铁合金日报-20260128

Report Industry Investment Rating - Not mentioned in the provided content Core Viewpoint - On January 28, ferroalloy futures prices rose overall. For ferrosilicon, the spot price was stable to weak, with supply potentially decreasing and demand expected to increase, and previous long positions could be held. For silicomanganese, the manganese ore spot was stable to weak, supply was stable, demand was expected to rise, and it could be a long - position option on dips [5]. - Unilateral: Alloys are undervalued and can be considered for long positions on dips; Arbitrage: Stay on the sidelines; Options: Sell out - of - the - money put options [6]. Summary by Directory Market Information - Futures: SF (ferrosilicon) main contract closed at 5632, up 28 from the previous day and 76 from the previous week, with a trading volume of 122,823 (up 10,420) and an open interest of 185,904 (down 13,253). SM (silicomanganese) main contract closed at 5832, up 14 from the previous day and 46 from the previous week, with a trading volume of 139,854 (up 35,909) and an open interest of 374,987 (up 3,539) [3]. - Spot: 72% FeSi prices in different regions showed some declines, with some falling by 30 - 50 yuan/ton. Silicomanganese 6517 prices were mixed, with some up and some down. For example, 72% FeSi in Qinghai dropped 50 yuan/ton, and silicomanganese 6517 in Jiangsu rose 20 yuan/ton [3]. - Basis/Spread: Ferrosilicon and silicomanganese basis and spreads showed various changes. For example, the SF - SM spread was - 200, up 14 from the previous day and 30 from the previous week [3]. - Raw Materials: Manganese ore prices in Tianjin were stable to weak, with South African semi - carbonate down 0.2 yuan/ton degree. Lanthanum charcoal small materials in different regions also showed price declines [3]. Market Judgement - Trading Strategy: Ferrosilicon: The previous long positions can be held as the supply may decrease, demand is expected to increase, and the valuation is not high. Silicomanganese: It can be a long - position option on dips due to stable supply, expected demand increase, and strong cost support [5]. - Important Information: On January 28, Tianjin Port's semi - carbonate, Gabon block, and Australian block had specific quotes. A steel mill in Zhejiang set the ferrosilicon purchase price at 5,868 yuan/ton, up 18 yuan/ton from the previous round, with a quantity of 300 tons [7][8]. Related Attachments - The attachments include various charts showing the trends of ferroalloy main contracts, spreads, basis, spot prices, electricity prices, production costs, and production profits [8][9][10][11][12][13][14][15][16][17][18]