Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Report's Core View - For silicon - manganese, the short - term market is dominated by sentiment, with prices oscillating strongly. However, the supply - demand situation will gradually return to a loose state, and the medium - term price may face downward pressure. The reference range for the main contract is [5500, 6000] [3][4]. - For silicon - iron, the short - term market is also sentiment - driven, and the overall supply - demand contradiction is relatively limited. The market is expected to operate within a range, with the reference range for the main contract being [5300, 5750] [49][50]. 3. Summary by Relevant Catalogs Silicon - Manganese - **Supply - Demand Analysis** - Supply: National production and operating rates continued to rise, with more restarts in Yunnan. The overall supply is at a high level for the same period [3][10]. - Demand: The daily average hot - metal output of 247 steel enterprises decreased to 239.81 tons, but the absolute level is still high, providing rigid support for silicon - manganese demand. The procurement volume of the iconic steel mill in July increased, but the price - pressing sentiment remains [3][16]. - Inventory: The alloy factory inventory decreased slightly, while the delivery inventory continued to decline but remains at an absolute high level [3]. - Cost - Profit: Manganese ore prices showed a split, with oxide ore prices falling and semi - carbonate ore prices rising slightly. The actual transaction of manganese ore was average. Power costs in multiple production areas decreased, reducing the loss degree but the whole production area is still in a loss state [3]. - **Market Review** - Spot market: Spot prices in the main production areas rose by 30 - 80 yuan/ton [7][9]. - Supply: Production continued to rise, with stable operations in Inner Mongolia and Ningxia and more restarts in Yunnan [10][11]. - Demand: Hot - metal output and rebar production decreased [12][16]. - Hebei Steel's tender: The inquiry price decreased by 50 yuan/ton compared with the previous round, and the procurement volume increased by 2900 tons [19]. - Inventory: The alloy factory inventory decreased by 0.15 tons week - on - week [20]. - Cost - Profit: The loss degree in the production area was reduced compared with last week [22]. - Manganese ore price: Port manganese ore prices decreased slightly [26][27]. - Manganese ore shipment data: The shipment and arrival volume continued to rise, and the port clearance volume declined from a high level [32]. - Manganese ore port inventory: Port inventory remained at a low level, with the national port inventory increasing by 2.6 tons and Tianjin Port inventory increasing by 3.5 tons [34][36]. - Manganese ore manufacturer inventory: The average available days of manganese ore inventory increased in most areas [38]. - Other costs: Electricity prices decreased in multiple production areas [39][40]. Silicon - Iron - **Supply - Demand Analysis** - Supply: National production and operating rates decreased slightly, with restarts and shutdowns in different areas. The overall operation in Ningxia was relatively stable [49]. - Demand: Steel mills' new round of tenders has started, and the procurement volume of the iconic steel mill increased. Non - steel demand for magnesium ingot production decreased in June, and the export volume from January to May decreased by 14.17% compared with the same period last year [49]. - Inventory: Enterprise inventory increased by 0.32 tons week - on - week, and the delivery inventory (including forecasts) is 9.9 tons [49]. - Cost - Profit: The semi - coke market was weakly stable, and electricity prices decreased in multiple production areas, reducing the loss degree in some areas [49]. - **Market Review** - Spot price: Spot prices in the main production areas rose by different degrees [53][55]. - Supply: National production and operating rates decreased slightly [56][57]. - Steel demand: The weekly demand for silicon - iron decreased [60]. - Hebei Steel's tender: The procurement volume increased by 500 tons compared with June [63]. - Non - steel demand: Magnesium ingot production decreased in June, and the silicon - iron export volume decreased month - on - month and year - on - year [64][66]. - Inventory: Enterprise inventory increased by 0.32 tons week - on - week [67]. - Cost - Profit: The loss degree in some production areas was reduced compared with last week [69]. - Other costs: Electricity prices decreased in multiple production areas [71].

