Group 1: Report Overview - The report is the "Black Metal Daily" dated October 27, 2025, by researcher Zhou Tao [1] Group 2: Market Information Futures - SF main contract closed at 5564, up 22 for the day and 128 for the week, with a trading volume of 132,349 (down 7,389) and an open interest of 174,287 (down 7,891) [2] - SM main contract closed at 5802, up 30 for the day and 64 for the week, with a trading volume of 130,341 (down 87,247) and an open interest of 345,980 (down 4,913) [2] Spot - For 72% FeSi, prices in Inner Mongolia, Ningxia, Qinghai, Jiangsu, and Tianjin were 5320, 5270, 5300, 5650, and 5650 respectively, with daily and weekly changes varying [2] - For Si - Mn 6517, prices in Inner Mongolia, Ningxia, Guangxi, Jiangsu, and Tianjin were 5680, 5580, 5650, 5750, and 5720 respectively, with daily and weekly changes varying [2] Basis/Spread - For silicon - iron, Inner Mongolia - main contract basis was - 244, Ningxia - main contract basis was - 294, etc., with daily and weekly changes [2] - For manganese - silicon, Inner Mongolia - main contract basis was - 122, Ningxia - main contract basis was - 222, etc., with daily and weekly changes [2] - SF - SM spread was - 238, down 8 for the day and up 64 for the week [2] Raw Materials - For manganese ore in Tianjin, Australian lump was 38.8 (down 0.2 for the day and 0.4 for the week), South African semi - carbonate was 34 (unchanged), and Gabon lump was 39.7 (down 0.1 for the week) [2] - For blue charcoal small materials, prices in Shaanxi, Ningxia, and Inner Mongolia were 750, 810, and 800 respectively, with weekly increases [2] Group 3: Market Judgment Trading Strategy - On October 27, ferroalloy futures prices rose overall. The silicon - iron main contract rose 0.4% and the manganese - silicon main contract rose 0.52% [5] - For silicon - iron, spot prices were stable to weak on the 27th. Supply increased slightly, demand was affected by steel inventory and production restrictions. It rebounded with the market but still faced supply - demand pressure and could be a short - side configuration after valuation repair [5] - For manganese - silicon, manganese ore spot was stable to weak, and manganese - silicon spot was stable. Supply decreased slightly but remained high, demand was affected by steel inventory and iron - water production. It could also be a short - side configuration after valuation repair [5] Specific Strategies - Unilateral: Follow the short - term rebound, but still short - side configuration after low - valuation repair [6] - Arbitrage: Wait and see [6] - Options: Sell out - of - the - money straddle option combinations [6] Group 4: Important Information - NMT announced the November 2025 manganese ore shipment price to China: Mn36% (min) South African semi - carbonate lump was $4.1/ton - degree (up $0.05) [7] - A large steel mill in Hebei raised the coke purchase price, with wet - quenched coke up 50 yuan/ton and dry - quenched coke up 55 yuan/ton, effective from 0:00 on October 27, 2025 [7] Group 5: Related Attachments - There are multiple charts including ferroalloy main contract trends, basis, spreads, spot prices, electricity prices, production costs, and production profits, which provide visual data references for the market situation [11][12][13][14]

Group 1: Report Overview - Report Title: Black Metal R & D Report - Ferrous Alloys Daily [2] - Date: October 22, 2025 [2] Group 2: Market Information Futures - SF Main Contract: Closing price 5538, up 64 (1.17%) from the previous day, up 186 from the previous week; trading volume 134,081, down 44,845; open interest 197,587, down 7,816 [3] - SM Main Contract: Closing price 5810, up 64 (1.11%) from the previous day, up 64 from the previous week; trading volume 174,618, up 14,272; open interest 356,712, down 12,350 [3] Spot - Silicon Iron: Spot prices in Inner Mongolia, Ningxia, Qinghai, Jiangsu, and Tianjin showed changes of 20 - 50 yuan/ton in some regions [3] - Manganese Silicon: Spot prices in Inner Mongolia, Ningxia, Guangxi, Jiangsu, and Tianjin were generally stable [3] Basis/Spread - Silicon Iron: Inner Mongolia - Main Contract basis was -238, with daily and weekly changes of -14 and -166 respectively [3] - Manganese Silicon: Inner Mongolia - Main Contract basis was -130, with daily and weekly changes of -64 and -64 respectively [3] Raw Materials - Manganese Ore: Tianjin Port's Australian lump decreased by 0.2 yuan/ton degree, while South African semi - carbonate was stable [3] - Blue Coke Small Material: Prices in Shaanxi, Ningxia, and Inner Mongolia were stable [3] Group 3: Market Analysis Silicon Iron - Supply: Recent production decreased slightly but remained at a high level [6] - Demand: September macro data continued the downward trend in Q3, steel profits and inventory were poor, and steel mill production cut expectations pressured raw material demand [6] - Outlook: Low valuation led to a corrective rebound, but fundamental pressure remained, and the rebound's sustainability was expected to be limited. It was recommended to continue the bottom - range operation [6] Manganese Silicon - Supply: Recent production increased and remained at a high level [6] - Demand: Macro data was poor, steel inventory was high, and profits were low, leading to a downward demand expectation [6] - Outlook: After the low - valuation of the futures price, a corrective rebound occurred, but the sustainability was expected to be limited. It was recommended to continue the bottom - range operation [6] Group 4: Trading Strategies - Unilateral: Low valuation drove the rebound, but the fundamental pressure remained unchanged. The sustainability was expected to be limited, and it was recommended to continue the range - bound operation [7] - Arbitrage: Wait and see [7] - Options: Sell out - of - the - money straddle option combinations [7] Group 5: Important Information - On the 22nd, the transaction prices of manganese ore in Tianjin Port were as follows: South African semi - carbonate was 34 yuan/ton degree, Gabon lump was 39.6 yuan/ton degree, Australian lump was 39 - 40.5 yuan/ton degree, South African medium - iron lump was 35.5 yuan/ton degree, and Australian seed was 34.5 - 35 yuan/ton degree [8] - Jupiter announced the November 2025 manganese ore shipping price to China: Mn34% (min) South African semi - carbonate powder was 3.65 US dollars/ton degree, and there was no lump ore offer this month [8] Group 6: Related Diagrams - Silicon Iron Monthly Spread: The spread showed different values on different days [15] - Manganese Silicon Monthly Spread: The spread showed different values on different days [13] - Silicon Iron Basis: The basis of the main contract - Inner Mongolia was presented [16] - Manganese Silicon Basis: The basis of the main contract - Inner Mongolia was presented [16] - Silicon Iron Cost and Profit: Costs and profits in different regions were provided [19] - Manganese Silicon Cost and Profit: Costs and profits in different regions were provided [22]

Group 1: Report Industry Investment Rating - No relevant content provided Group 2: Core Viewpoints of the Report - On October 20, ferroalloy futures prices rose overall. The silicon iron (SF) main contract closed at 5436, up 0.11%, with an increase of 5090 in positions; the manganese silicon (SM) main contract closed at 5738, up 0.35%, with a decrease of 12123 in positions [6]. - For silicon iron, on the 20th, the spot price was stable. The supply is still at a high level, while the demand faces pressure due to the poor performance of macro - data in September, high steel inventories, and the expected steel mill maintenance. However, its low valuation provides some support, and it is expected to fluctuate at the bottom [6]. - For manganese silicon, on the 20th, manganese ore spot prices were stable with a slight increase, and manganese silicon spot prices were also stable with a slight increase. The supply is at a high level, and the demand has a downward risk due to poor macro - data and high steel inventories. It is also expected to fluctuate at the bottom, restricted by demand but supported by valuation and low manganese ore inventories [6]. - For trading strategies, the unilateral strategy is to expect bottom - range fluctuations as the demand expectation remains weak, but the valuation and cost side provide support; the arbitrage strategy is to wait and see; the option strategy is to sell out - of - the - money straddle option combinations [7]. Group 3: Summary by Related Catalogs Market Information - **Futures Data**: The SF main contract closed at 5436, with a daily change of 6 and a weekly change of 30, a trading volume of 134,692 (down 441), and an open interest of 203,512 (up 5090). The SM main contract closed at 5738, with a daily change of 20 and a weekly change of - 8, a trading volume of 152,986 (down 8580), and an open interest of 377,834 (down 12123) [3]. - **Spot Data**: For silicon iron, the spot prices in