瑞达期货锰硅硅铁产业日报-20251111

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - On November 11, the manganese - silicon 2601 contract was reported at 5764, down 0.41%, and the Inner Mongolia silicon - manganese spot was reported at 5600. With a surge in low - price "bank direct - supply houses", some properties were sold at a price 25% lower than the market price. Fundamentally, inventory rebounded rapidly, production continued to decline slightly from a high level, and inventory rose for 6 consecutive weeks. On the cost side, the port inventory of imported manganese ore increased by 83,000 tons, and on the demand side, hot metal declined seasonally. The Inner Mongolia spot profit was - 190 yuan/ton, and the Ningxia spot profit was - 280 yuan/ton. The mainstream steel tender price in October was 5820 yuan/ton, a month - on - month decrease of 180 yuan/ton. Technically, the daily K - line was below the 20 - day and 60 - day moving averages, and the market was expected to move in a volatile manner [2]. - On November 11, the ferrosilicon 2601 contract was reported at 5488, down 1.05%, and the Ningxia ferrosilicon spot was reported at 5270. Trump stated that if the Supreme Court ruled against the imposition of comprehensive tariffs, the US would face an "economic disaster". In terms of supply and demand, demand declined, and inventory rebounded significantly this period. The Inner Mongolia spot profit was - 390 yuan/ton, and the Ningxia spot profit was - 580 yuan/ton. Technically, the daily K - line was below the 20 - day and 60 - day moving averages, and the market was expected to move in a volatile manner [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - SM (manganese - silicon) main contract closing price was 5764 yuan/ton, down 56 yuan; SF (ferrosilicon) main contract closing price was 5488 yuan/ton, down 100 yuan [2]. - SM futures contract holdings were 580,581 hands, up 11,630 hands; SF futures contract holdings were 358,909 hands, up 8355 hands [2]. - Manganese - silicon's top 20 net positions were - 49,221 hands, up 7970 hands; ferrosilicon's top 20 net positions were - 30,065 hands, up 6367 hands [2]. - SM 5 - 1 month contract spread was 58 yuan/ton, unchanged; SF 5 - 1 month contract spread was 38 yuan/ton, down 28 yuan [2]. - SM warehouse receipts were 18,113, up 1756; SF warehouse receipts were 7302, up 105 [2]. 3.2 Spot Market - Inner Mongolia, Guizhou, and Yunnan manganese - silicon FeMn68Si18 prices were 5600 yuan/ton, 5600 yuan/ton, and 5580 yuan/ton respectively, all unchanged [2]. - Inner Mongolia, Qinghai, and Ningxia ferrosilicon FeSi75 - B prices were 5300 yuan/ton, 5200 yuan/ton, and 5270 yuan/ton respectively, all unchanged [2]. - Manganese - silicon index average was 5595 yuan/ton, down 51 yuan; SF main contract basis was - 218 yuan/ton, up 100 yuan; SM main contract basis was - 164 yuan/ton, up 56 yuan [2]. 3.3 Upstream Situation - South African ore: Mn38 block at Tianjin Port was 32 yuan/ton - degree, unchanged; silica (98% in the northwest) was 210 yuan/ton, unchanged [2]. - Inner Mongolia Wuhai secondary metallurgical coke was 1250 yuan/ton, unchanged; semi - coke (medium material in Shenmu) was 880 yuan/ton, unchanged [2]. - Manganese ore port inventory was 4.397 million tons, up 83,000 tons [2]. 3.4 Industry Situation - Manganese - silicon enterprise operating rate was 40.24%, down 2.75 percentage points; ferrosilicon enterprise operating rate was 36.26%, up 0.18 percentage points [2]. - Manganese - silicon supply was 201,880 tons, down 5845 tons; ferrosilicon supply was 114,100 tons, up 900 tons [2]. - Manganese - silicon manufacturers' inventory was 319,500 tons, up 5000 tons; ferrosilicon manufacturers' inventory was 78,690 tons, up 6700 tons [2]. - Manganese - silicon national steel mill inventory was 15.7 days, down 0.23 days; ferrosilicon national steel mill inventory was 15.67 days, up 0.15 days [2]. 3.5 Downstream Situation - Five major steel types' manganese - silicon demand was 121,113 tons, down 3379 tons; five major steel types' ferrosilicon demand was 19,813.7 tons, down 461.6 tons [2]. - 247 steel mills' blast furnace operating rate was 83.15%, up 1.42 percentage points; 247 steel mills' blast furnace capacity utilization rate was 87.79%, down 0.80 percentage points [2]. - Crude steel output was 73.4901 million tons, down 3.8784 million tons [2]. 3.6 Industry News - Deputy Premier Liu Guozhong will visit Guinea and Sierra Leone from November 10 - 16 and attend the commissioning ceremony of the Simandou Iron Ore Project on November 11 [2]. - There is a surge in low - price "bank direct - supply houses", with some properties sold 25% below the market price. Banks are accelerating property disposal to improve debt recovery rates [2]. - The National Development and Reform Commission and the National Energy Administration issued a guidance on promoting new energy consumption and regulation. By 2030, new electricity demand will be mainly met by new new - energy power generation [2]. - The National Development and Reform Commission held a video conference on energy supply during the 2025 - 2026 heating season, requiring stable energy production and supply [2].