Report Information - Report Title: Ferroalloy Semi - annual Report - Report Date: June 27, 2025 - Report Institution: Galaxy Futures Core Viewpoint - The cost is loose, which drags down the ferroalloy market, and the alloy continues to bottom out [2] Summary by Directory 1. Fundamental Situation Price and Spread - The report presents the trends of ferroalloy main contracts, including silicon iron and silicon manganese main contracts, and their price ranges from 4500 to 8000 yuan/ton [7][8] - It shows the spot market prices of 72% FeSi silicon iron in different regions such as Inner Mongolia, Ningxia, Qinghai, and Shaanxi, with prices ranging from 4500 - 7000 yuan/ton [9][10] - The disk main contract sf - sm spread is also presented, with a range from - 2000 to 3000 yuan/ton [14] Market Demand - related Indicators - Real estate new construction area remains sluggish, and land transaction area is also monitored [25][26] - Local government special bond issuance progress is fast this year, but the proportion invested in infrastructure is too low [31][36] - Industrial enterprise profits lead manufacturing investment, and manufacturing investment is relatively synchronized with exports [33] - Steel direct exports remain at a high level, and indirect exports also show resilience. The indirect steel consumption of some commodities from January - April 2025 compared with 2024 shows different growth rates, with the total indirect steel consumption increasing by 9.03% [35][40] Production and Inventory - The production enterprise start - up rates of silicon iron and silicon manganese are presented, with the silicon iron start - up rate ranging from 20 - 80% and the silicon manganese start - up rate ranging from 10 - 70% [45][51] - The inventories of alloy plants (silicon iron and silicon manganese), the average available days of steel mill inventories (silicon iron and silicon manganese), and the warehouse receipt situations (silicon iron and silicon manganese) are also shown [49][53][54] Cost - related Factors - The growth rates and proportions of different energy - structure power generation are presented, including hydropower, nuclear power, wind power, solar power, and thermal power [61][66] - Electricity prices in different regions such as Gansu, Inner Mongolia, Ningxia, Qinghai, and Shaanxi are shown, ranging from 0.35 - 0.6 yuan/degree [63] - The prices of chemical coke in Yinchuan, lanthanum small materials in various places, global manganese ore shipments, manganese ore prices in Tianjin Port, and national manganese ore inventories are also included [68][70][74] - The production costs and profits of silicon iron and silicon manganese in different regions are presented [76][79] 2. Future Outlook and Strategy Recommendation - No specific future outlook and strategy recommendation content is presented in the provided text

Report Title - The report is titled "Commodity Atmosphere Warms Up, Alloy Center of Gravity Lifts - Ferroalloy Weekly Report 20250623" [1] Report Industry Investment Rating - No industry investment rating is provided in the report Core Views Silicon Ferrosilicon - Last week, both supply and demand of silicon ferrosilicon increased, and the futures price center of gravity slightly lifted. With overseas situation disturbances, the overall commodity trend repaired, and the black series including alloys showed short - term stabilization signs. The previous large discount of the silicon ferrosilicon futures has ended, and it followed the overall commodity to lift its low - level center of gravity. The price has initially entered the rebound target range. Industrial hedging can wait for the futures to reach par to premium opportunities [4] Manganese Ferrosilicon - Last week, the manganese ferrosilicon futures price repeatedly rose and then fell. Fundamentally, both supply and demand increased, and enterprises continued to accumulate inventory. Manganese ore quotes rose following the futures. Although the short - term driving force is not obvious, the overall manganese ore inventory is low. With the high operating rate of silicon - manganese plants, the ore price has been firm recently, and the cost - side support has strengthened [23] Summary