瑞达期货锰硅硅铁产业日报-20260203

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - Manganese silicon has both supply and demand increasing with high inventory. The spot price in Inner Mongolia is 5680 yuan/ton, remaining flat compared to the previous period. The cost of manganese ore is stable, and the losses of spot goods in the main production areas are narrowing. The main contract of manganese silicon closed down 0.51% to 5836 yuan/ton, operating between the 20 - and 60 - day moving averages. With the continuous increase in manganese silicon inventory and the approaching end of winter storage replenishment, steel mills make rigid - demand purchases. New round of ferroalloy tenders are starting, and it is expected to fluctuate. [2] - Silicon iron has both supply and demand increasing and both are at low levels in the same period, with the supply - demand gap widening and the inventory being neutral. The spot price of silicon iron in Ningxia is 5380 yuan/ton, remaining flat compared to the previous period, and the cost of semi - coke is stable. The main contract of silicon iron closed down 0.71% to 5620 yuan/ton, operating between the 20 - and 60 - day moving averages. With limited fundamental drivers, winter storage is approaching the end, steel mills make rigid - demand purchases. New round of ferroalloy tenders are starting, and it is expected to fluctuate. [2] 3. Summary by Relevant Catalogs 3.1 Futures Market - SM main contract closing price: 5836 yuan/ton, up 2 yuan; SF main contract closing price: 5620 yuan/ton, down 4 yuan [2] - SM futures contract open interest: 552,043 lots, up 15,659 lots; SF futures contract open interest: 349,010 lots, up 24,751 lots [2] - Net position of the top 20 in manganese silicon: - 44,276 lots, down 2178 lots; net position of the top 20 in silicon iron: - 19,043 lots, up 820 lots [2] - SM 5 - 3 month contract spread: 36 yuan/ton, up 2 yuan; SF 4 - 3 month contract spread: - 12 yuan/ton, down 4 yuan [2] - SM warehouse receipts: 38,088 pieces, up 396 pieces; SF warehouse receipts: 8,577 pieces, up 379 pieces [2] 3.2 Spot Market - Inner Mongolia manganese silicon FeMn68Si18: 5680 yuan/ton; Guizhou manganese silicon FeMn68Si18: 5730 yuan/ton; Yunnan manganese silicon FeMn68Si18: 5730 yuan/ton, all unchanged [2] - Inner Mongolia silicon iron FeSi75 - B: 5400 yuan/ton; Qinghai silicon iron FeSi75 - B: 5300 yuan/ton; Ningxia silicon iron FeSi75 - B: 5380 yuan/ton, all unchanged [2] - Manganese silicon index average: 5665 yuan/ton, up 19 yuan; SF main contract basis: - 240 yuan/ton, up 4 yuan; SM main contract basis: - 156 yuan/ton, down 2 yuan [2] 3.3 Upstream Situation - Average price of South African high - iron manganese ore in Tianjin Port: 31.55 yuan/ton - degree; average price of South African semi - carbonate manganese ore in Tianjin Port: 36.45 yuan/ton - degree, both unchanged [2] - Silica (98%, Northwest): 210 yuan/ton; semi - coke (medium material, Shenmu): 770 yuan/ton; Inner Mongolia Wuhai secondary metallurgical coke: 1160 yuan/ton, all unchanged [2] - Manganese ore port inventory: 435.70 million tons, up 10.90 million tons [2] 3.4 Industry Situation - Manganese silicon enterprise operating rate: 36.21%, unchanged; silicon iron enterprise operating rate: 29.12%, up 0.03% [2] - Manganese silicon supply: 192,395 tons, up 1260 tons; silicon iron supply: 98,500 tons, up 100 tons [2] - Manganese silicon manufacturer inventory: 374,300 tons, up 1300 tons; silicon iron manufacturer inventory: 67,900 tons, up 680 tons [2] - Manganese silicon inventory days of national steel mills: 17.48 days, up 1.96 days; silicon iron inventory days of national steel mills: 17.52 days, up 2.11 days [2] 3.5 Downstream Situation - Demand for manganese silicon from five major steel products: 117,220 tons, up 356 tons; demand for silicon iron from five major steel products: 18,758.40 tons, up 56 tons [2] - Blast furnace operating rate of 247 steel mills: 79.00%, up 0.32%; blast furnace capacity utilization rate of 247 steel mills: 85.47%, down 0.04% [2] - Crude steel output: 68.1774 million tons, down 1.6936 million tons [2] 3.6 Industry News - The Ministry of Commerce and other 9 departments issued the "2026 'Happy Shopping Spring Festival' Special Activity Plan", encouraging localities to increase subsidies for trade - in of consumer goods during the Spring Festival and strengthen support for offline physical retail [2] - Ferroalloy tenders are starting. In February, HBIS's tender price for 75B silicon iron is 5760 yuan/ton, the same as the previous round. The tender quantity is 2150 tons, 1163 tons less than the previous round [2]