铁合金日报-20251111

Group 1: Market Information - The closing price of the SF main contract was 5562, down 130 from the previous day and up 52 from the previous week, with a trading volume of 180020 (down 5301) and an open interest of 101052 (up 5956). The closing price of the SM main contract was 5764, down 56 from the previous day and up 10 from the previous week, with a trading volume of 208571 (down 5195) and an open interest of 356141 (up 1378) [2]. - For silicon - iron spot, prices in some regions such as Inner Mongolia, Ningxia, and Qinghai increased by 30 yuan/ton on November 11th. For silicon - manganese spot, prices in some regions like Ningxia and Guangxi increased by 10 - 20 yuan/ton [2]. - Regarding the basis/spread, for silicon - iron, the basis of Inner Mongolia - main contract increased by 160. For silicon - manganese, the basis of Inner Mongolia - main contract increased by 56. The SF - SM spread was - 202, down 74 from the previous day and up 42 from the previous week [2]. - For raw materials, Tianjin port manganese ore spot prices increased by 0.1 - 0.2 yuan/ton degree, and the prices of semi - carbonates, Gabon blocks, etc. changed accordingly. The prices of blue charcoal small materials in some regions such as Shaanxi and Ningxia increased [2]. Group 2: Market Analysis and Trading Strategies Core View - The supply - demand situation of ferroalloys is weakening at the margin, but the cost side provides support. The previous short positions can be reduced at low prices [5]. Trading Strategies - Unilateral: Reduce previous short positions at low prices as the supply - demand is weakening marginally while the cost side is supportive [5][6]. - Arbitrage: Wait and see [6]. - Options: Sell out - of - the - money straddle option combinations [6]. Important Information - On November 11th, the transaction prices of semi - carbonates, Gabon blocks, and Australian blocks at Tianjin Port were 34.2 - 34.5, 40.2, and 39 - 39.2 yuan/ton degree respectively [7]. - The National Development and Reform Commission organized a video conference on energy supply guarantee during the heating season from 2025 - 2026, emphasizing stable energy production and supply, coal production organization, and safety production [7]. Group 3: Cost and Profit - For silicon - iron, the production costs in Inner Mongolia, Ningxia, Shaanxi, Qinghai, and Gansu were 5556, 5659, 5663, 5717, and 5765 yuan/ton respectively, all showing losses [16]. - For silicon - manganese, the production costs in Inner Mongolia, Ningxia, Guangxi, and Guizhou were 5805, 5834, 6339, and 6159 yuan/ton respectively, also with losses [19].