硅铁、锰硅产业链周度报告：硅铁、锰硅产业链周度报告-20251116

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The prices of silicon ferroalloy and manganese ferroalloy are experiencing wide - range fluctuations due to the combined influence of sector sentiment and fundamental contradictions [3][6]. 3. Summary by Relevant Catalogs Manganese Silicon Fundamental Data - Supply: This week's manganese silicon production was 19.96 tons, a 1.2% decrease from last week. The weekly operating rate was 39.59%, down 0.65 percentage points from last week. The reduction in production was mainly contributed by Guizhou [21][22]. - Demand: Steel mill tenders' pricing moved down with the market, and the market was mainly driven by rigid demand. The production of building materials continued to decline, and the demand for manganese silicon in steelmaking was weakly supported. The iron - water output increased, but the overall demand for manganese silicon might weaken [27][29]. - Inventory: As of November 14, the inventory of 63 manganese - silicon sample enterprises was 352,500 tons, a net increase of 33,000 tons. The number of warehouse receipts was 19,863, an increase of 5,505, equivalent to 27,525 tons, and the converted inventory was 99,315 tons. In October, the average available days of steel mill manganese - silicon inventory was 15.7 days (- 0.23 days) [33][36]. - Manganese Ore: The global manganese ore departure volume increased month - on - month. The dredging of manganese ore remained at a high level, and the current supply and demand of manganese ore were relatively balanced. Overseas mining enterprises' quotes were firm, and the port cargo rights were concentrated. The manganese - silicon futures market might suppress the price space of manganese ore [40][41][47]. Silicon Ferroalloy Fundamental Data - Supply: This week's silicon ferroalloy production was 11.41 tons, a 0.09 - ton increase from last week. The weekly operating rate was 36.26%, up 0.18 percentage points. The reduction in production was mainly contributed by Qinghai, Shaanxi, etc. [53][54]. - Demand: Steel mill tender quotes showed both increases and decreases, and the short - term demand for steel mill tenders declined as expected. The demand for silicon ferroalloy was weakly supported. The iron - water output increased, but the export volume in September was 4.01 tons, a 14.6% increase month - on - month [60][65][70]. - Inventory: As of November 14, the inventory of 60 silicon - ferroalloy sample enterprises was 81,360 tons, an increase of 2,670 tons. The number of warehouse receipts was 8,450, an increase of 2,751, equivalent to 13,755 tons, and the converted inventory was 42,250 tons. In October, the average available days of steel mill silicon - ferroalloy inventory was 15.67 days (+ 0.15 days) [72]. - Profit: The settlement electricity price in Inner Mongolia decreased, while the electricity cost in non - main producing areas increased. The profit of silicon ferroalloy was compressed along with the market [77].