铁合金日报-20260212

Report Industry Investment Rating - No information provided 2. Core View of the Report - On February 12, ferroalloy futures prices declined overall. The silicon - iron (SF) main contract closed at 5500, down 1.36% with an increase of 25,052 in positions; the manganese - silicon (SM) main contract closed at 5800, down 0.41% with an increase of 10,954 in positions. Silicon - iron supply is at a low level, and demand from raw materials has some support. Manganese - silicon supply is generally stable, but demand from electric furnaces is relatively affected. Both can be considered as long - side positions after the holiday at current valuation levels [5][6]. 3. Summary by Directory 3.1 Market Information - Futures Data: The closing price of the SF main contract is 5500, with a daily change of - 76 and a weekly change of - 150. The trading volume is 130,697, with a daily change of 46,088, and the open interest is 162,337, with a daily change of 25,052. The closing price of the SM main contract is 5800, with a daily change of - 24 and a weekly change of - 84. The trading volume is 101,203, with a daily change of 1754, and the open interest is 378,385, with a daily change of 10,954 [3]. - Spot Data: For silicon - iron, the spot price in Inner Mongolia is 5370, down 20 yuan/ton daily and 70 yuan/ton weekly. For manganese - silicon, the spot price in Inner Mongolia is 5650, with no daily change and no weekly change [3]. - Basis/Spread Data: The basis of Inner Mongolia - main contract for silicon - iron is - 130, with a daily change of 56 and a weekly change of 80. The SF - SM spread is - 300, with a daily change of - 52 and a weekly change of - 66 [3]. - Raw Material Data: The price of Australian manganese ore blocks in Tianjin is 42, with no daily change and a weekly change of 0.5. The price of semi - carbonate manganese ore from South Africa is 36.8, with a daily change of 0.3 and a weekly change of 0.5 [3]. 3.2 Market Judgment - Trading Strategy: Approach the long holiday by exiting the market and observing. After the holiday, at the current valuation level, long - side positions can be considered. For arbitrage, observe; for options, sell out - of - the - money put options [5][6][7]. - Important Information: Exxaro Resources has completed the acquisition of manganese assets in the world's largest manganese mining area, becoming the fourth - largest manganese producer globally. In January 2026, China's truck market sold 323,500 vehicles, a 10% decrease from December 2025 and a 28% increase year - on - year [8]. 3.3 Related Attachments - There are multiple graphs including the trend of ferroalloy main contracts, the spread between SF and SM on the disk, the basis of silicon - iron and manganese - silicon, spot prices, ferroalloy electricity prices, production costs, and production profits [14][16][17][18][21]