大越期货锰硅早报-20260330

1. Report Industry Investment Rating - Not mentioned in the content 2. Core Views of the Report - The silicon - manganese market is oscillating. The cost of ore is rising continuously, and the price of chemical coke has increased by 50 yuan/ton this week. Some factories in Inner Mongolia are under maintenance, and a furnace in Chayouqianqi has been ignited but has not produced iron yet. Some factories in Inner Mongolia and Ningxia in the north plan to cut production by 30% starting from April, and the actual production cut needs to be observed. Some southern factories have plans to start furnaces after high - position hedging, but the number of operating factories is still small, and the alloy output is expected to increase slightly. The latest tender of Hegang is 5100 tons, with an inquiry price of 6300 yuan/ton, and the pricing is in the process of negotiation. It is expected that the short - term cost of silicon - manganese will be firm, and the price will be supported [3]. - The basis of the 05 contract shows that the spot price is at a discount to the futures price, which is bearish. The inventory situation is neutral, the disk shows a bullish trend, and the main position is net short with an increase in short positions, which is bearish. It is expected that the price of silicon - manganese will oscillate strongly this week, and the SM2605 contract will oscillate between 6500 - 6700 [3]. 3. Summary by Relevant Catalogs I. Manganese - Silicon Supply 1. Capacity - The content shows the monthly capacity of silicon - manganese enterprises in China, but specific data analysis is not provided [6]. 2. Annual Output - The annual output of silicon - manganese in different regions of China, including Guangxi, Guizhou, Inner Mongolia, Ningxia, Yunnan, and other regions, is presented, but no in - depth analysis is given [9]. 3. Weekly, Monthly Output and开工率 - The weekly and monthly output of silicon - manganese in China and the weekly operating rate of silicon - manganese enterprises in China are shown, but no detailed analysis is provided [12]. 4. Regional Output - The monthly output of Inner Mongolia, Ningxia, and Guizhou, as well as the daily average output of Inner Mongolia, Ningxia, Guizhou, and Guangxi, are presented, but no in - depth analysis is given [13][14]. II. Manganese - Silicon Demand 1. Steel Tendering and Procurement Price - The monthly procurement prices of silicon - manganese by different steel enterprises, such as Baosteel Co., Ltd., Baowu E'gang, Chengde Jianlong, etc., are shown, but no detailed analysis is provided [17]. 2. Daily Average Hot Metal and Profit - The weekly daily average hot metal output and profit rate of 247 steel enterprises in China are presented, but no in - depth analysis is given [19]. III. Manganese - Silicon Import and Export - The monthly import and export quantities of silicon - manganese in China are shown, but no detailed analysis is provided [21]. IV. Manganese - Silicon Inventory - The weekly inventory of 63 sample silicon - manganese enterprises in China, the monthly average available days of inventory in China, the northern region, and the eastern region are presented, but no in - depth analysis is given [23]. V. Manganese - Silicon Cost 1. Manganese Ore - Import Volume - The monthly import volume of manganese ore from different sources (such as Gabon, Africa South, Australia) and the total import volume by trade method are shown, but no detailed analysis is provided [26]. 2. Manganese Ore - Port Inventory and Available Days - The weekly port inventory of manganese ore in China, Qinzhou Port, and Tianjin Port, as well as the weekly average available days of inventory in China, are presented, but no in - depth analysis is given [28]. 3. Manganese Ore - High - Grade Ore Port Inventory - The weekly port inventory of high - grade manganese ore from different origins (Australia, Gabon, Brazil) in Qinzhou Port and Tianjin Port is shown, but no detailed analysis is provided [30]. 4. Manganese Ore - Tianjin Port Manganese Ore Price - The daily price of different types of manganese ore in Tianjin Port is presented, but no detailed analysis is given [31]. 5. Regional Cost - The daily cost of silicon - manganese in different regions (Inner Mongolia, northern region, Ningxia, southern region, Guangxi) is shown, but no detailed analysis is provided [34]. VI. Manganese - Silicon Profit - The daily profit of silicon - manganese in different regions (northern region, southern region, Inner Mongolia, Ningxia, Guangxi) is presented, but no detailed analysis is given [36].