different regions were mostly stable, with some minor changes in weekly prices. For manganese silicon, some regional spot prices rose by 20 yuan/ton, and the manganese ore in Tianjin Port semi - carbonate rose by 0.2 yuan/ton degree [3][6]. - **Basis/Spread Data**: The basis and spread data of silicon iron and manganese silicon showed different daily and weekly changes. For example, the SF - SM spread was - 302, with a daily change of - 14 and a weekly change of 38 [3]. - **Raw Material Data**: For manganese ore in Tianjin, the prices of different types had minor daily and weekly changes. The prices of blue charcoal small materials in different regions were stable [3]. Market Judgement - **Trading Strategy**: Unilateral trading is expected to have bottom - range fluctuations; arbitrage is to wait and see; options are to sell out - of - the - money straddle option combinations [7]. - **Important Information**: In September 2025, China's crude steel output was 73.49 million tons, a year - on - year decrease of 4.6%; pig iron output was 66.05 million tons, a year - on - year decrease of 2.4%; steel output was 124.21 million tons, a year - on - year increase of 5.1%. From January to September, the housing construction area of real estate development enterprises was 6.4858 billion square meters, a year - on - year decrease of 9.4%, etc. [8] Related Attachments - The attachments include various charts such as the ferroalloy main contract trend review, the sf - sm spread on the disk, the monthly spreads of silicon iron and manganese silicon, the basis of silicon iron and manganese silicon, the spot prices of silicon iron and manganese silicon, the production costs and profits of silicon iron and manganese silicon, and the ferroalloy electricity prices [12][16][20]

1. Report Industry Investment Rating No information provided. 2. Core View of the Report - The ferroalloy futures prices rebounded slightly on September 23. There is still high supply pressure on both ferrosilicon and silicomanganese, and short - side operations are recommended after rebounds [6]. - For trading strategies, it is suggested to take short - side operations on rallies due to high supply pressure, hold off on arbitrage, and sell straddle option combinations [7]. 3. Summary by Relevant Sections 3.1 Market Information - **Futures Data**: The closing price of the SF main contract was 5698, with a daily increase of 50 and a weekly decrease of 2. The trading volume was 244,716, down 37,133, and the open interest was 200,009, down 12,607. The SM main contract closed at 5882, up 12 daily and down 62 weekly. The trading volume was 246,470, unchanged, and the open interest was 335,174, unchanged [4]. - **Spot Prices**: Ferrosilicon spot prices showed mixed trends, with some regions down 20 - 50 yuan/ton and Jiangsu up 100 yuan/ton. Silicomanganese spot prices were generally stable [4][6]. - **Basis/Spreads**: Ferrosilicon basis and spreads changed, with the SF - SM spread at - 184, up 38 daily and 60 weekly. Silicomanganese basis and spreads also had corresponding changes [4]. - **Raw Materials**: Manganese ore spot prices in Tianjin Port were slightly weaker, and the prices of semi - carbonate and Australian lumps decreased by 0.1 - 0.2 yuan/ton degree. The prices of blue charcoal small materials in some regions increased [4]. 3.2 Market Judgment - **Trading Strategies** - **Ferrosilicon**: After a sharp decline, it rebounded, but there is still high supply pressure. Short - side operations are recommended when approaching the resistance range of 5700 - 5800 [6]. - **Silicomanganese**: Although the cost side provides support, there is high supply pressure. Short - side operations are recommended when approaching the resistance range of 5900 - 6000 after the rebound [6]. - **Overall**: High supply pressure persists, short - side operations on rallies are recommended; hold off on arbitrage; sell straddle option combinations [7]. - **Important Information** - On the 23rd, the quotes of some manganese ores in Tianjin Port were provided [8]. - According to CME "FedWatch", the probability of the Fed keeping interest rates unchanged in October is 7%, and the probability of a 25 - basis - point rate cut is 93% [8]. 3.3 Relevant Attachments - Multiple charts are provided, including the price trends of ferroalloy main contracts, basis, cost - profit, and monthly spreads, showing the historical data and changes of relevant indicators [9][11][13][15][16][21].

