铁合金日报-20260106

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints of the Report - On January 6, ferroalloy futures prices rose overall. With supply contraction expectations and cost support, both ferrosilicon and silicomanganese are expected to be volatile and bullish in the short term [5]. - The trading strategies include a short - term volatile and bullish outlook for unilateral positions, waiting and seeing for arbitrage, and selling out - of - the - money put options for options [6]. Group 3: Summary by Relevant Catalogs Market Information - Futures: The closing price of the SF main contract was 5776, with a daily change of 152 and a weekly change of 104. The trading volume was 327,236, and the open interest increased by 30,174. The closing price of the SM main contract was 5918, with a daily change of 44 and a weekly change of 78. The trading volume was 274,550, and the open interest increased by 83 [3]. - Spot: For ferrosilicon, the spot prices in most regions were stable, except for a 100 - yuan/ton increase in Tianjin. For silicomanganese, prices in some cities decreased by 10 - 30 yuan/ton [3]. - Basis/Spread: The basis of ferrosilicon and silicomanganese in different regions changed. The SF - SM spread was - 142, with a daily change of 108 and a weekly change of 26 [3]. - Raw Materials: Manganese ore prices in Tianjin Port increased slightly, while the prices of semi - coke small materials in different regions remained stable [3]. Market Judgement - Trading Strategies: Unilateral positions are expected to be volatile and bullish in the short term due to improved supply - demand margins and cost - push factors. For arbitrage, it is recommended to wait and see. For options, sell out - of - the - money put options [5][6]. - Important Information: On the 6th, the quotes of manganese ore in Tianjin Port changed, and Kunsteel finalized the purchase price of 75B ferrosilicon, with an increase of 20 - 50 yuan/ton compared to the previous round [7]. Related Attachments - Price Difference Charts: Include ferroalloy main contract price trends, SF - SM spreads, monthly spreads of ferrosilicon and silicomanganese, and basis charts [8][10][12][14]. - Cost and Profit Charts: Present the production costs and profits of ferrosilicon and silicomanganese in different regions [19][25].