瑞达期货锰硅硅铁产业日报-20260310

1. Industry Investment Rating - No relevant information provided 2. Core Viewpoints - The manganese - silicon industry has low operating rates, supply contraction, slight demand recovery, and inventory reduction. With cost support and some disturbances, the futures price is expected to maintain a volatile and bullish pattern [2]. - The silicon - iron industry's operating rate continues to decline, demand slightly recovers, and social inventory drops to a low level in the same period in recent years. Considering supply - demand and external factors, the futures price is expected to run in a volatile and bullish way [2]. 3. Summary by Directory 3.1 Futures Market - SM main contract closing price is 6,088.00 yuan/ton, down 44.00 yuan; SF main contract closing price is 5,876.00 yuan/ton, up 8.00 yuan [2]. - SM futures contract positions are 604,123.00 hands, down 26,218.00 hands; SF futures contract positions are 410,531.00 hands, up 281.00 hands [2]. - Manganese - silicon's top 20 net positions are - 75,168.00 hands, up 12,171.00 hands; silicon - iron's top 20 net positions are - 25,511.00 hands, up 22.00 hands [2]. - SM 7 - 5 month contract spread is 34.00 yuan/ton, up 10.00 yuan; SF 7 - 5 month contract spread is 90.00 yuan/ton, down 30.00 yuan [2]. - SM warehouse receipts are 46,010.00 sheets, up 400.00 sheets; SF warehouse receipts are 6,698.00 sheets, up 480.00 sheets [2]. 3.2 Spot Market - Inner Mongolia manganese - silicon FeMn68Si18 is 5,850.00 yuan/ton, down 100.00 yuan; Inner Mongolia silicon - iron FeSi75 - B is 5,600.00 yuan/ton, down 100.00 yuan [2]. - Guizhou manganese - silicon FeMn68Si18 is 5,950.00 yuan/ton, unchanged; Qinghai silicon - iron FeSi75 - B is 5,450.00 yuan/ton, up 70.00 yuan [2]. - Yunnan manganese - silicon FeMn68Si18 is 5,950.00 yuan/ton, unchanged; Ningxia silicon - iron FeSi75 - B is 5,550.00 yuan/ton, down 110.00 yuan [2]. - Manganese - silicon index average is 5,809.00 yuan/ton, up 188.78 yuan; SF main contract basis is - 326.00 yuan/ton, down 118.00 yuan [2]. - SM main contract basis is - 238.00 yuan/ton, down 56.00 yuan [2]. 3.3 Upstream Situation - South African high - iron manganese ore average price in Tianjin Port is 32.95 yuan/ton - degree, unchanged; silica (98% in Northwest) is 210.00 yuan/ton, unchanged [2]. - South African semi - carbonate manganese ore average price in Tianjin Port is 38.95 yuan/ton - degree, up 0.30 yuan; semi - coke (medium material in Shenmu) is 730.00 yuan/ton, unchanged [2]. - Inner Mongolia Wuhai secondary metallurgical coke is 1,110.00 yuan/ton, unchanged [2]. - Manganese ore port inventory is 472.80 million tons, down 22.60 million tons [2]. 3.4 Industry Situation - Manganese - silicon enterprise operating rate is 35.70%, up 0.08%; silicon - iron enterprise operating rate is 26.55%, down 1.77% [2]. - Manganese - silicon supply is 195,860.00 tons, down 1,575.00 tons; silicon - iron supply is 96,500.00 tons, down 2,100.00 tons [2]. - Manganese - silicon manufacturer inventory is 387,300.00 tons, down 11,000.00 tons; silicon - iron manufacturer inventory is 66,280.00 tons, down 4,120.00 tons [2]. 3.5 Downstream Situation - Manganese - silicon inventory days in national steel mills is 18.57 days, up 1.09 days; silicon - iron inventory days in national steel mills is 18.72 days, up 1.20 days [2]. - Manganese - silicon demand of five major steel types is 111,169.00 tons, up 943.00 tons; silicon - iron demand of five major steel types is 17,809.40 tons, up 303.60 tons [2]. - The blast furnace operating rate of 247 steel mills is 77.71%, down 2.51%; the blast furnace capacity utilization rate of 247 steel mills is 85.32%, down 2.13% [2]. - Crude steel production is 6,817.74 million tons, down 169.36 million tons [2]. 3.6 Industry News - Fugu Jinwantong Magnesium Industry stopped magnesium ingot production for equipment maintenance, expected to last until the end of March, affecting daily output by 120 tons [2]. - The central bank governor said that this year, various monetary policy tools such as reserve - requirement ratio cuts and interest - rate cuts will be flexibly and efficiently used [2]. - Affected by the "Shanghai Seven - Point Policy", Shanghai's new - house sales offices had a peak of visits last weekend, and the new - house trading volume in March increased significantly year - on - year [2].