瑞达期货锰硅硅铁产业日报-20260312

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The manganese - silicon industry has low operating rates, supply contraction, a slight recovery in demand, and inventory reduction. Although the high inventory and slow recovery of downstream demand put pressure on the fundamentals, the strong support from manganese ore and continuous geopolitical disturbances are expected to keep the futures price fluctuating with a slight upward trend [2]. - The silicon - iron industry's operating rate continues to decline, demand shows a slight recovery, and social inventory has dropped to a low level in the same period in recent years. With stable costs and support from macro - sentiment and geopolitical factors, it is expected to operate with a slight upward trend despite the relatively loose supply - demand situation [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - SM (manganese - silicon) main contract closing price is 6,162.00 yuan/ton, up 46.00 yuan; SF (silicon - iron) main contract closing price is 5,922.00 yuan/ton, up 38.00 yuan [2]. - SM futures contract positions are 593,708.00 hands, down 11,524.00 hands; SF futures contract positions are 404,162.00 hands, down 3,467.00 hands [2]. - Manganese - silicon's top 20 net positions are - 71,016.00 hands, up 3,305.00 hands; silicon - iron's top 20 net positions are - 24,273.00 hands, up 1,531.00 hands [2]. - SM 7 - 5 month contract spread is 28.00 yuan/ton, up 2.00 yuan; SF 7 - 5 month contract spread is 124.00 yuan/ton, up 24.00 yuan [2]. - SM warehouse receipts are 55,009.00 sheets, up 4,779.00 sheets; SF warehouse receipts are 7,770.00 sheets, up 320.00 sheets [2]. 3.2 Spot Market - Inner Mongolia manganese - silicon FeMn68Si18 is 5,850.00 yuan/ton, unchanged; Guizhou manganese - silicon FeMn68Si18 is 5,900.00 yuan/ton, unchanged; Yunnan manganese - silicon FeMn68Si18 is 5,950.00 yuan/ton, unchanged [2]. - Inner Mongolia silicon - iron FeSi75 - B is 5,600.00 yuan/ton, up 60.00 yuan; Qinghai silicon - iron FeSi75 - B is 5,450.00 yuan/ton, unchanged; Ningxia silicon - iron FeSi75 - B is 5,580.00 yuan/ton, up 130.00 yuan [2]. - Manganese - silicon index average is 5,809.00 yuan/ton, up 188.78 yuan; SF main contract basis is - 342.00 yuan/ton, up 92.00 yuan; SM main contract basis is - 312.00 yuan/ton, down 46.00 yuan [2]. 3.3 Upstream Situation - South African high - iron manganese ore average price at Tianjin Port is 33.95 yuan/ton - degree, unchanged; South African semi - carbonate manganese ore average price at Tianjin Port is 39.15 yuan/ton - degree, up 0.20 yuan [2]. - Silica (98% in the northwest) is 2,100.00 yuan/ton, unchanged; Lan charcoal (medium - sized in Shenmu) is 730.00 yuan/ton, unchanged; 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 of national steel mills is 18.57 days, up 1.09 days; silicon - iron inventory days of 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]. - 247 steel mills' blast furnace operating rate is 77.71%, down 2.51%; 247 steel mills' blast furnace capacity utilization rate 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 - On March 12, the silicon - manganese market was running strongly. The mainstream steel procurement was quantified yesterday, but the price has not been inquired yet. The cash - inclusive ex - factory price in Jiangsu is 6,000 yuan, and in Tianjin is 5,950 yuan [2]. - Fugu Jinwantong silicon - iron enterprise plans to overhaul a 40,500 - kVA submerged arc furnace, affecting the daily output by 100 tons, and the overhaul time is about one month [2]. - Iranian President Pezeshkian said on social media on the 11th that the "only way" to end the war initiated by the United States and Israel is to recognize Iran's legitimate rights, pay compensation, and the international community provide firm guarantees to prevent Iran from being "invaded again" [2].