Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - On February 5, ferroalloy futures prices generally rose. The silicon iron (SF) main contract closed at 5668, up 0.25% with a decrease of 16,573 lots in positions; the manganese silicon (SM) main contract closed at 5884, up 0.27% with a decrease of 3,315 lots in positions [6]. - For silicon iron, on the 5th, the spot price was stable with a slight upward trend, and the spot price in Inner Mongolia increased by 20 yuan/ton. On the supply side, the output of sample enterprises remained at a low level, and there was a demand for technological transformation due to differential electricity prices in Shaanxi, so there was an expected decline in the supply side in the future. On the demand side, steel inventories continued to accumulate, and steel mills were expected to have seasonal production cuts before the Spring Festival. On the cost side, the electricity price in January was gradually settled, and the electricity price in Qinghai continued to rise slightly. The leading commodity varieties declined again, and the overall market sentiment was still fragile, but the cost support for silicon iron was strong, and the previously recommended long positions could be held [6]. - For manganese silicon, on the 5th, the manganese ore spot was stable with a slight upward trend, and the prices of semi - carbonate and Gabon lumps at Tianjin Port increased by 0.1 yuan/ton degree. The manganese silicon spot was generally stable. On the supply side, the operating rate of sample enterprises decreased slightly, but some new production capacities were put into operation recently, and the supply side was mainly stable. On the demand side, as mentioned in the silicon iron part, steel inventories began to accumulate, and steel mills were expected to have seasonal production cuts before the Spring Festival. On the cost side, the manganese ore port inventory was generally at a low level, the port spot was stable with a slight upward trend, and the overseas mines' quotes for March continued to rise slightly. The overall sentiment in the commodity market was still fragile, but the manganese ore cost support was relatively strong, and the previously recommended long positions could be held [6]. - Unilateral strategy: The cost support for alloys is strong, and the previously recommended long positions can be held; Arbitrage strategy: Wait and see; Option strategy: Sell out - of - the - money put options [7]. Group 3: Summary by Directory First Part: Market Information - Futures Information - SF main contract: The closing price was 5650, with a daily change of - 4, a weekly change of - 86, a trading volume of 130,009, a daily change in trading volume of 36,892, an open interest of 89,527, and a daily change in open interest of 52,894 [3]. - SM main contract: The closing price was 5884, with a daily change of 16, a weekly change of - 42, a trading volume of 161,205, a daily change in trading volume of 42,354, an open interest of 350,906, and a daily change in open interest of - 3,315 [3]. - Spot Information - Silicon iron: The spot price of 72%FeSi in Inner Mongolia was 5440 yuan/ton, with a daily change of 20 and a weekly change of 40; in Ningxia, it was 5400 yuan/ton, with a daily change of 0 and a weekly change of - 50; in Qinghai, it was 5350 yuan/ton, with a daily change of 0 and a weekly change of 0; in Jiangsu and Tianjin, it was 5750 yuan/ton, with a daily change of 0 and a weekly change of 0 [3]. - Manganese silicon: The spot price of 6517 manganese silicon in Inner Mongolia was 5650 yuan/ton, with a daily change of 0 and a weekly change of - 20; in Ningxia, it was 5610 yuan/ton, with a daily change of 0 and a weekly change of - 10; in Guangxi, it was 5750 yuan/ton, with a daily change of 0 and a weekly change of - 50; in Jiangsu, it was 5800 yuan/ton, with a daily change of 0 and a weekly change of - 50; in Tianjin, it was 5750 yuan/ton, with a daily change of 0 and a weekly change of - 30 [3]. - Basis/Spread Information - Silicon iron: The basis of Inner Mongolia - main contract was - 210, with a daily change of 24 and a weekly change of 126; Ningxia - main contract was - 250, with a daily change of 4 and a weekly change of 36; Qinghai - main contract was - 300, with a daily change of 4 and a weekly change of 86; Jiangsu - Inner Mongolia was 310, with a daily change of - 20 and a weekly change of - 40; SF - SM spread was - 234, with a daily change of - 20 and a weekly change of - 44 [3]. - Manganese silicon: The basis of Inner Mongolia - main contract was - 234, with a daily change of - 16 and a weekly change of 22; Ningxia - main contract was - 274, with a daily change of - 16 and a weekly change of 32; Guangxi - main contract was - 134, with a daily change of - 16 and a weekly change of - 8; Guangxi - Inner Mongolia was 100, with a daily change of 0 and a weekly change of - 30 [3]. - Raw Material Information - Manganese ore (Tianjin): The price of Australian lumps was 41.5 yuan/ton degree, with a daily change of 0 and a weekly change of 0; South African semi - carbonate was 36.3 yuan/ton degree, with a daily change of 0.1 and a weekly change of 0.1; Gabon lumps was 42.8 yuan/ton degree, with a daily change of 0.1 and a weekly change of 0.1 [3]. - Blue charcoal small pieces: In Shaanxi, it was 755 yuan/ton, with a daily change of 0 and a weekly change of 0; in Ningxia, it was 805 yuan/ton, with a daily change of 0 and a weekly change of 0; in Inner Mongolia, it was 745 yuan/ton, with a daily change of 0 and a weekly change of 0 [3]. Second Part: Market Judgement - Trading Strategy - Unilateral: Hold the previously recommended long positions as the alloy cost support is strong; Arbitrage: Wait and see; Option: Sell out - of - the - money put options [7]. - Important Information - On the 5th, the quote of Tianjin Port's semi - carbonate Mn36.48%Fe5.47% was 37 yuan/ton degree, Australian lumps Mn42% was 42 yuan/ton degree, and Gabon lumps Mn44% was 43 yuan/ton degree [8]. - UMK announced the manganese ore quote for China in March 2026: Mn36% South African lumps were 4.45 US dollars/ton degree, a month - on - month increase of 0.13 US dollars/ton degree [8]. Third Part: Relevant Attachments - The report provides multiple charts, including the trend of ferroalloy main contracts, the spread between SF and SM main contracts, the monthly spread of silicon iron and manganese silicon, the basis of silicon iron and manganese silicon, the spot price of silicon manganese, the electricity price of ferroalloys, the cost and profit of silicon iron and manganese silicon, etc. [9][11][14][19]
铁合金日报-20260205
Yin He Qi Huo·2026-02-05 09:22