铁合金日报-20260203

Group 1: Report Overview - The report is a black metal daily report for February 3, 2026, focusing on ferroalloys [1] Group 2: Market Information Futures Market - SF主力合约 closed at 5620, down 4 for the day and up 16 for the week, with a trading volume of 103,691 (down 27,839) and an open interest of 110,111 (down 8,055) [3] - SM主力合约 closed at 5836, up 2 for the day and up 18 for the week, with a trading volume of 134,856 (down 51,389) and an open interest of 361,029 (up 948) [3] Spot Market - For ferrosilicon, prices in Inner Mongolia, Ningxia, Qinghai, Jiangsu, and Tianjin showed various daily and weekly changes, with most remaining stable on the day [3] - For silicomanganese, prices in Inner Mongolia, Ningxia, Guangxi, Jiangsu, and Tianjin also had different daily and weekly changes, with some areas seeing price drops [3] Basis/Spread - Ferrosilicon basis and spread showed different daily and weekly changes in different regions [3] - Silicomanganese basis and spread also had various daily and weekly changes in different regions [3] Raw Materials - Manganese ore prices in Tianjin showed minor changes, with the Gabon block up 0.1 yuan/ton degree [3] - Lanthanum charcoal small material prices in Shaanxi, Ningxia, and Inner Mongolia remained stable [3] Group 3: Market Analysis Ferrosilicon - On February 3, the spot price of ferrosilicon was generally stable. The output of sample enterprises was still at a low level, and there was an expected decline in supply due to technical transformation requirements from differential electricity prices in Shaanxi. Short - term steel output was stable, but steel inventories began to accumulate, with expected seasonal production cuts before the Spring Festival. The electricity price in the main production areas was stable. With the commodity market's leading varieties rebounding, market sentiment eased, and ferrosilicon had a low valuation and strong cost support, so it could be a long - side configuration [6] Silicomanganese - On February 3, the manganese ore spot price was slightly stronger, with the Gabon block in Tianjin Port up 0.1 yuan/ton degree, while the silicomanganese spot price was slightly weaker, with prices in some areas dropping by 10 - 50 yuan/ton. The开工率 of sample enterprises decreased slightly, but new production capacity was put into operation recently, keeping the supply stable. Similar to ferrosilicon, short - term steel output was stable with expected seasonal production cuts before the Spring Festival. The manganese ore port inventory increased slightly but was still at a low level, and the port spot price was firm, with overseas mines' March quotes rising slightly. Silicomanganese also had strong cost support and could be a long - side configuration [6] Group 4: Trading Strategies - Unilateral: As the commodity market sentiment eases, ferroalloys have a low valuation and strong cost support, so they can be long - side configured [7] - Arbitrage: Hold a wait - and - see attitude [7] - Options: Sell out - of - the - money put options [7] Group 5: Important Information - On the 3rd, manganese ore prices in Tianjin Port were reported as follows: semi - carbonate Mn36.2% at 36.5 yuan/ton degree, low - grade semi - carbonate Mn32%Fe5.1% at 32 yuan/ton degree, Gabon block Mn44% at 43 yuan/ton degree, and Australian block Mn47% at 43.5 yuan/ton degree [8] - In February, HBIS's 75B ferrosilicon tender price was 5,760 yuan/ton, the same as the previous round. The tender quantity was 2,150 tons, a decrease of 1,163 tons compared to the previous round [8]