铁合金周报：行业号召减产，锰硅走势偏强-20260330

Group 1: Report Overview - Report Title: "Industry Calls for Production Cuts, Manganese Silicon Trends Strongly - Ferroalloy Weekly Report 20260330" [1] - Researcher: Peng Bohan [2] - Contact Information: Phone 0371 - 58630083, Email pengbh_qh@ccnew.com, Professional Certificate No. F3076814, Investment Consultation No. Z0016415 [2] Group 2: Silicon Iron Analysis Current Views - Supply: Production first increased and then decreased. 136 independent silicon iron enterprises had a weekly output of 10.21 tons (a 2.2% week - on - week decrease and an 8.8% year - on - year decrease), and the February 2025 output was 39.39 tons (a 9.9% month - on - month decrease and a 12.1% year - on - year decrease) [5][7] - Demand: The output of finished steel stopped increasing and declined. Silicon iron consumption in five major steel products was 1.92 tons (a 0.65% week - on - week decrease and a 4.4% year - on - year decrease), and the weekly output of five major steel products was 839.6 tons (a 0.03% week - on - week decrease and a 3.4% year - on - year decrease) [5][9] - Inventory: The decline in factory inventory widened. Enterprise inventory was 5.49 tons (a 7.5% week - on - week decrease and a 34.3% year - on - year decrease), and the March steel mill inventory days were 16.82 days (a 1.9 - day month - on - month decrease and a 0.5 - day year - on - year increase) [5][11] - Cost: Coal and electricity prices stabilized. Some raw material prices had small changes, and the silicon iron cost in different regions increased slightly [5][15] - Basis: The futures price had a slight premium. The silicon iron basis in Ningxia for the 05 contract was - 62 yuan/ton, a 68 - yuan/ton week - on - week decrease [5][18] - Strategy: The short - term trend is strong. The strategy is to buy on dips, with resistance at 6300 [5] Group 3: Manganese Silicon Analysis Current Views - Supply: Production decreased slightly. 121 independent silicon manganese enterprises had a weekly output of 19.16 tons (a 2.3% week - on - week decrease and a 3.9% year - on - year decrease), and the February national silicon manganese output was 77.36 tons (a 9.4% month - on - month decrease and a 3.8% year - on - year decrease) [23][26] - Demand: The output of finished steel stopped increasing and declined. Silicon manganese weekly consumption was 11.88 tons (a 0.75% week - on - week decrease and a 5.6% year - on - year decrease), and the weekly output of five major steel products was 839.6 tons (a 0.03% week - on - week decrease and a 3.4% year - on - year decrease) [23][28] - Inventory: Factory inventory decreased slightly from a high level. Enterprise sample inventory was 37.2 tons (a 3.1% week - on - week decrease and a 105% year - on - year increase), and the March steel mill inventory days were 17.08 days (a 1.5 - day month - on - month decrease and a 0.47 - day year - on - year increase) [23][30] - Cost: Manganese ore port prices continued to rise, and the May CML quotation to China increased by 0.4 dollars to 6 dollars/ton - degree. The cost of silicon manganese in different regions increased [23][37] - Basis: The basis was at par. The silicon manganese basis in Inner Mongolia for the 05 contract was 0 yuan/ton, a 82 - yuan/ton week - on - week decrease [23][32] - Strategy: For the 05 contract, observe the pressure around last week's high. The short - term trend is to buy on dips [23]