by Section Silicon Ferrosilicon Supply - The weekly output of 136 independent silicon ferrosilicon enterprises was 9.79 tons (a 2.9% increase from the previous week and a 14.4% decrease year - on - year). The output in May 2025 was 41.48 tons (a 5.76% decrease from the previous month and a 7.45% decrease year - on - year) [6] Demand - The consumption of silicon ferrosilicon in five major steel products was 1.99 tons (a 1.8% increase from the previous week and a 5.2% decrease year - on - year). The weekly output of five major steel products was 868.51 tons (a 1.12% increase from the previous week and a 2.58% decrease year - on - year) [9] Inventory - Enterprise inventory (bi - weekly data) was 6.8 tons (a 2.7% decrease from the previous period and a 31.6% increase year - on - year). The steel mill inventory days in June were 15.38 days (an increase of 0.18 days from the previous month and an increase of 0.83 days year - on - year) [11] Cost - The prices of main and auxiliary materials remained stable during the week. For example, the electricity price in Qinghai, Ningxia, and Inner Mongolia remained unchanged, and the price of semi - coke small materials in Shenmu also remained stable. The cost of silicon ferrosilicon in Qinghai, Ningxia, and Inner Mongolia decreased slightly, while the profit increased [15] Basis - The futures price rebounded, and the basis narrowed. The number of silicon ferrosilicon warehouse receipts was 12,535 (a decrease of 2,693 from the previous week and a decrease of 83 year - on - year). The basis of the 09 contract was 150 yuan/ton, a decrease of 8 yuan/ton from the previous week [18] Contract Position and Precipitated Funds - No specific data summary is provided in the text, but relevant charts show the trends of contract positions and precipitated funds over time [20] Manganese Ferrosilicon Supply - The weekly output of 121 independent silicon - manganese enterprises was 17.6 tons (a 1.8% increase from the previous week and an 18.1% decrease year - on - year). The national silicon - manganese output in May was 74.3 tons (a 7.8% decrease from the previous month and a 7.8% decrease year - on - year) [25] Demand - The weekly consumption of silicon - manganese was 12.3 tons (a 1.2% increase from the previous week and a 4.3% decrease year - on - year). The weekly output of five major steel products was 868.51 tons (a 1.12% increase from the previous week and a 2.58% decrease year - on - year) [28] Inventory - Enterprise sample inventory (bi - weekly data) was 20.59 tons (a 5.1% increase from the previous period and a 208% increase year - on - year). The steel mill inventory days in June were 15.49 days (an increase of 0.34 days from the previous month and an increase of 0.42 days year - on - year). The manganese ore inventory decreased slightly last week [31] Cost - The futures price stop - falling drove an increase in manganese ore inquiries, but downstream still mostly waited and watched. The prices of some raw materials such as electricity and semi - coke remained stable, while the prices of some manganese ores changed slightly. The cost of silicon - manganese in different regions decreased slightly, and the profit increased [38] Basis - The futures price was still at a discount. The number of manganese - silicon warehouse receipts was 94,951 (a decrease of 3,000 from the previous week and a decrease of 17,547 year - on - year). The 09 basis was 234 yuan/ton, a decrease of 60 from the previous week [33] Contract Position and Precipitated Funds - No specific data summary is provided in the text, but relevant charts show the trends of contract positions and precipitated funds over time [40]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - On May 12, the manganese - silicon 2509 contract closed at 5866, up 1.80%. The spot price of Inner Mongolia silicon - manganese remained stable at 5550. After the Sino - US Geneva economic and trade talks, most of the additional tariffs imposed on goods since April 2 have been cancelled, leading to a significant recovery in the commodity market. Ferroalloys have negative production profits, low production enthusiasm on the supply side, and rising port inventories of imported