瑞达期货锰硅硅铁产业日报-20260323

1. Report Industry Investment Rating - No relevant information provided 2. Core Views - Manganese silicon industry: The industry's operating rate remains low, with supply decreasing and demand increasing, and inventory accumulating. The cost of manganese ore is rising, and the spot market is strong. Considering geopolitical factors and demand recovery expectations, the futures price is expected to fluctuate upward, but high inventory will limit the upside space [2]. - Ferrosilicon industry: The industry's operating rate is increasing, demand is rising, and inventory is decreasing. With cost support, geopolitical disturbances, and expectations of downstream demand recovery, it is expected to operate in a volatile and upward - trending manner [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market - Prices: The closing price of the SM main contract is 6,556 yuan/ton, up 156 yuan; the closing price of the SF main contract is 6,120 yuan/ton, up 188 yuan [2]. - Positions: The SM futures contract position is 679,731 hands, down 18,637 hands; the SF futures contract position is 409,287 hands, up 6,833 hands [2]. - Net Positions: The net position of the top 20 in manganese silicon is - 86,543 hands, up 13,178 hands; the net position of the top 20 in ferrosilicon is - 32,090 hands, down 1,431 hands [2]. - Contract Spreads: The SM 7 - 5 month contract spread is 38 yuan/ton, up 8 yuan; the SF 7 - 5 month contract spread is 112 yuan/ton, down 2 yuan [2]. - Warehouse Receipts: The SM warehouse receipt is 54,908 sheets, up 82 sheets; the SF warehouse receipt is 10,147 sheets, up 1,200 sheets [2]. 3.2 Spot Market - Manganese Silicon: In Inner Mongolia, the price of FeMn68Si18 is 6,100 yuan/ton, up 200 yuan; in Guizhou, it is 6,200 yuan/ton, up 200 yuan; in Yunnan, it is 6,050 yuan/ton, up 100 yuan. The weekly average of the manganese silicon index is 5,936 yuan/ton, up 31 yuan [2]. - Ferrosilicon: In Inner Mongolia, the price of FeSi75 - B is 5,780 yuan/ton, up 150 yuan; in Qinghai, it is 5,520 yuan/ton, up 70 yuan; in Ningxia, it is 5,720 yuan/ton, up 120 yuan. The SF main contract basis is - 400 yuan/ton, down 68 yuan; the SM main contract basis is - 456 yuan/ton, up 44 yuan [2]. 3.3 Upstream Situation - Manganese Ore: The average price of South African high - iron manganese ore in Tianjin Port is 34.45 yuan/ton degree, unchanged; the average price of South African semi - carbonate manganese ore in Tianjin Port is 41.25 yuan/ton degree, up 0.5 yuan. The manganese ore port inventory is 474.50 million tons, up 3.8 million tons [2]. - Other Raw Materials: The price of silica (98% in the northwest) is 2,100 yuan/ton, unchanged; the price of semi - coke (medium - sized in Shenmu) is 760 yuan/ton, up 30 yuan; the price of secondary metallurgical coke in Wuhai, Inner Mongolia is 1,110 yuan/ton, unchanged [2]. 3.4 Industry Situation - Operating Rates: The operating rate of manganese silicon enterprises is 36.09%, down 0.05%; the operating rate of ferrosilicon enterprises is 28.29%, up 0.43% [2]. - Supply: The weekly supply of manganese silicon is 196,210 tons, down 1,470 tons; the weekly supply of ferrosilicon is 104,400 tons, up 7,000 tons [2]. - Inventory: The half - monthly inventory of manganese silicon manufacturers is 384,800 tons, up 9,000 tons; the half - monthly inventory of ferrosilicon manufacturers is 59,400 tons, down 1,770 tons. The monthly inventory days of manganese silicon in national steel mills is 17.08 days, down 1.49 days; the monthly inventory days of ferrosilicon in national steel mills is 16.82 days, down 1.90 days [2]. 3.5 Downstream Situation - Demand: The weekly demand for manganese silicon in five major steel types is 119,733 tons, up 3,073 tons; the weekly demand for ferrosilicon in five major steel types is 19,416.30 tons, up 551.90 tons [2]. - Blast Furnace Indicators: The weekly blast furnace operating rate of 247 steel mills is 79.78%, up 1.44%; the weekly blast furnace capacity utilization rate of 247 steel mills is 85.53%, up 2.61% [2]. - Crude Steel Output: The monthly crude steel output is 6,817.74 million tons, down 169.36 million tons [2]. 3.6 Industry News - Geopolitical: On March 21, local time, US President Trump threatened to attack Iranian power plants if Iran did not open the Strait of Hormuz. Iran's speaker responded that if Iran's infrastructure was attacked, important facilities in the Middle East would be targeted, and oil prices would rise in the long - term [2]. - Macro: People's Bank of China Governor Pan Gongshang said that China will continue to implement a moderately loose monetary policy to maintain liquidity [2].