瑞达期货锰硅硅铁产业日报-20260211

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - Manganese silicon supply and demand both decreased, operating at a low level, with continuous inventory accumulation and de - stocking pressure remaining. The spot price in Inner Mongolia was 5,650 yuan/ton, unchanged from the previous period. The manganese ore market was strong, and the main production areas suffered losses. The manganese silicon main contract closed up 0.21% at 5,824 yuan/ton, running below the 20 - and 60 - day moving averages. Overall supply fluctuated slightly. Weak downstream demand during the holiday and high manganese silicon inventory suppressed prices, but the strong manganese ore market provided cost support. It is expected to fluctuate in the short term, and attention should be paid to the 5,766 support level [2]. - Ferrosilicon supply increased while demand decreased, fluctuating at a low level, with a neutral inventory. The spot price of ferrosilicon in Ningxia was 5,350 yuan/ton, unchanged from the previous period. The cost of semi - coke remained stable, and the main production areas maintained losses. The ferrosilicon main contract closed down 0.25% at 5,576 yuan/ton, running between the 20 - and 60 - day moving averages. With the Spring Festival approaching, demand support was insufficient, and the electricity price increase in some areas provided some support. It is expected to fluctuate in the short term [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - SM main contract closing price was 5,824 yuan/ton, up 6 yuan; SF main contract closing price was 5,576 yuan/ton, down 4 yuan [2]. - SM futures contract open interest was 565,620 lots, down 16,119 lots; SF futures contract open interest was 344,953 lots, down 21,240 lots [2]. - The net position of the top 20 in manganese silicon was - 27,363 lots, up 10,234 lots; the net position of the top 20 in ferrosilicon was - 17,823 lots, up 1,107 lots [2]. - The SM 5 - 3 month contract spread was 38 yuan/ton, down 2 yuan; the SF 4 - 3 month contract spread was - 14 yuan/ton, up 4 yuan [2]. - SM warehouse receipts were 39,700 pieces, up 300 pieces; SF warehouse receipts were 8,184 pieces, unchanged [2]. - The basis of the SM main contract was - 174 yuan/ton, down 16 yuan; the basis of the SF main contract was - 226 yuan/ton, down 6 yuan [2]. 3.2 Spot Market - The price of Guizhou manganese silicon FeMn68Si18 was 5,700 yuan/ton, down 30 yuan; the price of Qinghai ferrosilicon FeSi75 - B was 5,280 yuan/ton [2]. - The price of Inner Mongolia manganese silicon FeMn68Si18 was 5,650 yuan/ton, down 10 yuan; the price of Inner Mongolia ferrosilicon FeSi75 - B was 5,420 yuan/ton, unchanged [2]. - The price of Yunnan manganese silicon FeMn68Si18 was 5,730 yuan/ton, unchanged; the price of Ningxia ferrosilicon FeSi75 - B was 5,350 yuan/ton, down 10 yuan [2]. - The average value of the manganese silicon index was 5,665 yuan/ton, up 19 yuan [2]. 3.3 Upstream Situation - The average price of South African high - iron manganese ore at Tianjin Port was 31.55 yuan/ton - degree, unchanged; the price of silica (98%, Northwest) was 210 yuan/ton, unchanged [2]. - The average price of South African semi - carbonate manganese ore at Tianjin Port was 36.35 yuan/ton - degree, unchanged; the price of semi - coke (medium material, Shenmu) was 770 yuan/ton, unchanged [2]. - The price of Inner Mongolia Wuhai secondary metallurgical coke was 1,160 yuan/ton, unchanged [2]. - Manganese ore port inventory was 435.70 million tons, up 10.90 million tons [2]. 3.4 Industry Situation - The manganese silicon enterprise operating rate was 35.77%, down 0.44 percentage points; the ferrosilicon enterprise operating rate was 29.31%, up 0.19 percentage points [2]. - Manganese silicon supply was 190,995 tons, down 1,400 tons; ferrosilicon supply was 99,200 tons, up 700 tons [2]. - Manganese silicon manufacturer inventory was 377,800 tons, up 3,500 tons; ferrosilicon manufacturer inventory was 66,860 tons, down 1,040 tons [2]. - The national steel mill inventory of manganese silicon was 17.48 days, up 1.96 days; the national steel mill inventory of ferrosilicon was 17.52 days, up 2.11 days [2]. - The demand for manganese silicon from the five major steel types was 116,059 tons, down 1,161 tons; the demand for ferrosilicon from the five major steel types was 18,497.70 tons, down 260.70 tons [2]. 3.5 Downstream Situation - The blast furnace operating rate of 247 steel mills was 79.53%, up 0.53 percentage points; the blast furnace capacity utilization rate of 247 steel mills was 85.69%, up 0.22 percentage points [2]. - Crude steel production was 6,817.74 million tons, down 169.36 million tons [2]. 3.6 Industry News - The central bank released the China Monetary Policy Implementation Report for the fourth quarter of 2025, stating that it will continue to implement a moderately loose monetary policy, taking promoting stable economic growth and reasonable price recovery as important considerations for monetary policy, and grasping the intensity, rhythm, and timing of policy implementation according to domestic and foreign economic and financial situations and financial market operation conditions [2]. - In 2026, Shanghai arranged 184 formal projects and 14 preparatory projects for major projects, planned to start 16 new projects and basically complete 22 projects, with an annual planned investment of 255 billion yuan, a new historical high [2].