manganese ore. The overall arrival of manganese ore in May is expected to increase month - on - month, and downstream hot metal production may peak and decline. Steel mills' procurement is cautious, and the market should be treated as oscillating. [2] - On May 12, the silicon - iron 2507 contract closed at 5636, up 1.55%. The spot price of Ningxia silicon - iron rose by 50 to 5510. From January to April this year, the national railway completed 194.7 billion yuan in fixed - asset investment, a year - on - year increase of 5.3%. Ferroalloys have negative production profits, and the maintenance of large factories in Ningxia affects market sentiment. The downstream metal magnesium market price has rebounded, but the overall demand for steel is still weak. The market should be treated as oscillating. [2] 3. Summary According to Relevant Catalogs 3.1 Futures Market - SM (Manganese - Silicon) main contract closing price was 5,866 yuan/ton, up 108 yuan; SF (Silicon - Iron) main contract closing price was 5,636 yuan/ton, up 154 yuan. - SM futures contract positions decreased by 13,582 to 621,718 hands; SF futures contract positions increased by 7,963 to 481,715 hands. - The net positions of the top 20 in manganese - silicon decreased by 8,516 to - 27,836 hands; the net positions of the top 20 in silicon - iron decreased by 4,344 to - 25,370 hands. - The SM 9 - 5 contract spread increased by 12 to 80 yuan/ton; the SF 9 - 5 contract spread decreased by 10 to - 60 yuan/ton. - SM warehouse receipts decreased by 881 to 118,816; SF warehouse receipts decreased by 32 to 18,876. [2] 3.2 Spot Market - The price of Inner Mongolia manganese - silicon FeMn68Si18 remained at 5,550 yuan/ton; the price of Inner Mongolia silicon - iron FeSi75 - B rose by 50 to 5,610 yuan/ton. - The price of Guizhou manganese - silicon FeMn68Si18 remained at 5,500 yuan/ton; the price of Qinghai silicon - iron FeSi75 - B rose by 50 to 5,520 yuan/ton. - The price of Yunnan manganese - silicon FeMn68Si18 rose by 50 to 5,500 yuan/ton; the price of Ningxia silicon - iron FeSi75 - B rose by 50 to 5,510 yuan/ton. - The manganese - silicon index average decreased by 105.42 to 5,497 yuan/ton; the SF main contract basis decreased by 104 to - 126 yuan/ton. - The SM main contract basis decreased by 108 to - 316 yuan/ton. [2] 3.3 Upstream Situation - The price of South African ore: Mn38 block in Tianjin Port remained at 32 yuan/ton - degree; the price of silica (98% in the northwest) remained at 210 yuan/ton. - The price of Inner Mongolia Wuhai secondary metallurgical coke remained at 1,070 yuan/ton; the price of semi - coke (medium - sized in Shenmu) remained at 670 yuan/ton. - Manganese ore port inventories increased by 23.10 to 394.80 million tons. [2] 3.4 Industry Situation - The manganese - silicon enterprise operating rate decreased by 3.21 to 37.53%; the silicon - iron enterprise operating rate increased by 1.78 to 32.53%. - Manganese - silicon supply decreased by 10,780 to 172,025 tons; silicon - iron supply increased by 3,900 to 102,900 tons. - Manganese - silicon manufacturers' inventories increased by 25,300 to 207,100 tons; silicon - iron manufacturers' inventories decreased by 0.99 to 7.37 million tons. - The national steel mill inventory days of manganese - silicon decreased by 1.17 to 15.44 days; the national steel mill inventory days of silicon - iron decreased by 0.82 to 15.44 days. [2] 3.5 Downstream Situation - The demand for manganese - silicon in the five major steel types decreased by 2,350 to 125,861 tons; the demand for silicon - iron in the five major steel types decreased by 224.10 to 20,336.30 tons. - The blast furnace operating rate of 247 steel mills increased by 0.29 to 84.64%; the blast furnace capacity utilization rate of 247 steel mills increased by 0.08 to 92.11%. - The monthly crude steel output increased by 16.8722 million tons to 92.8414 million tons. [2] 3.6 Industry News - Ningxia Yinhe added maintenance for 2 45,000 - kVA silicon - iron furnaces, reducing daily output by 200 - 300 tons. - At the end of 2024, China's bond market balance was 177 trillion yuan, ranking second in the world. Bond financing accounted for 40% of the incremental social financing scale, and