瑞达期货锰硅硅铁产业日报-20251113

Report Summary 1. Report's Industry Investment Rating - Not mentioned in the provided content 2. Core Views - On November 13, the manganese - silicon 2601 contract was reported at 5756, down 0.24%. The spot price of Inner Mongolia silicon - manganese was reported at 5550, down 30 yuan/ton. The inventory has rebounded rapidly, the production has continued to decline slightly at a high level, and the inventory has rebounded for 6 consecutive weeks. The port inventory of imported manganese ore at the raw material end has increased by 8.3 tons, and the demand for molten iron has declined seasonally. The operation should be treated as a volatile one [2]. - On November 13, the ferrosilicon 2601 contract was reported at 5506, up 0.22%. The spot price of Ningxia ferrosilicon was reported at 5240. The demand has decreased, and the inventory in this period has rebounded significantly. The operation should be treated as a volatile one [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - SM main contract closing price: 5,756.00 yuan/ton, down 6.00 yuan; SF main contract closing price: 5,506.00 yuan/ton, up 16.00 yuan [2]. - SM futures contract holding volume: 599,139.00 hands, up 16,338.00 hands; SF futures contract holding volume: 378,201.00 hands, down 1,928.00 hands [2]. - Manganese - silicon top 20 net holding volume: - 43,809.00 hands, up 2,237.00 hands; Ferrosilicon top 20 net holding volume: - 23,328.00 hands, up 1,961.00 hands [2]. - SM 5 - 1 month contract price difference: 56.00 yuan/ton, unchanged; SF 5 - 1 month contract price difference: 32.00 yuan/ton, up 6.00 yuan [2]. - SM warehouse receipts: 18,663.00 sheets; Inner Mongolia manganese - silicon FeMn68Si18: 5,550.00 yuan/ton, up 400.00 yuan; SF warehouse receipts: down 30.00 sheets; Inner Mongolia ferrosilicon FeSi75 - B: 5,300.00 yuan/ton, up 1,004.00 yuan [2]. 3.2 Spot Market - Guizhou manganese - silicon FeMn68Si18: 5,580.00 yuan/ton, unchanged; Qinghai ferrosilicon FeSi75 - B: 0.00 yuan/ton, down 5,200.00 yuan [2]. - Yunnan manganese - silicon FeMn68Si18: 5,580.00 yuan/ton, unchanged; Ningxia ferrosilicon FeSi75 - B: 5,240.00 yuan/ton, down 51.00 yuan [2]. - Manganese - silicon index average (weekly): 5,595.00 yuan/ton; SF main contract basis: - 266.00 yuan/ton, down 16.00 yuan [2]. - SM main contract basis: - 206.00 yuan/ton, down 24.00 yuan [2]. 3.3 Upstream Situation - South African ore: Mn38 block: Tianjin Port: 32.00 yuan/ton - degree, unchanged; Silica (98% Northwest): 210.00 yuan/ton, unchanged [2]. - Inner Mongolia Wuhai secondary metallurgical coke: 1,250.00 yuan/ton, unchanged; Semi - coke (medium material, Shenmu): 880.00 yuan/ton, unchanged [2]. - Manganese ore port inventory (weekly): 439.70 tons, up 8.30 tons [2]. 3.4 Industry Situation - Manganese - silicon enterprise operating rate (weekly): 40.24%, down 2.75%; Ferrosilicon enterprise operating rate (weekly): 36.26%, up 0.18% [2]. - Manganese - silicon supply (weekly): 201,880.00 tons, down 5,845.00 tons; Ferrosilicon supply (weekly): 114,100.00 tons, up 900.00 tons [2]. - Manganese - silicon manufacturer inventory (bi - monthly): 319,500.00 tons, up 5,000.00 tons; Ferrosilicon manufacturer inventory (bi - monthly): 78,690.00 tons, up 6,700.00 tons [2]. - Manganese - silicon national steel mill inventory (monthly, days): 15.70 days, down 0.23 days; Ferrosilicon national steel mill inventory (monthly, days): 15.67 days, up 0.15 days [2]. - Five major steel types' manganese - silicon demand (weekly): 121,113.00 tons, down 3,379.00 tons; Five major steel types' ferrosilicon demand (weekly): 19,813.70 tons, down 461.60 tons [2]. 3.5 Downstream Situation - 247 steel mills' blast furnace operating rate (weekly): 83.15%, up 1.42%; 247 steel mills' blast furnace capacity utilization rate (weekly): 87.79%, down 0.80% [2]. - Crude steel output (monthly): 7,349.01 tons, down 387.84 tons [2]. 3.6 Industry News - Mysteel predicts that the Simandou project will gradually release its production capacity during the 14th Five - Year Plan period. Conservatively estimated, the total output of the north and south blocks will reach 20 million tons in 2026 [2]. - China Securities Regulatory Commission Vice - Chairman Li Ming: Continuously improve the market ecosystem for long - term investment and promote the implementation of the plan to encourage medium - and long - term funds to enter the market [2]. - China Photovoltaic Industry Association: The association is working on industry self - discipline under the guidance of relevant ministries and commissions, and will fight against malicious short - selling and rumor - spreading in the photovoltaic industry [2]. 3.7 Profit Situation - Inner Mongolia manganese - silicon spot profit: - 160 yuan/ton; Ningxia manganese - silicon spot profit: - 290 yuan/ton [2]. - Inner Mongolia ferrosilicon spot profit: - 200 yuan/ton; Ningxia ferrosilicon spot profit: - 450 yuan/ton [2].