瑞达期货锰硅硅铁产业日报-20251126

Report Investment Rating - No investment rating information provided in the report Core Viewpoints - On November 26, the manganese silicon 2601 contract was reported at 5,630, down 0.25%. Fundamentally, inventory is rising rapidly, production at a high level continues to decline slightly, and inventory has been rising for 8 consecutive weeks. The short - term trend is expected to be weak and volatile. [2] - On November 26, the ferrosilicon 2603 contract was reported at 5,416, down 0.70%. In terms of supply and demand, market transactions are mainly for terminal rigid - demand restocking, prices are falling, and inventory has decreased this period. The short - term trend is expected to be weak and volatile. [2] Summary by Directory Futures Market - The closing price of the SM main contract was 5,630 yuan/ton, down 6 yuan; the closing price of the SF main contract was 5,416 yuan/ton, down 32 yuan [2]. - The SM futures contract positions were 734,411 lots, up 17,984 lots; the SF futures contract positions were 462,307 lots, up 15,677 lots [2]. - The net positions of the top 20 in manganese silicon were - 11,815 lots, down 6,298 lots; the net positions of the top 20 in ferrosilicon were - 17,136 lots, up 147 lots [2]. - The SM 5 - 1 month contract spread was 52 yuan/ton, down 10 yuan; the SF 5 - 1 month contract spread was - 16 yuan/ton, unchanged [2]. - The SM warehouse receipts were 21,189 lots; the SF warehouse receipts were 10,973 lots, down 20 lots [2]. Spot Market - The price of Inner Mongolia manganese silicon FeMn68Si18 was 5,430 yuan/ton, unchanged; the price of Inner Mongolia ferrosilicon FeSi75 - B was 5,270 yuan/ton, up 132 yuan [2]. - The price of Guizhou manganese silicon FeMn68Si18 was 5,500 yuan/ton, unchanged; the price of Qinghai ferrosilicon FeSi75 - B was 5,100 yuan/ton, down 30 yuan [2]. - The price of Yunnan manganese silicon FeMn68Si18 was 5,500 yuan/ton, unchanged; the price of Ningxia ferrosilicon FeSi75 - B was 5,200 yuan/ton, down 20 yuan [2]. - The average value of the manganese silicon index was 5,515.75 yuan/ton, down 63.25 yuan; the basis of the SF main contract was - 216 yuan/ton, up 12 yuan [2]. - The basis of the SM main contract was - 200 yuan/ton, down 14 yuan [2]. Upstream Situation - The price of South African ore: Mn38 lumps at Tianjin Port was 32 yuan/ton - degree, unchanged; the price of silica (98% in the northwest) was 210 yuan/ton, unchanged [2]. - The price of Inner Mongolia Wuhai secondary metallurgical coke was 1,300 yuan/ton, unchanged; the price of semi - coke (medium - sized in Shenmu) was 880 yuan/ton, unchanged [2]. - The manganese ore port inventory was 426.30 tons, unchanged [2]. Industry Situation - The manganese silicon enterprise operating rate was 39.13%, down 0.46%; the ferrosilicon enterprise operating rate was 33.81%, down 1.03% [2]. - The manganese silicon supply was 196,910 tons, down 2,660 tons; the ferrosilicon supply was 108,300 tons, down 800 tons [2]. - The manganese silicon manufacturer inventory was 363,000 tons, up 13,500 tons; the ferrosilicon manufacturer inventory was 73,050 tons, down 8,310 tons [2]. - The national steel mill inventory of manganese silicon was 15.70 days, down 0.23 days; the national steel mill inventory of ferrosilicon was 15.67 days, up 0.15 days [2]. - The demand for manganese silicon from the five major steel types was 121,407 tons, up 2,818 tons; the demand for ferrosilicon from the five major steel types was 19,543 tons, up 469.20 tons [2]. Downstream Situation - The blast furnace operating rate of 247 steel mills was 82.17%, down 0.62%; the blast furnace capacity utilization rate of 247 steel mills was 88.56%, down 0.26% [2]. - The crude steel output was 7,199.70 tons, down 149.31 tons [2]. Industry News - The "Work Plan for the Classification and Disposal of Coal Mines below 600,000 Tons per Year in Shaanxi Province" was issued, aiming to optimize the coal industry structure [2]. - On November 24, South Korea announced anti - dumping duties on Chinese medium - thick plates and alloy steel hot - rolled thick plates, with some product tax rates up to 34.10% [2]. - Ukrainian President Zelensky said Ukraine is ready to advance a framework agreement to end the war with Russia [2].