the bond trading volume reached 460 trillion yuan. - At the end of 2024, the global public debt exceeded 100 trillion US dollars, accounting for about 93% of the global GDP, and is expected to rise to about 100% in 2030. - From 2012 - 2022, the average annual growth rate of the equity value of state - owned enterprises was 13.8%. [2]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For ferrosilicon, under the pressure of losses, production continues to decrease, and the fundamentals have improved after a round of continuous production cuts. The inventory has decreased month - on - month, and the warehouse receipt pressure is limited. The price tends to fluctuate at a low level in the short term. It is recommended to hold a light position during the holiday [4]. - For silicomanganese, the weekly production continues to decrease, but the overall output is still relatively high year - on - year. The consumption side has a slight increase following the steel mill production. The supply - demand pattern of loose supply remains unchanged. The ore price is decreasing, and the market sentiment is divided. In the short term, silicomanganese shows a weak and low - level oscillation [28]. 3. Summary According to the Directory Ferrosilicon Supply - The weekly output of 136 independent ferrosilicon enterprises was 98,900 tons (a month - on - month decrease of 1.40% and a year - on - year increase of 8.68%). In March 2025, the ferrosilicon output was 502,700 tons (a month - on - month increase of 3.85% and a year - on - year increase of 18.02%) [7]. Demand - The consumption of ferrosilicon in five major steel products was 20,600 tons (a month - on - month increase of 0.08% and a year - on - year increase of 1.65%), and the weekly output of five major steel products was 875,840 tons (a month - on - month increase of 0.36% and a year - on - year increase of 1.37%) [9]. Inventory - The enterprise inventory (bi - weekly data) was 83,700 tons (a month - on - month decrease of 11.82% and a year - on - year increase of 40.41%), and the steel mill inventory days in March were 15.44 days (a month - on - month decrease of 0.82 days and a year - on - year decrease of 0.03 days). The number of ferrosilicon warehouse receipts was 14,287 (a month - on - month increase of 730 and a year - on - year decrease of 610) [12][20]. Cost - The price of oxidized iron scale has rebounded, and the cost has increased slightly. Ferrosilicon plants are suffering obvious losses, especially in Inner Mongolia [4][13]. Basis - The basis of the main contract was 260 yuan/ton, a month - on - month increase of 42 yuan/ton [4]. Position - The total position has decreased [21]. Silicomanganese Supply - The weekly output of 121 independent silicomanganese enterprises was 186,100 tons (a month - on - month decrease of 1.35% and a year - on - year increase of 16.30%). In March, the national silicomanganese output was 899,100 tons (a month - on - month increase of 3.68% and a year - on - year increase of 6.52%) [31]. Demand - The weekly consumption of silicomanganese was 126,700 tons (a month - on - month increase of 0.34% and a year - on - year increase of 2.55%), and the weekly output of five major steel products was 875,840 tons (a month - on - month increase of 0.36% and a year - on - year increase of 1.37%) [34]. Inventory - The enterprise inventory (bi - weekly data) was 181,800 tons (a month - on - month increase of 15.36% and a year - on - year decrease of 35.87%), and the steel mill inventory days in March were 15.44 days (a month - on - month decrease of 1.17 days and a year - on - year decrease of 0.33 days). The number of silicomanganese warehouse receipts was 122,403 (a month - on - month increase of 2,899 and a year - on - year increase of 65,998) [38][39]. Cost - The ore price continues to decline, and the port inventory has increased slightly. The cost of silicomanganese is decreasing, and although the profits in Inner Mongolia, Guangxi, and Guizhou have recovered, the overall losses are still obvious [28][41]. Basis - The basis of the main contract was +254 yuan/ton, a month - on - month increase of 100 yuan/ton [28]. Position - The total position has slightly decreased [46].

