铁合金日报-20260210

Group 1: Report Information - Report Name: Iron Alloy Daily Report on February 10, 2026 [1] - Analyst: Zhou Tao [2] - Contact: zhoutao_qh1@chinastock.com.cn [2] Group 2: Market Information Futures Market - SF Main Contract: Closing price is 5580, down 14 (0.25%) from the previous day, down 40 for the week; trading volume is 99225, down 64428 from the previous day; open interest is 167193, down 382 from the previous day [3] - SM Main Contract: Closing price is 5818, up 6 (0.1%) from the previous day, down 18 for the week; trading volume is 132582, down 41282 from the previous day; open interest is 374337, up 4286 from the previous day [3] Spot Market - Ferrosilicon: Spot prices in most regions are stable or slightly weaker, with the price in Qinghai down 50 yuan/ton [3][5] - Silicomanganese: Spot prices in some regions are down 20 - 30 yuan/ton, while manganese ore prices in Tianjin Port are stable or slightly stronger [3][6] Basis/Spread - Ferrosilicon: Basis and spread show different changes in different regions [3] - Silicomanganese: Basis and spread also show different changes in different regions [3] Raw Materials - Manganese Ore (Tianjin): Prices of some varieties are up 0.2 - 0.5 yuan/ton degree [3][6] - Semi - coke: Prices in different regions are stable [3] Group 3: Market Analysis and Trading Strategies Market Analysis - Ferrosilicon: Supply has a slight rebound but may decline again due to power outages in Ningxia; demand has some support from stable hot metal production; costs are generally stable with some areas seeing an increase in electricity prices; overall, supply - demand is stable [5] - Silicomanganese: Supply is generally stable with a decline in production and an increase in new equipment; demand is affected by the seasonal reduction of electric furnaces; costs are supported by the decline in port manganese ore inventory and the increase in overseas mine quotes [6] Trading Strategies - Unilateral: As the long holiday approaches, it is recommended to partially take profits on long positions at high prices [5][6][7] - Arbitrage: Hold a wait - and - see attitude [7] - Options: Sell out - of - the - money put options [7] Group 4: Important Information - On the 10th, the quotes of semi - carbonate, Gabon block, and South32 Australian block in Tianjin Port are 37, 43, and 42 yuan/ton degree respectively [8] - A silicon - manganese plant in Inner Mongolia ignited its second 66000KVA new production capacity, expected to produce iron by the end of February [8] Group 5: Related Diagrams - Include the trend of iron alloy main contracts, the spread between SF and SM on the disk, the basis of ferrosilicon and silicomanganese, spot prices, electricity prices, production costs, and production profits [14][16][19][21][26]