Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Report's Core View - On December 8, the manganese - silicon 2603 contract was reported at 5736, down 0.42%. Fundamentally, inventory is rising rapidly, production continues to decline slightly at a high level, and inventory has increased for 10 consecutive weeks. Technically, the daily K - line is between the 20 and 60 - day moving averages, and the short - term trend is expected to be volatile. [2] - On December 8, the ferrosilicon 2603 contract was reported at 5444, down 0.69%. In terms of supply and demand, market transactions are mainly for terminal rigid - demand restocking, and inventory is at a neutral level. Technically, the daily K - line is below the 20 and 60 - day moving averages, and the short - term trend is expected to be weakly volatile. [2] Group 3: Summary According to Related Catalogs Futures Market - The closing price of the SM main contract was 5,736.00 yuan/ton, down 22.00; the closing price of the SF main contract was 5,444.00 yuan/ton, down 30.00. [2] - The SM futures contract holdings were 630,635.00 hands, down 2347.00; the SF futures contract holdings were 470,877.00 hands, up 9618.00. [2] - The net holdings of the top 20 in manganese - silicon were - 26,105.00 hands, up 9574.00; the net holdings of the top 20 in ferrosilicon were - 24,866.00 hands, up 4937.00. [2] - The SM 5 - 1 month contract spread was 48.00 yuan/ton, down 2.00; the SF 5 - 1 month contract spread was 24.00 yuan/ton, down 10.00. [2] - The SM warehouse receipts were 24,528.00, up 3321.00; the SF warehouse receipts were 13,368.00, down 220.00. [2] Spot Market - The price of Inner Mongolia manganese - silicon FeMn68Si18 was 5,500.00 yuan/ton, down 20.00; the price of Guizhou manganese - silicon FeMn68Si18 was 5520.00 yuan/ton, down 20.00. The price of Inner Mongolia ferrosilicon FeSi75 - B was 5,260.00 yuan/ton, down 20.00; the price of Qinghai ferrosilicon FeSi75 - B was 5,160.00 yuan/ton, down 20.00. The price of Yunnan manganese - silicon FeMn68Si18 was 5550.00 yuan/ton, unchanged. The price of Ningxia ferrosilicon FeSi75 - B was 5,200.00 yuan/ton, down 30.00. [2] - The weekly average of the manganese - silicon index was 5531.00 yuan/ton, up 32.00; the SF main contract basis was - 244.00 yuan/ton, unchanged. The SM main contract basis was - 236.00 yuan/ton, up 2.00. [2] Upstream Situation - The price of South African Mn38 lump ore at Tianjin Port was 32.00 yuan/ton degree, unchanged; the price of silica (98% in the northwest) was 210.00 yuan/ton, unchanged. [2] - The price of Inner Mongolia Wuhai secondary metallurgical coke was 1250.00 yuan/ton, unchanged; the price of semi - coke (medium grade in Shenmu) was 870.00 yuan/ton, unchanged. [2] - The manganese ore port inventory was 451.30 million tons, up 13.00 million tons. [2] Industry Situation - The weekly start - up rate of manganese - silicon enterprises was 36.71%, down 1.38; the weekly start - up rate of ferrosilicon enterprises was 33.80%, up 0.39. [2] - The weekly supply of manganese - silicon was 187,950.00 tons, down 6825.00 tons; the weekly supply of ferrosilicon was 108,800.00 tons, up 1600.00 tons. [2] - The semi - monthly inventory of manganese - silicon manufacturers was 375,500.00 tons, up 7500.00 tons; the semi - monthly inventory of ferrosilicon manufacturers was 72,640.00 tons, up 810.00 tons. [2] - The monthly inventory days of manganese - silicon in national steel mills was 15.84, up 0.14; the monthly inventory days of ferrosilicon in national steel mills was 15.80, up 0.13. [2] - The weekly demand for manganese - silicon in the five major steel types was 116,591.00 tons, down 5136.00 tons; the weekly demand for ferrosilicon in the five major steel types was 18,766.10 tons, down 893.90 tons. [2] Downstream Situation - The weekly start - up rate of blast furnaces in 247 steel mills was 80.14%, down 0.93; the weekly capacity utilization rate of blast furnaces in 247 steel mills was 87.06%, down 0.90. [2] - The monthly crude steel output was 7199.70 million tons, down 149.31 million tons. [2] Industry News - The real - estate market is in the transition from building houses to filling houses with people, industries, and business forms. The "price anchor" of real estate is returning from the financial yield under the investment attribute to the use value of property space under the residential attribute. [2] - In November, the railway department transported 184 million tons of coal, a year - on - year increase of 0.3%, including 128 million tons of thermal coal. [2] - In November, China imported 4405.3 million tons of coal and lignite, a month - on - month increase of 5.5%. From January to November, the cumulative import was 43167.6 million tons, a year - on - year decrease of 12.0%. [2] - In November 2025, China exported 998.0 million tons of steel, a month - on - month increase of 2.0%. From January to November, the cumulative export was 10771.7 million tons, a year - on - year increase of 6.7%. [2] Viewpoint Summary - Manganese - silicon: The Inner Mongolia spot profit was - 285 yuan/ton; the Ningxia spot profit was 370 yuan/ton. The final price of silicon - manganese in Hebei Iron and Steel Group in November was 5820 yuan/ton, unchanged from the previous month. [2] - Ferrosilicon: The Inner Mongolia spot profit was - 270 yuan/ton; the Ningxia spot profit was 565 yuan/ton. The tender price of 75B ferrosilicon in Hebei Iron and Steel in November was 5680 yuan/ton, up 20 yuan/ton from the previous round. [2]
瑞达期货锰硅硅铁产业日报-20251208
Rui Da Qi Huo·2025-12-08 09:14