Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Group 2: Core Viewpoints of the Report - On March 17, ferrous alloy futures prices fluctuated strongly. The silicon iron (SF) main contract closed at 5928, up 0.95%, with an increase of 8393 in positions; the manganese silicon (SM) main contract closed at 6240, up 1.27%, with a decrease of 646 in positions [5]. - For silicon iron, on the 17th, the spot price was stable with a slight increase, and the spot price in some regions rose by 200 yuan/ton. The supply is expected to increase in the future as the recent sharp price increase has led to profit recovery. The demand for raw materials is expected to be driven as steel production and apparent demand are steadily recovering, and northern steel mills are accelerating production resumption after the Two Sessions. The electricity price is strong, and the increase in energy costs is being transmitted to downstream industries. Silicon iron is still in a positive feedback loop of demand and cost, and the remaining long positions should be held [5]. - For manganese silicon, on the 17th, the manganese ore spot price was stable with a slight increase, and the spot price of manganese silicon was also stable with a slight increase, with the spot price in some regions rising by 10 - 100 yuan/ton. The supply is expected to continue to increase as the price increase has led to profit recovery. The demand for raw materials still has room for growth as steel production and apparent demand are steadily recovering, and the inflection point of steel inventory is expected to appear soon. The sharp increase in crude oil has led to an increase in shipping costs, and there are expected disturbances in manganese ore mining and transportation due to the reduction in energy supply. The short - term market is still in a positive feedback loop, and the remaining long positions should be held [5]. - For trading strategies, due to the transmission of rising energy costs, the market is still in a positive feedback loop in the short term, and the remaining long positions should be held; for arbitrage, it is advisable to wait and see; for options, sell out - of - the - money put options [6]. Group 3: Summary According to Relevant Catalogs Market Information - Futures Market: The closing price of the SF main contract was 5928, with a daily change of 56 and a weekly change of 52. The trading volume was 121,759, with a daily change of 2874, and the open interest was 172,137, with a daily change of 8393. The closing price of the SM main contract was 6240, with a daily change of 78 and a weekly change of 152. The trading volume was 239,710, with a daily change of 88,137, and the open interest was 364,105, with a daily change of - 646 [3]. - Spot Market: For silicon iron, the spot price of 72%FeSi in Inner Mongolia was 5650, with no daily change and a weekly change of 50; in Ningxia, it was 5600, with no daily change and a weekly change of - 30; in Qinghai, it was 5580, with no daily change and a weekly change of - 70; in Jiangsu, it was 6050, with a daily change of 200 and a weekly change of 200; in Tianjin, it was 6050, with no daily change and a weekly change of - 200. For manganese silicon, the spot price of 6517 manganese silicon in Inner Mongolia was 5930, with no daily change and a weekly change of 80; in Ningxia, it was 5910, with a daily change of 10 and a weekly change of 110; in Guangxi, it was 6050, with no daily change and a weekly change of 50; in Jiangsu, it was 6100, with a daily change of 100 and a weekly change of 100; in Tianjin, it was 6000, with a daily change of 50 and a weekly change of 50 [3]. - Basis/Spread: For silicon iron, the basis of Inner Mongolia - main contract was - 278, with a daily change of - 56 and a weekly change of - 2; the basis of Ningxia - main contract was - 328, with a daily change of - 56 and a weekly change of - 82; the basis of Qinghai - main contract was - 348, with a daily change of - 56 and a weekly change of - 122; the spread between Jiangsu and Inner Mongolia was 400, with a daily change of 200 and a weekly change of 150; the SF - SM spread was - 312, with a daily change of - 22 and a weekly change of - 100. For manganese silicon, the basis of Inner Mongolia - main contract was - 310, with a daily change of - 78 and a weekly change of - 72; the basis of Ningxia - main contract was - 330, with a daily change of - 68 and a weekly change of - 42; the basis of Guangxi - main contract was - 190, with a daily change of - 78 and a weekly change of - 102; the spread between Guangxi and Inner Mongolia was 120, with no daily change and a weekly change of - 30 [3]. - Raw Materials: For manganese ore in Tianjin, the price of Australian lump ore was 43.8, with a daily change of 0.3 and a weekly change of 0.6; the price of South African semi - carbonate ore was 39.8, with a daily change of 0.3 and a weekly change of 0.3; the price of Gabon lump ore was 44.5, with no daily change and a weekly change of 0.3. For blue charcoal small materials, the price in Shaanxi was 705, with no daily change and no weekly change; in Ningxia, it was 805, with no daily change and no weekly change; in Inner Mongolia, it was 695, with no daily change and no weekly change [3]. Market Judgement - Trading Strategies: Hold the remaining long positions due to the positive feedback of rising energy costs; wait and see for arbitrage; sell out - of - the - money put options [6]. - Important Information: Iran attacked a large - scale natural gas field in the UAE, causing a fire, which increased the intensity of attacks on key energy facilities. In February 2026, South Korea's imports of ferrosilicon with a silicon content greater than 55% were 13,638.7 tons, a month - on - month decrease of 29.09% and a year - on - year decrease of 31.98% [7]. Relevant Attachments - Silicon Iron and Manganese Silicon Main Contract Trends: There are figures showing the trends of silicon iron and manganese silicon main contracts and the spread between SF and SM [8][9]. - Silicon Iron and Manganese Silicon Inter - monthly Spreads: There are figures showing the inter - monthly spreads of silicon iron and manganese silicon, including data for today, yesterday, last week, and last month [10][11]. - Silicon Iron and Manganese Silicon Basis: There are figures showing the basis of silicon iron and manganese silicon (main contract - Inner Mongolia) [14]. - Silicon Manganese Spot Price: There are figures showing the spot price of silicon manganese and the spot price of Inner Mongolia silicon manganese [14]. - Ferrous Alloy Electricity Price: There are figures showing the electricity price of ferrous alloys in different regions, including data for today, yesterday, last week, last month, and last year [13][15]. - Silicon Iron and Manganese Silicon Cost and Profit: There are figures and tables showing the production cost and profit of silicon iron and manganese silicon in different regions [16][19].
铁合金日报-20260317
Yin He Qi Huo·2026-03-17 09:31