瑞达期货锰硅硅铁产业日报-20251127

Report Investment Rating - No information provided Core Viewpoints - On November 27, the manganese silicon 2601 contract was reported at 5626, down 0.04%. Fundamentally, inventory rebounded rapidly, production continued to decline slightly at a high level, and inventory rebounded for 8 consecutive weeks. The short - term direction is to be treated as oscillating weakly. [2] - On November 27, the ferrosilicon 2603 contract was reported at 5390, down 0.44%. In terms of supply and demand, market transactions were mainly for terminal rigid - demand restocking, prices declined, and inventory decreased this period. The short - term direction is to be treated as oscillating weakly. [2] Summary by Related Catalogs Futures Market - The closing price of the SM main contract was 5,626.00 yuan/ton, down 4.00; the closing price of the SF main contract was 5,390.00 yuan/ton, down 26.00. [2] - The SM futures contract position was 737,538.00 lots, up 3,127.00; the SF futures contract position was 486,451.00 lots, up 24,144.00. [2] - The net position of the top 20 in manganese silicon was - 8,840.00 lots, up 2,975.00; the net position of the top 20 in ferrosilicon was - 16,149.00 lots, up 987.00. [2] - The SM 5 - 1 month contract spread was 50.00 yuan/ton, down 2.00; the SF 5 - 1 month contract spread was - 36.00 yuan/ton, down 20.00. [2] - The SM warehouse receipts were 20,989.00 pieces, down 200.00; the SF warehouse receipts were 10,810.00 pieces, down 163.00. [2] Spot Market - The price of Inner Mongolia manganese silicon FeMn68Si18 was 5,430.00 yuan/ton, unchanged; the price of Guizhou manganese silicon FeMn68Si18 was 5,500.00 yuan/ton, unchanged. [2] - The price of Inner Mongolia ferrosilicon FeSi75 - B was 5,250.00 yuan/ton, down 20.00; the price of Qinghai ferrosilicon FeSi75 - B was 5,100.00 yuan/ton, down 30.00. [2] - The price of Yunnan manganese silicon FeMn68Si18 was 5,500.00 yuan/ton, unchanged; the price of Ningxia ferrosilicon FeSi75 - B was 5,180.00 yuan/ton, down 20.00. [2] - The manganese silicon index average was 5,515.75 yuan/ton, down 63.25; the SF main contract basis was - 210.00 yuan/ton, up 6.00. [2] - The SM main contract basis was - 196.00 yuan/ton, up 4.00. [2] Upstream Situation - The price of South African ore: Mn38 block: Tianjin Port was 32.00 yuan/ton degree, unchanged; the price of silica (98% Northwest) was 210.00 yuan/ton, unchanged. [2] - The price of Inner Mongolia Wuhai secondary metallurgical coke was 1,300.00 yuan/ton, unchanged; the price of semi - coke (medium material, Shenmu) was 880.00 yuan/ton, unchanged. [2] - The manganese ore port inventory was 426.30 million tons, unchanged. [2] Industry Situation - The manganese silicon enterprise operation rate was 39.13%, down 0.46; the ferrosilicon enterprise operation rate was 33.81%, down 1.03. [2] - The manganese silicon supply was 196,910.00 tons, down 2,660.00; the ferrosilicon supply was 108,300.00 tons, down 800.00. [2] - The manganese silicon manufacturer inventory was 363,000.00 tons, up 13,500.00; the ferrosilicon manufacturer inventory was 73,050.00 tons, down 8,310.00. [2] - The national steel mill inventory of manganese silicon was 15.70 days, down 0.23; the national steel mill inventory of ferrosilicon was 15.67 days, up 0.15. [2] - The demand for manganese silicon from five major steel types was 121,407.00 tons, up 2,818.00; the demand for ferrosilicon from five major steel types was 19,543.00 tons, up 469.20. [2] Downstream Situation - The blast furnace operation 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 million tons, down 149.31. [2] Industry News - The European Central Bank Chief Economist said that the world economy is undergoing profound changes beyond the impact of US tariffs, and Europe must start to find growth drivers locally. [2] - Pentagon believes Alibaba, Baidu, and BYD should be included in the list of enterprises assisting the Chinese military. [2] - From January to October, the total profit of the ferrous metal smelting and rolling processing industry was 105.32 billion yuan. [2] - Six departments including the Ministry of Industry and Information Technology issued an implementation plan to enhance the adaptability of consumer goods supply and demand and further promote consumption. [2] Viewpoint Summary - For manganese silicon, on November 27, the 2601 contract fell 0.04%, the inventory rebounded rapidly, production declined slightly, and the short - term direction is oscillating weakly. [2] - For ferrosilicon, on November 27, the 2603 contract fell 0.44%, market transactions were mainly for rigid - demand restocking, prices declined, and the short - term direction is oscillating weakly. [2]