大越期货锰硅周报-20251216

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The cost support for ferrosilicon - manganese alloy remains strong. Although the coke price has slightly declined, the price of manganese ore, the core raw material, has remained firm, especially the highly oxidized ore, effectively supporting the alloy price [2]. - In the futures market, the ferrosilicon - manganese futures have been in a volatile trend, often rising at the opening and falling at the end of the session, with limited upward space. In the spot market, factories are less willing to offer retail prices and tend to hold back goods, waiting for the futures price to rise before selling, which has increased the inventory pressure on manufacturers. New ferrosilicon - manganese production capacity in northern alloy plants is operating stably and will gradually produce iron, increasing supply pressure. In southern regions, due to the increase in electricity costs during the dry season, most manufacturers have chosen to reduce production during peak - load periods. Other regions' alloy plants have maintained low - level operations and reduced production during the traditional off - season [2]. - In December, HeSteel Group reduced both the purchase volume and price of ferrosilicon - manganese. The purchase price was set at 5,770 yuan/ton (the first - round inquiry price was 5,700 yuan/ton), down from 5,820 yuan/ton in November. The purchase volume was 14,700 tons, a reduction from 16,000 tons in November [2]. - Currently, the ferrosilicon - manganese market continues to be in a stalemate of "strong cost and weak demand", with a strong sense of pessimism and a wait - and - see attitude. In the short term, the market will continue to operate at a low level. It is expected that the market will continue to fluctuate in the short term [2]. 3. Summary by Directory I. Manganese - Silicon Supply - Capacity: A chart shows the monthly ferrosilicon - manganese production capacity in China [6][7] - Annual Production: A chart presents the annual ferrosilicon - manganese production in Guangxi, Guizhou, Inner Mongolia, Ningxia, Yunnan, other regions, and the whole of China [8][9] - Weekly, Monthly Production and开工率: A chart shows the weekly and monthly ferrosilicon - manganese production in China and the weekly operating rate of ferrosilicon - manganese enterprises in China [10][11] - Regional Production: Charts display the monthly production in Inner Mongolia, Ningxia, and Guizhou, as well as the daily average production in Inner Mongolia, Ningxia, Guizhou, and Guangxi [12][13] II. Manganese - Silicon Demand - Steel Tender Purchase Price: A chart shows the monthly purchase prices of ferrosilicon - manganese by Baoshan Iron & Steel Co., Ltd., Baowu Egang, Chengde Jianlong, Heilongjiang Jianlong, Yangchun Iron & Steel, Jilin Jianlong, and Nanjing Iron & Steel Co., Ltd. [15][16] - Daily Average Hot Metal and Profit: A chart shows the weekly daily average hot metal production and the weekly profitability rate of 247 steel enterprises in China [17][18] III. Manganese - Silicon Import and Export - A chart shows the monthly import and export volumes of ferrosilicon - manganese in China [19][20] IV. Manganese - Silicon Inventory - A chart shows the weekly inventory of 63 sample ferrosilicon - manganese enterprises in China, the monthly average available days of inventory in China, the northern region, and the eastern region [21][22] V. Manganese - Silicon Cost - Manganese Ore Import Volume: A chart shows the monthly import volume of manganese ore in different trade methods, from Gabon, southern Africa, and Australia to China [23][24] - Manganese Ore Port Inventory and Available Days: A chart shows the weekly port inventory of manganese ore in China, Qinzhou Port, and Tianjin Port, as well as the weekly average available days of inventory in China [25][26] - High - Grade Manganese Ore Port Inventory: A chart shows the weekly port inventory of Australian, Gabonese, and Brazilian high - grade manganese ore in Qinzhou Port and Tianjin Port [27][28] - Tianjin Port Manganese Ore Price: A chart shows the daily price of South African semi - carbonate manganese ore, Australian manganese ore, and Gabonese manganese ore in Tianjin Port [29] - Regional Cost: A chart shows the daily cost of ferrosilicon - manganese in Inner Mongolia, the northern region, Ningxia, the southern region, and Guangxi [30][31] VI. Manganese - Silicon Profit - A chart shows the daily profit of ferrosilicon - manganese in the northern region, the southern region, Inner Mongolia, Ningxia, and Guangxi [32][33]