短期驱动偏强，但盈亏比降低

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The short - term driving forces for both ferrosilicon and ferromanganese are strong, but the risk - reward ratio has decreased. It is recommended to partially take profits on previously suggested long positions [1][5][6] Summary by Directory Chapter 1: Comprehensive Analysis and Trading Strategies Comprehensive Analysis - Ferrosilicon: Supply side shows a slight decline in sample enterprise operating rate and output, with short - term absolute values at a low level compared to the same period. However, price increases have led to profit recovery and some production resumption. Demand side sees a short - term decline in hot metal output due to environmental restrictions in Hebei before the Two Sessions, but steel output is increasing steadily. Cost side is supported by the issuance of differential electricity price documents in Shaanxi and stable - to - rising electricity prices. The market is in a positive feedback loop between cost and demand, but the risk - reward ratio has declined [5] - Ferromanganese: Supply side shows a slight decrease in sample output, and overall supply is expected to be stable after new capacity was put into production. Demand side has increasing steel output, but rising steel inventories are suppressing the demand recovery speed. Cost side has strong support from the firm spot price of port manganese ore and a slight increase in the April manganese ore US dollar quotation from overseas mines. The supply - demand side has marginal improvement drivers, and the cost side has strong support, but the risk - reward ratio has declined after price increases [5] Strategies - Unilateral: The short - term driving force is still strong, but the risk - reward ratio has decreased after the price increase. Partially take profits on previously suggested long positions [6] - Arbitrage: Wait and see [6] - Options: Sell out - of - the - money put options [6] Chapter 2: Core Logic Analysis - Not provided in the content Chapter 3: Weekly Data Tracking Supply - Demand Data Tracking - Demand: The daily average pig iron output of 247 sample steel mills is 2.2759 million tons, a week - on - week decrease of 56900 tons. The weekly demand for ferrosilicon in five major steel types (about 70% of the total demand) is 17800 tons, a week - on - week increase of 300 tons. The weekly demand for ferromanganese in five major steel types (70%) is 111200 tons, a week - on - week increase of 900 tons [11] - Supply: The operating rate of 136 independent ferrosilicon enterprises in the country is 26.55%, a week - on - week decrease of 1.77%. The national ferrosilicon output (weekly supply) is 96500 tons, a week - on - week decrease of 2100 tons. The operating rate of 187 independent ferromanganese enterprises in the country is 35.7%, a week - on - week increase of 0.08%. The national ferromanganese output (99% of weekly supply) is 195900 tons, a week - on - week decrease of 1600 tons [12] - Inventory: In the week of March 6th, the national inventory of 60 independent ferrosilicon enterprises is 66300 tons, a week - on - week decrease of 4100 tons. The national inventory of 63 independent ferromanganese enterprises (accounting for 79.77% of national capacity) is 387300 tons, a week - on - week decrease of 11000 tons [13] Other Data Tracking - The content also provides data and charts on spot prices - basis, ferroalloy enterprise production, steel mill production, ferromanganese and ferrosilicon cost - profit, manganese ore price, carbon and electricity price, steel procurement price, monthly output of ferromanganese and ferrosilicon, manganese ore and ferrosilicon import - export, magnesium metal demand, and inventory of alloy plants, steel mills, and ports [17 - 89]