铁合金日报-20260316

Group 1: Report Industry Investment Rating - No relevant content Group 2: Core Viewpoints of the Report - On March 16, ferroalloy futures prices rose and then fell. The silicon iron (SF) main contract closed at 5872, down 0.27%, with a decrease of 1006 in positions; the manganese silicon (SM) main contract closed at 6162, down 0.23%, with a decrease of 968 in positions [5]. - For silicon iron, on the 16th, spot prices were stable to weak, with spot prices in some regions falling by 20 - 50 yuan/ton. Supply is expected to increase in the future. Demand from the steel industry is expected to drive raw material demand. The cost side is strong, but the valuation has risen significantly, and crude oil fluctuations affect market sentiment, so long - position holders need to control positions [5]. - For manganese silicon, on the 16th, manganese ore spot prices were generally stable, and manganese silicon spot prices were stable to strong, with spot prices in some regions rising by 30 - 50 yuan/ton. Supply is expected to continue to increase. Demand from the steel industry is expected to drive raw material demand. The cost side is strong due to rising sea - freight, but crude oil fluctuations affect market sentiment. In the short - term, the market is in positive feedback, with high - level volatile operation. For trading strategies, it is recommended to hold a wait - and - see attitude for arbitrage and sell out - of - the - money put options [6]. Group 3: Summary by Directory First Part: Market Information - Futures Market: The SF main contract closed at 5872, down 16 from the previous day and up 4 from the previous week, with a trading volume of 118,885 (down 10,211) and an open interest of 173,143 (down 1006). The SM main contract closed at 6162, down 14 from the previous day and up 30 from the previous week, with a trading volume of 151,573 (down 54,491) and an open interest of 364,751 (down 968) [3]. - Spot Market: For silicon iron, 72% FeSi prices in different regions had different changes, with some regions seeing price drops. For manganese silicon, 6517 manganese silicon prices in some regions rose. For example, 72% FeSi in Inner Mongolia was 5650 yuan/ton, unchanged from the previous day and down 120 from the previous week; 6517 manganese silicon in Inner Mongolia was 5930 yuan/ton, up 30 from the previous day and up 30 from the previous week [3]. - Basis/Spread: The basis and spread of silicon iron and manganese silicon in different regions had different changes. For example, the Inner Mongolia - main contract basis of silicon iron was - 222, up 16 from the previous day and down 124 from the previous week [3]. - Raw Materials: Manganese ore (Tianjin) prices were generally stable, with slight changes in some varieties. Lanthanum charcoal small materials prices in different regions were unchanged [3]. Second Part: Market Judgement - Trading Strategies: For silicon iron and manganese silicon, the short - term market is in positive feedback, but crude oil fluctuations affect market sentiment, with high - level volatile operation. For arbitrage, it is recommended to hold a wait - and - see attitude; for options, it is recommended to sell out - of - the - money put options [5][6]. - Important Information: From January to February 2026, China's pig iron production was 137.7 million tons, a year - on - year decrease of 2.7%; crude steel production was 160.34 million tons, a year - on - year decrease of 3.6%; steel production was 221.19 million tons, a year - on - year decrease of 1.1%. From January to February, fixed - asset investment increased by 1.8% year - on - year, real estate development investment decreased by 11.1% year - on - year [7]. Third Part: Related Attachments - The report provides multiple figures, including the trend of ferroalloy main contracts, the spread between SF and SM, the monthly spread of silicon iron and manganese silicon, the basis of silicon iron and manganese silicon, spot prices, electricity prices, production costs, and production profits [8][10][15]