day and the previous week. The SF - SM spread was - 244, up 24 from the previous day and down 18 from the previous week [3]. - Raw Material Data: The prices of manganese ore in Tianjin showed different changes, with the Australian lump down 0.2 yuan/ton - degree. The prices of semi - coke small materials in different regions remained stable [3]. Market Judgement - Trading Strategy: - Single - side: Short on rallies due to increasing steel mill overhauls and high demand pressure [6]. - Arbitrage: Stay on the sidelines [6]. - Options: Sell out - of - the - money straddle option combinations [6]. - Important Information: On the 4th, the quotes of different manganese ores in Tianjin Port were provided. South32's quotes for the December 2025 shipment of South African semi - carbonate lumps and Australian lumps to China were flat [7]. Relevant Attachments - Price Trend Charts: The report provided the trend charts of ferroalloy main contracts, the spread between SF and SM main contracts, the monthly spreads of ferrosilicon and silicomanganese, etc., showing the price changes over different time periods [8][9]. - Cost and Profit Tables: The cost and profit data of ferrosilicon and silicomanganese in different regions were presented. For example, in the ferrosilicon cost and profit table, the production cost in Inner Mongolia was 5556 yuan/ton with a profit of - 306 yuan/ton [14][17].