铁合金日报-20260319

Group 1: Report Overview - The report is a daily report on ferrous alloys dated March 19, 2026[1] Group 2: Market Information Futures - SF main contract closed at 5824, up 28 from the previous day and down 98 for the week. Trading volume was 107,934, down 61,847 from the previous day, and open interest was 169,839, down 4,644[3] - SM main contract closed at 6188, up 50 from the previous day and up 26 for the week. Trading volume was 173,565, down 74,656 from the previous day, and open interest was 344,535, down 10,825[3] Spot - For ferrosilicon, 72%FeSi in Inner Mongolia was priced at 5620, unchanged from the previous day and down 30 for the week. In other regions, prices also showed different changes[3] - For silicomanganese, 6517 silicomanganese in Inner Mongolia was priced at 5920, down 30 from the previous day and up 20 for the week. Other regions also had price fluctuations[3] Basis/Spread - For ferrosilicon, the Inner Mongolia - main contract basis was -204, down 28 from the previous day and up 68 for the week. Other regional bases also changed[3] - For silicomanganese, the Inner Mongolia - main contract basis was -268, down 80 from the previous day and down 6 for the week. Other regional bases also changed[3] - The SF - SM spread was -364, down 22 from the previous day and down 124 for the week[3] Raw Materials - For manganese ore in Tianjin, Australian lump was priced at 43.8, unchanged from the previous day and up 0.3 for the week. Other types of manganese ore also had price changes[3] - For semi - coke small materials, prices in Shaanxi, Ningxia, and Inner Mongolia remained unchanged[3] Group 3: Market Judgment Trading Strategy - Unilateral: In the short term, the market is in a positive feedback of demand and cost, and prices are expected to be volatile and bullish[6][7] - Arbitrage: Hold off for now[7] - Options: Sell out - of - the - money put options[7] Key Information - From January to February, the national cumulative production of crude steel was 160.34 million tons, a year - on - year decrease of 3.6%. The cumulative daily output was 2.7176 million tons. The production of pig iron was 137.7 million tons, a year - on - year decrease of 2.7%, and the cumulative daily output was 2.3339 million tons. The production of steel was 221.19 million tons, a year - on - year decrease of 1.1%, and the cumulative daily output was 3.749 million tons[8] - In January - February 2026, China's air - conditioner production was 40.118 million units, a year - on - year increase of 0.7%. Refrigerator production was 16.643 million units, a year - on - year increase of 6.5%. Washing machine production was 18.579 million units, a year - on - year decrease of 0.8%[8] Group 4: Related Attachments Ferrosilicon - The monthly spread of ferrosilicon showed different values on different days, such as the 1 - 2 spread being 48 today, 40 yesterday, 48 last week, and 18 last month[12] - The basis of ferrosilicon (main contract - Inner Mongolia) and other regional bases are presented in the figure[17] - The cost and profit of ferrosilicon in different regions are as follows: Inner Mongolia had a production cost of 5500 yuan/ton and a profit of 80 yuan/ton; Ningxia had a production cost of 5401 yuan/ton and a profit of 99 yuan/ton; Shaanxi had a production cost of 5505 yuan/ton and a loss of 25 yuan/ton; Qinghai had a production cost of 5849 yuan/ton and a loss of 349 yuan/ton; Gansu had a production cost of 5687 yuan/ton and a loss of 187 yuan/ton[19] Silicomanganese - The monthly spread of silicomanganese also showed different values on different days, such as the 1 - 2 spread being -22 today, -92 yesterday, -24 last week, and -22 last month[14] - The basis of silicomanganese (main contract - Inner Mongolia) and other regional bases are presented in the figure[17] - The cost and profit of silicomanganese in different regions are as follows: Inner Mongolia had a production cost of 6075 yuan/ton and a loss of 225 yuan/ton; Ningxia had a production cost of 6066 yuan/ton and a loss of 286 yuan/ton; Guangxi had a production cost of 6290 yuan/ton and a loss of 340 yuan/ton; Guizhou had a production cost of 6176 yuan/ton and a loss of 276 yuan/ton[22] - The electricity prices for ferrous alloys in different regions are presented in the figure, with today's prices in Gansu being 0.405 yuan/kWh, Guangxi 0.55 yuan/kWh, etc.[17]