铁合金日报-20260129

1. Report Industry Investment Rating - No information provided in the report 2. Core View of the Report - On January 29, ferroalloy futures prices rose overall. The silicon iron (SF) main contract closed at 5736, up 1.85% with a decrease of 33,983 in positions; the manganese silicon (SM) main contract closed at 5926, up 1.61% with a decrease of 12,587 in positions. The previous recommended long positions can be held. For arbitrage, it is recommended to wait and see, and for options, it is recommended to sell out - of - the - money put options [5][6] 3. Summary by Directory 3.1 Market Information - Futures Market: The SF main contract closed at 5736, with a daily change of 104 and a weekly change of 126. The trading volume was 228,839, with a daily change of 106,016, and the open interest was 172,651, with a daily change of - 33,983. The SM main contract closed at 5926, with a daily change of 94 and a weekly change of 112. The trading volume was 256,191, with a daily change of 116,337, and the open interest was 362,400, with a daily change of - 12,587 [3] - Spot Market: Silicon iron spot prices were stable to strong, with prices in various regions rising by 50 - 100 yuan/ton. Manganese silicon spot prices were also stable to strong, with some regions rising by 50 - 60 yuan/ton [5] - Basis/Spread: The basis and spread of silicon iron and manganese silicon showed different changes. For example, the SF - SM spread was - 190, with a daily change of 10 and a weekly change of 14 [3] - Raw Materials: Manganese ore prices in Tianjin were stable, with slight weekly decreases. Lanthanum charcoal small materials prices in some regions decreased [3] 3.2 Market Judgment - Trading Strategy - Unilateral: Due to the good overall sentiment in the commodity market, ferroalloys followed the upward trend, and the previously recommended long positions could be held [5][6] - Arbitrage: It is recommended to wait and see [6] - Options: Sell out - of - the - money put options [6] - Important Information - On January 29, the prices of manganese ore in Tianjin were reported. For example, the price of Australian lump ore (Mn42.2%Fe3.6%) was 41.5 yuan/ton - degree [7] - Hebei Iron and Steel Group launched the February silicon iron tender. The tender quantity of FeSi75 - B silicon iron was 2,150 tons, a decrease of 1,163 tons compared with 3,313 tons in January [7] 3.3 Related Attachments - The report provides multiple charts, including the trend of ferroalloy main contracts, the spread between SF and SM, the monthly spread of silicon iron and manganese silicon, the basis of silicon iron and manganese silicon, spot prices, electricity prices, production costs, and production profits [8][11][12]