铁合金日报-20251209

Group 1: Market Information - SF main contract closed at 5462, up 18 for the day and 14 for the week, with a trading volume of 245,113 (down 169,367) and an open interest of 267,182 (up 3413) [3] - SM main contract closed at 5732, down 4 for the day and up 4 for the week, with a trading volume of 259,055 (down 6012) and an open interest of 282,351 (up 11,069) [3] - 72% FeSi spot prices were stable to weak, with some regions down 30 yuan/ton; 6517 silicon manganese spot prices were also stable to weak, with some regions down 20 yuan/ton [3] - Manganese ore prices in Tianjin were mostly stable, while semi - carbonated South African ore was down 0.1 for the week; Lanthanum semi - coke prices were stable [3] Group 2: Market Analysis and Trading Strategy - On December 9th, ferroalloy futures prices showed mixed trends. The SF main contract rose 0.33% and open interest increased by 3413 lots; the SM main contract fell 0.07% and open interest increased by 11,069 lots [5] - For ferrosilicon, after the November electricity price settlement, manufacturers' losses intensified, and future production is expected to decline. Steel demand is weak, and although the cost has some support, it will continue to oscillate at the bottom [5] - For silicomanganese, production has been declining. Steel demand is weak, but the cost has increased due to low port inventory and rising overseas mine quotes. It will also oscillate at the bottom [5] - Unilateral strategy: Oscillate at the bottom with cost support but future demand pressure; Arbitrage: Wait and see; Option: Sell out - of - the - money straddle option combinations [5][6] Group 3: Important Information - Hebei Iron and Steel Group's first - round inquiry price for silicomanganese in December was 5700 yuan/ton, compared with 5820 yuan/ton in November [7] - CML's January 2026 quotation for Australian ore blocks (Mn＞46%, Fe＜6%, SiO2<18%) to China was 5.0 US dollars per ton - degree, up 0.2 US dollars per ton - degree from last month [7] Group 4: Related Attachments - Figures include ferroalloy main contract trends, sf - sm spreads, monthly spreads of ferrosilicon and silicomanganese, basis differences, spot prices, electricity prices, production costs, and production profits [9][13][15]