1. Report Industry Investment Rating - Not provided in the report 2. Core Viewpoints of the Report - On August 20, ferroalloy futures prices declined overall. The SF main - contract closed at 5622, down 0.99%, with a decrease of 4976 in positions; the SM main - contract closed at 5836, down 1.32%, with an increase of 19417 in positions [6]. - For ferrosilicon, on the 20th, the spot price was stable to weak, with some regional spot prices dropping by 50 - 70 yuan/ton. The supply increased last week, and it's necessary to watch if the resumption trend pauses after the price decline. The demand for steel products remains high but has limited room for further growth. After the recent sharp price drop, the futures price is approaching the cost of some production areas, the high - premium risk has been largely released, and the profit - loss ratio of chasing short positions is not high, so some short positions can be reduced [6]. - For silicomanganese, on the 20th, the manganese ore spot price dropped slightly, and the silicomanganese spot price declined overall, with some regional spot prices dropping by 50 - 230 yuan/ton. The supply has accelerated its increase recently, and it's necessary to watch if the resumption rhythm changes after the price decline. The demand is high statically, but the recent apparent demand for rebar has decreased seasonally, so it's necessary to watch the demand - side risks. At the current price, the high - premium risk has been largely released, and the profit - loss ratio of chasing short positions is not high, so some short positions can be reduced [6]. - Trading strategies include partially reducing short positions, conducting cash - futures positive arbitrage when the basis is low, and selling straddle option combinations at high prices [6]. 3. Summary by Relevant Catalogs Market Information - **Futures**: The SF main - contract closed at 5622, down 56 for the day and 172 for the week, with a trading volume of 267,911 (down 104,641) and an open interest of 233,070 (down 4976). The SM main - contract closed at 5836, down 78 for the day and 238 for the week, with a trading volume of 232,175 (up 39,082) and an open interest of 282,128 (up 167,243) [4]. - **Spot**: For ferrosilicon, the spot price in Inner Mongolia, Ningxia, and Qinghai decreased by 50 - 70 yuan/ton, while in Jiangsu it decreased by 50 yuan/ton and in Tianjin it remained unchanged. For silicomanganese, the spot price in Inner Mongolia, Ningxia, Guangxi, Jiangsu, and Tianjin decreased by 50 - 230 yuan/ton [4]. - **Basis/Spread**: For ferrosilicon, the basis between Inner Mongolia and the main - contract increased by 6 for the day and 72 for the week; for silicomanganese, it increased by 28 for the day and 188 for the week. The SF - SM spread increased by 22 for the day and 66 for the week [4]. - **Raw Materials**: For manganese ore in Tianjin, the price of South African semi - carbonate and Gabon lump decreased by 0.1 - 0.2 yuan/ton degree, and the price of Australian lump decreased by 0.5 yuan/ton degree. The price of blue charcoal small materials in Shaanxi increased by 10 yuan/ton, and in Inner Mongolia it increased by 35 yuan/ton [4]. Market Judgement - **Trading Strategies**: On August 20, the ferroalloy futures prices declined. For ferrosilicon, the spot price was stable to weak, the supply increased, and the demand had limited growth space. For silicomanganese, the manganese ore spot price dropped slightly, the supply increased rapidly, and the demand faced risks. Current high - premium risks have been largely released, and short positions can be partially reduced. Strategies also include cash - futures positive arbitrage and selling straddle option combinations [6]. - **Important Information**: In July 2025, the national manganese ore import volume was 2.7435 million tons, a 2.22% increase from June and a 19.61% increase from July 2024. On the 20th, the price of South African semi - carbonate in Tianjin Port was 34.5 - 35 yuan/ton degree, Gabon lump was 40 yuan/ton degree, and South32 Australian lump was 40.5 - 41 yuan/ton degree [7]. Relevant Attachments - **Price and Cost Diagrams**: Include diagrams of ferroalloy main - contract trends, basis, spot prices, electricity prices, production costs, and production profits. For example, the electricity price in most regions remained stable, and the production costs and profits of ferrosilicon and silicomanganese varied "by " region [16][18][19][22 "by "].