永安期货铁合金早报-20251125

Report Information - Report Title: Ferroalloy Morning Report - Report Date: November 25, 2025 1. Report Industry Investment Rating - No information provided in the report. 2. Report's Core View - No clear core view is presented in the provided content. The report mainly offers price, supply, demand, inventory, and cost - profit data for ferroalloys such as ferrosilicon and ferromanganese. 3. Summary by Relevant Catalogs Price - Ferrosilicon: - Spot prices vary by region and type. For example, Ningxia 72 natural block ferrosilicon is 5130 yuan, with a weekly change of - 20 yuan; Tianjin 72 ferrosilicon export price is 1020 US dollars, with a weekly change of - 10 US dollars [2]. - Futures prices also show differences among different contracts. The main contract of ferrosilicon is 5456 yuan, down 16 yuan daily and 206 yuan weekly [2]. - Ferromanganese: - Spot prices of ferromanganese in different regions have different changes. Inner Mongolia 6517 ferromanganese has an ex - factory price of 5520 yuan, with a weekly change of - 80 yuan [2]. - Futures prices of different contracts also fluctuate. The main contract of ferromanganese is 5630 yuan, up 24 yuan daily and down 162 yuan weekly [2]. Supply - Ferrosilicon: - The production data of 136 ferrosilicon enterprises in China are presented, including monthly output, weekly output, and capacity utilization in different regions such as Inner Mongolia, Ningxia, and Shaanxi [4]. - Ferromanganese: - The weekly production volume of ferromanganese in China and the procurement volume and price of Hebei Iron and Steel Group are provided [6]. Demand - Ferrosilicon: - Related to the production of products such as crude steel, stainless - steel crude steel, and metal magnesium. For example, the estimated monthly production of crude steel in China and the production of stainless - steel crude steel are shown [4]. - Ferromanganese: - The demand data of ferromanganese in China (according to Steel Union's caliber) are given, and it is also related to the production of crude steel [4][7]. Inventory - Ferrosilicon: - The inventory data of 60 sample enterprises in China, including total inventory and inventory in different regions like Ningxia, Inner Mongolia, and Shaanxi, are provided. Also, data on warehouse receipts, effective forecasts, and inventory average available days in different regions are presented [5]. - Ferromanganese: - The inventory data of 63 sample enterprises in China, warehouse receipts, effective forecasts, and inventory average available days in China are shown [7]. Cost and Profit - Ferrosilicon: - Cost - related data include electricity prices in different regions (Inner Mongolia, Qinghai, Ningxia, Shaanxi) and the market price of semi - coke in Shaanxi. Profit - related data include the profit of ferrosilicon in Ningxia (converted to the main contract and spot profit) and the export profit of 75% ferrosilicon [5]. - Ferromanganese: - Profit data in different regions such as Inner Mongolia, Guangxi, the northern region, and the southern region are provided, as well as the profit of Guangxi ferromanganese converted to the main contract [7].