铁合金日报-20251124

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Report's Core View - On November 24, ferroalloy futures prices showed mixed trends. For ferrosilicon, with supply and demand both decreasing and cost support, and its low valuation, short - selling is not advisable. For silicomanganese, in the game between weak supply - demand and cost support, it is expected to oscillate at the bottom. The trading strategies are: in the single - side market, expect bottom - range oscillation; for arbitrage, stay on the sidelines; for options, sell out - of - the - money straddle option combinations [5][6] Group 3: Summary by Related Catalogs Market Information - Futures: The closing price of the SF main contract was 5456, down 16 (daily) and 206 (weekly), with a trading volume of 360,902 (up 25,320 daily) and an open interest of 205,123 (up 2936 daily). The SM main contract closed at 5630, up 24 (daily) and down 162 (weekly), with a trading volume of 202,413 (up 64,380 daily) and an open interest of 397,984 (down 41,457 daily) [2] - Spot: Ferrosilicon spot prices showed mixed trends on the 24th, with Inner Mongolia's spot price down 50 yuan/ton and Jiangsu's up 120 yuan/ton. Silicomanganese spot prices also showed mixed trends, with Ningxia's spot price up 20 yuan/ton and Guangxi's down 20 yuan/ton. Manganese ore spot prices in Tianjin were stable with a slight increase [2][5] - Basis/Spread: Ferrosilicon and silicomanganese basis and spreads showed different daily and weekly changes. The SF - SM spread was - 174, down 40 (daily) and 44 (weekly) [2] - Raw Materials: Manganese ore prices in Tianjin showed a slight increase, and the prices of semi - coke small materials in various regions remained stable [2] Market Judgement - Trading Strategies - Single - side: Due to the weak supply - demand pattern, low valuation, and cost support, expect bottom - range oscillation [6] - Arbitrage: Stay on the sidelines [6] - Options: Sell out - of - the - money straddle option combinations [6] - Important Information - On the 24th, the quotes of manganese ore in Tianjin Port showed different prices for different grades [7] - In October 2025, the crude steel output of 70 countries/regions included in the World Steel Association statistics was 143.3 million tons, a year - on - year decrease of 5.9% [7]