铁合金日报-20260302

Group 1: Report Information - Report Name: Black Metal Daily Report - Ferroalloy Daily, March 2, 2026 [1] - Researcher: Zhou Tao [2] - Contact: zhoutao_qh1@chinastock.com.cn [2] Group 2: Market Information Futures - SF主力合约: Closing price 5764, up 38 (0.66%) from the previous day, weekly increase of 272, trading volume 275339 (down 71618), open interest 221874 (down 14296) [3] - SM主力合约: Closing price 6082, up 56 (0.93%) from the previous day, weekly increase of 312, trading volume 440382 (down 135210), open interest 454840 (up 8585) [3] Spot - Silicon Iron: Prices in Inner Mongolia, Ningxia, Qinghai, and Tianjin increased by 50 - 150 yuan/ton, while the price in Jiangsu remained unchanged [3] - Manganese Silicon: Prices in Inner Mongolia, Ningxia, Guangxi, and Jiangsu increased by 20 - 150 yuan/ton [3] Basis/Spread - Silicon Iron: Inner Mongolia - main contract basis -364 (up 12), weekly change -142; Ningxia - main contract basis -364 (up 62), weekly change -152; Qinghai - main contract basis -414 (up 12), weekly change -172; Jiangsu - Inner Mongolia spread 350 (down 50), weekly change -130; SF - SM spread -318 (down 18), weekly change -40 [3] - Manganese Silicon: Inner Mongolia - main contract basis -332 (down 6), weekly change -182; Ningxia - main contract basis -382 (down 6), weekly change -162; Guangxi - main contract basis -262 (down 36), weekly change -242; Guangxi - Inner Mongolia spread 70 (down 30), weekly change -60 [3] Raw Materials - Manganese Ore (Tianjin): Australian lump unchanged at 42.3 yuan/ton degree, weekly increase of 0.3; South African semi - carbonate up 0.2 to 37.7 yuan/ton degree, weekly increase of 0.7; Gabon lump up 0.2 to 43.2 yuan/ton degree, weekly increase of 0.4 [3] - Lanthanum Coke Small Material: Prices in Shaanxi, Ningxia, and Inner Mongolia remained unchanged [3] Group 3: Market Judgment Trading Strategy - Unilateral: After the sharp price increase, the risk - return ratio has decreased. Partially take profit on the previously recommended long positions [5][6][7] - Arbitrage: Wait and see [7] - Options: Sell out - of - the - money put options [7] Key Information - A silicon iron enterprise in Ningxia plans to resume production of 3 * 33000 silicon iron electric furnaces on March 1, affecting daily production of 300 tons, and the 4th furnace is expected to resume production at the beginning of the month [8] - On the 2nd, the price of South African semi - carbonate Mn35.4%Fe4% at Tianjin Port was 37.5 yuan/ton degree, Australian lump Mn42.1% was 42.5 yuan/ton degree, and Gabon lump Mn47% was 43.5 yuan/ton degree [8] Group 4: Cost and Profit Silicon Iron | Region | Production Cost (yuan/ton) | Profit (yuan/ton) | | ---- | ---- | ---- | | Inner Mongolia | 5500 | -250 | | Ningxia | 5321 | -121 | | Shaanxi | 5505 | -325 | | Qinghai | 5839 | -589 | | Gansu | 5687 | -437 | [19] Manganese Silicon | Region | Production Cost (yuan/ton) | Profit (yuan/ton) | | ---- | ---- | ---- | | Inner Mongolia | 5977 | -377 | | Ningxia | 5949 | -399 | | Guangxi | 6280 | -580 | | Guizhou | 6164 | -514 | [25]