铁合金日报-20260323

Group 1: Report Overview - Report Date: March 23, 2026 [1] - Report Type: Black Metal Daily Report (Ferroalloy Report) [1] - Researcher: Zhou Tao [2] - Futures Practitioner Certificate Number: F03134259 [2] - Investment Consulting Certificate Number: Z0021009 [2] - Contact Information: zhoutao_qh1@chinastock.com.cn [2] Group 2: Market Information Futures - SF Main Contract: Closing price of 6120, daily change of 188, weekly change of 248, trading volume of 323,783 (down 85,765), open interest of 180,829 (up 1,101) [3] - SM Main Contract: Closing price of 6556, daily change of 156, weekly change of 394, trading volume of 668,201 (down 723,548), open interest of 405,033 (down 23,648) [3] Spot - Silicon Iron: Spot prices in different regions showed varying degrees of increase, with some areas rising by 50 - 150 yuan/ton [3][5] - Manganese Silicon: Spot prices in different regions increased by 40 - 150 yuan/ton, and manganese ore prices in Tianjin Port rose by 0.5 - 1.5 yuan/ton degree [3][6] Basis/Spread - Silicon Iron: Basis differences between different regions and the main contract showed changes, and the SF - SM spread was -436, with a daily change of 32 and a weekly change of -146 [3] - Manganese Silicon: Basis differences between different regions and the main contract also changed [3] Raw Materials - Manganese Ore (Tianjin): Prices of different types of manganese ore increased, with daily changes of 0.5 - 1.5 yuan/ton degree and weekly changes of 1.5 - 2.7 yuan/ton degree [3] - Semi - coke: Prices in different regions remained stable [3] Group 3: Market Analysis and Trading Strategies Market Analysis - Silicon Iron: On March 23, the spot price increased. The supply side saw an increase in production after the price recovery, and the demand side was driven by the increase in steel production and demand. The cost side had a stable and slightly strong electricity price. In the short term, it was in a positive feedback of demand and cost, and was affected by the rise in energy prices, showing a short - term upward trend [5] - Manganese Silicon: On March 23, the manganese ore and manganese silicon spot prices increased. The supply side had a slight decline in production, but there was an expectation of an increase in the future. The demand side was also driven by the increase in steel production and demand. The cost side was affected by the increase in sea freight and the short - term disruption of manganese ore shipments due to the hurricane [6] Trading Strategies - Unilateral: Driven by energy costs, in the positive feedback of demand and cost, the price showed a volatile upward trend [7] - Arbitrage: Wait and see [7] - Options: Sell out - of - the - money put options [7] Group 4: Important Information - On March 23, the price of semi - carbonate Mn35.8% in Tianjin Port was 44 yuan/ton degree, the price of Gabon block was 47 - 48 yuan/ton degree, and the price of Australian block Mn42% was 46 - 47 yuan/ton degree [8] - The intensity of Hurricane "Narelle" has significantly weakened, and the actual impact on mining facilities is limited. The mining area is conducting a复产 assessment [8] Group 5: Related Attachments - Figures include the price trends of ferroalloy main contracts, the spread between SF and SM main contracts, the monthly spread of silicon iron and manganese silicon, the basis of silicon iron and manganese silicon, the spot price of silicon manganese, the electricity price for ferroalloys, the cost and profit of silicon iron and manganese silicon, etc. [16][18][21][23][26]