瑞达期货锰硅硅铁产业日报-20260212

Group 1: Investment Rating - No investment rating information is provided in the report. Group 2: Core Viewpoints - Manganese silicon supply and demand both decrease, operating at a low level with continuous inventory accumulation. The spot price in Inner Mongolia is 5650 yuan/ton, unchanged from the previous period. The manganese ore market is relatively strong, and the main production areas are operating at a loss. The main manganese silicon futures contract closed down 0.45% to 5800 yuan/ton, trading below the 20 - and 60 - day moving averages. It is expected to fluctuate weakly in the short term, with attention on the 5766 support level [2]. - Ferrosilicon supply increases while demand decreases, fluctuating at a low level with a neutral inventory. The spot price in Ningxia is 5350 yuan/ton, unchanged from the previous period. The cost of semi - coking coal remains stable, and the main production areas are operating at a loss. The main ferrosilicon futures contract closed down 1.47% to 5500 yuan/ton, trading below the 20 - and 60 - day moving averages. The supply - demand pattern is becoming more relaxed, and the futures price is under downward pressure. With the Spring Festival approaching and insufficient demand support, rising electricity prices in some areas may provide some support, limiting the downside. It is expected to fluctuate at a low level, with attention on the 5480 support level [2]. Group 3: Summary by Directory Futures Market - SM main contract closing price (daily, yuan/ton): 5800, down 24 yuan; SF main contract closing price (daily, yuan/ton): 5500, down 76 yuan [2]. - SM futures contract open interest (daily, lots): 562,439, down 3181 lots; SF futures contract open interest (daily, lots): 366,676, up 21,723 lots [2]. - Net position of the top 20 in manganese silicon (daily, lots): - 26,604, up 759 lots; net position of the top 20 in ferrosilicon (daily, lots): - 11,364, up 6459 lots [2]. - SM 5 - 3 contract spread (daily, yuan/ton): 38, unchanged; SF 4 - 3 contract spread (daily, yuan/ton): - 22, down 8 yuan [2]. - SM warehouse receipts (daily, sheets): 46,543, up 6843 sheets; SF warehouse receipts (daily, sheets): 8163, down 21 sheets [2]. Spot Market - Inner Mongolia manganese silicon FeMn68Si18 (daily, yuan/ton): 5650, unchanged; Inner Mongolia ferrosilicon FeSi75 - B (daily, yuan/ton): 5410, down 10 yuan [2]. - Guizhou manganese silicon FeMn68Si18 (daily, yuan/ton): 5700, unchanged; Qinghai ferrosilicon FeSi75 - B (daily, yuan/ton): 5280, unchanged [2]. - Yunnan manganese silicon FeMn68Si18 (daily, yuan/ton): 5730, unchanged; Ningxia ferrosilicon FeSi75 - B (daily, yuan/ton): 5350, unchanged [2]. - Manganese silicon index average (weekly, yuan/ton): 5665, up 19 yuan; SF main contract basis (daily, yuan/ton): - 150, up 76 yuan [2]. - SM main contract basis (daily, yuan/ton): - 150, up 24 yuan; average price of South African high - iron manganese ore in Tianjin Port (daily, yuan/ton - degree): 31.55, unchanged; silica (98%, Northwest, daily, yuan/ton): 210, unchanged [2]. Upstream Situation - Average price of South African semi - carbonate manganese ore in Tianjin Port (daily, yuan/ton - degree): 36.35, unchanged; semi - coking coal (medium material, Shenmu, daily, yuan/ton): 770, unchanged [2]. - Inner Mongolia Wuhai secondary metallurgical coke (daily, yuan/ton): 1160, unchanged [2]. - Manganese ore port inventory (weekly, 10,000 tons): 420.3, down 15.4 [2]. Industry Situation - Manganese silicon enterprise operating rate (weekly, %): 35.77, down 0.44%; ferrosilicon enterprise operating rate (weekly, %): 29.31, up 0.19% [2]. - Manganese silicon supply (weekly, tons): 190,995, down 1400 tons; ferrosilicon supply (weekly, tons): 99,200, up 700 tons [2]. - Manganese silicon manufacturer inventory (bi - monthly, tons): 377,800, up 3500 tons; ferrosilicon manufacturer inventory (bi - monthly, tons): 66,860, down 1040 tons [2]. - National steel mill inventory of manganese silicon (monthly, days): 17.48, up 1.96 days; national steel mill inventory of ferrosilicon (monthly, days): 17.52, up 2.11 days [2]. - Demand for manganese silicon from five major steel types (weekly, tons): 116,059, down 1161 tons; demand for ferrosilicon from five major steel types (weekly, tons): 18,497.7, down 260.7 tons [2]. Downstream Situation - Blast furnace operating rate of 247 steel mills (weekly, %): 79.53, up 0.53%; blast furnace capacity utilization rate of 247 steel mills (weekly, %): 85.69, up 0.22% [2]. - Crude steel production (monthly, 10,000 tons): 6817.74, down 169.36 [2]. 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, aiming to promote stable economic growth and a reasonable rebound in prices [2]. - According to the China Association of Automobile Manufacturers, in January, China's automobile production and sales were 2.45 million and 2.346 million units respectively, with a year - on - year increase of 0.01% in production and a decrease of 3.2% in sales [2].