铁合金日报-20260310

1. Industry Investment Rating - No relevant information provided 2. Core Viewpoints - On March 10, ferroalloy futures prices showed mixed performance. The silicon ferro - alloy (SF) main contract closed at 5876, up 0.14% with a decrease of 1411 in open interest; the manganese silicide (SM) main contract closed at 6088, down 0.72% with a decrease of 28956 in open interest. Both SF and SM are expected to fluctuate at high levels in the short term due to the positive feedback between cost and demand, but the sharp rise and fall of crude oil prices have a significant impact on market sentiment [5][6] - The trading strategies are: for unilateral trading, the profit - to - loss ratio is not high after the price increase, so it is recommended to partially close out long positions established earlier; for arbitrage, stay on the sidelines; for options, sell out - of - the - money put options [7] 3. Summary by Directory First Part: Market Information - Futures Market: The closing price of the SF main contract was 5876, with a daily change of 8 and a weekly change of 90, and the trading volume decreased by 231,692. The SM main contract closed at 6088, with a daily change of - 44 and a weekly change of - 30, and the trading volume decreased by 378,125 [3] - Spot Market: The spot prices of silicon ferro - alloy were stable to weak, with some regions seeing a decline of 120 - 170 yuan/ton. The spot prices of manganese silicide were also stable to weak, with some regions dropping by 50 - 100 yuan/ton. The manganese ore spot in Tianjin Port was stable to strong, with each spot rising by 0.2 - 0.5 yuan/ton degree [3][5][6] - Basis/Spread: The basis and spread of silicon ferro - alloy and manganese silicide showed different daily and weekly changes. For example, the SF - SM spread was - 212, with a daily change of 52 and a weekly change of 120 [3] Second Part: Market Judgement - Trading Strategies: Unilateral trading: Partially close out long positions due to low profit - to - loss ratio after price increases; Arbitrage: Stay on the sidelines; Options: Sell out - of - the - money put options [7] - Important Information: China's steel exports in February were 7.837 million tons, and exports denominated in US dollars increased by 39.6% year - on - year [8][9] Third Part: Relevant Attachments - Price and Spread Charts: Include the trend chart of ferroalloy main contracts, the spread chart of SF - SM on the disk, the monthly spread charts of SF and SM, etc [11][13][15] - Basis and Cost - Profit Charts: Include the basis charts of SF and SM main contracts, the spot price charts of silicon manganese, the electricity price chart for ferroalloy production, and the cost - profit charts of silicon ferro - alloy and manganese silicide in different regions [18][20][23]