1. Report Industry Investment Rating - No relevant content provided. 2. Core View of the Report - The terminal demand for ferroalloys is weak, and the prices of silicomanganese (SM) and ferrosilicon (SF) are oscillating downward. The fundamentals of both SM and SF offer limited support, and production cuts are needed to alleviate the supply - demand imbalance. In the short term, the prices of both are expected to remain in a low - level oscillation. Attention should be paid to the production reduction and shutdown situations in the main production areas [5][7]. 3. Summary According to the Directory 3.1 Futures Prices - In April 2025, the prices of both SM and SF oscillated downward, with the decline of SF futures prices being greater than that of SM. The closing price of the SM main contract on April 25 was 5,796 yuan/ton, a monthly decrease of 4.51%; the closing price of the SF main contract was 5,640 yuan/ton, a monthly decrease of 5.56% [8][10]. 3.2 Spot Prices - The decline of spot prices in Ningxia region was relatively narrow. For SM, the monthly price decline in various regions ranged from 180 - 350 yuan/ton; for SF, the monthly price decline in different regions was between 150 - 250 yuan/ton [11][14]. 3.3 Basis - The basis of both SM and SF oscillated stronger. For example, from April 18 to 25, the weekly increase of SM01 basis was 104 yuan/ton, and that of SF05 basis was 58 yuan/ton [16][19]. 3.4 Spread - The 5 - 9 spread of SM decreased by 4 yuan/ton month - on - month, and that of SF decreased by 40 yuan/ton month - on - month. The spread between SF and SM (SF - SM) decreased by 58 yuan/ton month - on - month [24][27]. 3.5 Production Costs - The production cost of SM decreased across the board. For example, the cost in the northern region decreased by 298.7 yuan/ton month - on - month. The production cost of SF also decreased, with the cost in Ningxia decreasing by 132 yuan/ton month - on - month [30]. 3.6 Production Profits - The immediate production profit of SM increased month - on - month, while that of SF decreased month - on - month. For instance, the production profit of SM in the northern region increased by 53.67 yuan/ton month - on - month, and the production profit of SF in Gansu decreased by 219 yuan/ton month - on - month [31][32]. 3.7 Manganese Silicon (SM) 3.7.1 Supply - The weekly output of SM continued to decline, but the decline rate slowed down. As of April 25, the weekly output was 186,060 tons, with a daily average output of 26,580 tons, a week - on - week decrease of 1.35%. The operating rate of SM production enterprises also continued to decline [33][36]. 3.7.2 Demand - The weekly demand for SM increased slightly month - on - month, but the year - on - year decline was still significant. The demand on April 25 was 126,749 tons, a month - on - month increase of 0.71%. The production of rebar increased year - on - year, but its proportion in the total output of the five major steel products oscillated weakly [41]. 3.7.3 Inventory - The inventory of sample SM enterprises increased month - on - month, and the total number of warehouse receipts and valid forecasts exceeded 650,000 tons. As of April 25, the inventory of 63 sample enterprises was 181,800 tons, a month - on - month increase of 33,200 tons. The available days of SM inventory in steel mills decreased [51][54]. 3.7.4 Manganese Ore - The inventory of port manganese ore was at an absolute low level, but the shipping volume gradually increased. In April, the shipping volume increased by 1.18 million tons month - on - month. The price of manganese ore continued to decline, providing limited cost support [58][60]. 3.7.5 Options - The historical volatility of SM options gradually recovered from a low level [65]. 3.8 Ferrosilicon (SF) 3.8.1 Supply - The weekly output of SF oscillated downward. As of April 25, the weekly output was 98,900 tons, a month - on - month decrease of 11.70%. The operating rate of SF production enterprises also decreased [70][73]. 3.8.2 Demand - The weekly demand for SF increased slightly month - on - month. The demand on April 25 was 20,560.4 tons, a month - on - month increase of 1.86%. The output of magnesium ingots increased significantly in March, and the current price continued to rise [82][86]. 3.8.3 Cost - The price of semi - coke small materials remained relatively stable this month, and the price of oxidized iron scale decreased by 50 yuan/ton month - on - month [87][90]. 3.8.4 Inventory - The inventory of 60 sample SF enterprises decreased month - on - month but remained at a medium level in the same period of history. The available days of SF inventory in steel mills decreased. As of April 25, the inventory of 60 sample enterprises was 83,700 tons, a month - on - month decrease of 11,200 tons [6][91]. 3.8.5 Options - The historical volatility of SF options recovered from a low level [98].