铁合金日报-20260204

1. Report Industry Investment Rating - No information provided in the report 2. Core Viewpoints of the Report - On February 4, the ferroalloy futures prices rose overall. The silicon iron (SF) main contract closed at 5654, up 0.6% with a decrease of 12,529 in positions; the manganese silicon (SM) main contract closed at 5868, up 0.55% with a decrease of 6,808 in positions [5]. - For silicon iron, the spot prices on the 4th showed mixed trends. The supply is expected to decline in the future, demand may decrease due to seasonal production cuts by steel mills, and the cost support is strong. The previously recommended long positions can be held [5]. - For manganese silicon, the manganese ore spot was generally stable on the 4th, and the manganese silicon spot was slightly weak. The supply is stable, demand may decrease due to steel mill production cuts, and the cost support is also strong. The previously recommended long positions can be held [5]. - For trading strategies, the sentiment in the commodity market has eased, and the alloy cost support is strong. The previously recommended long positions can be held; for arbitrage, it is advisable to wait and see; for options, sell out - of - the - money put options [6]. 3. Summary by Directory 3.1 Market Information - Futures Market - SF main contract: closed at 5654, up 34 from the previous day and 22 from the previous week, with a trading volume of 93,117 (down 10,574 from the previous day) and an open interest of 102,056 (down 12,529 from the previous day) [3]. - SM main contract: closed at 5868, up 32 from the previous day and 36 from the previous week, with a trading volume of 118,851 (down 16,005 from the previous day) and an open interest of 354,221 (down 6,808 from the previous day) [3]. - Spot Market - Silicon iron: The spot prices in different regions showed different changes. For example, the price in Tianjin increased by 50 yuan/ton, while that in Ningxia decreased by 50 yuan/ton [3][5]. - Manganese silicon: The spot prices in some regions decreased by 30 yuan/ton [3][5]. - Basis/Spread - Silicon iron: The basis between different regions and the main contract showed different changes. For example, the basis between Inner Mongolia and the main contract was - 234, down 34 from the previous day and up 48 from the previous week [3]. - Manganese silicon: Similar to silicon iron, the basis and spread also had corresponding changes [3]. - Raw Materials - Manganese ore: The prices of different types of manganese ore in Tianjin were relatively stable, with only a slight change in the price of South African semi - carbonate [3]. - Lanthanum charcoal small materials: The prices in different regions remained unchanged [3]. 3.2 Market Judgement - Trading Strategies - Unilateral: Hold the previously recommended long positions as the commodity market sentiment has eased and the alloy cost support is strong [6]. - Arbitrage: Wait and see [6]. - Options: Sell out - of - the - money put options [6]. - Important Information - On the 4th, the quotes of different types of manganese ore at Tianjin Port were provided [7]. - In January, the electricity prices in production areas continued to show a widening gap, with the electricity price in Qinghai rising again [7]. 3.3 Related Attachments - Multiple charts were provided, including the trend of ferroalloy main contracts, the spread between SF and SM, the inter - monthly spread of silicon iron and manganese silicon, the basis of silicon iron and manganese silicon, the spot prices of silicon manganese, the electricity price of ferroalloy, the production cost and profit of silicon iron and manganese silicon [8][9][12][14][16][17][19][22]